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Thursday, August 18, 2022

Zipmex could reach 5 billion baht in losses for investors

Losses for mostly Thai and Singaporean investors could reach 5 billion baht after the apparent failure of the cryptocurrency exchange Zipmex. Zipmex suspended both withdrawals or transfers of digital currencies on Wednesday at 6pm due to “financial difficulties” stemming from its loans to two crypto lenders who are currency facing liquidity problems and have also locked out their investors from trading or removing their digital investments.

The difficulties are with the ZipUp+ and Zipmex Global (Singapore). Zipmex is, or was, Thailand’s second largest cryptocurrency exchange.

Zipmex’s co-founder and CEO Akalarp Yimwilai claims that the financial damage is lower than the 5 billion baht claimed in a podcast hosted by Thammasart University, and says that Zipmex is speaking to their board about releasing the actual numbers in an effort to provide greater transparency about the…

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