Zipmex becomes latest crypto exchange to block withdrawals

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 primarily operates 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.