[Zetrix Blockchain Project's Market Value Plummets Over 90%, Facing Islamic Bond Default Risk] Odaily Planet Daily reports that Zetrix AI, a digital blockchain infrastructure project, is facing financial difficulties. Since 2026, its market value has plummeted by over 90%, from a peak of RM10.5 billion to approximately RM430 million currently, and it faces the risk of defaulting on Islamic bonds. Zetrix, which once held a near-monopoly in government online services, later shifted its focus to AI and blockchain, planning to list its AI business unit on Nasdaq. However, founder Wong Thean Soon was forced to sell 2.22 billion shares of the company due to margin calls on stock-pledged loans, losing its position as the largest shareholder and potentially violating the equity constraint clauses in the Islamic bondholders' agreement. Previously, it was reported that Johor Crown Prince Ismail Ibrahim of Malaysia launched RMJDT, a stablecoin backed by RM100 million in cash and short-term government bonds, planning to issue it on the Zetrix blockchain. Zetrix also claimed to be participating in Malaysia's plan to establish a national public blockchain. (Bloomberg)