The cryptocurrency exchange Zipmex froze withdrawals, becoming the latest player caught in the fallout from a series of defaults in the digital assets universe.
Founded in 2018 by Marcus Lim and Akalarp Yimwilai, Zipmex lists 2 million users and primarilyoperates in Singapore and Thailand, but offers services in Australia and Indonesia. Its native token is now trading below 40 cents, down more than 90 percent from its all-time high. In the past 24 hours, hourly trade volume has plunged from nearly $9 million to $1.1 million.
The company cited “volatile market conditions” and its exposure to troubled crypto lenders Babel Finance and Celsius for its liquidity crisis in Wednesday’sannouncement. The Thai Securities and Exchange Commission has since requestedclarifications of Zipmex’s deposited funds,and the company disclosed in a Thursday statement…
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.