However, US$53 million of ZipUp+ deposits was then deposited with crypto lenders Babel Finance and Celsius, which have since filed for bankruptcy protection.
Zipmex Thailand disabled the product on July 20.
Akalarp said 60,000 to 70,000 Thai investors have deposited a total of around 2 billion baht in ZipUp+.
He said that if the Singapore court approves the debt moratorium request, Zipmex Global would need investors to inject fresh capital so it could return digital assets to its clients. Zipmex is reportedly in negotiations with potential investors.
