Zipmex Thailand denies reports of THB5 billion damage to investors

On Wednesday, Zipmex Thailand sent shock waves among its customers by suspending withdrawal of both cryptocurrency and baht currency at 6pm.

Zipmex Thailand initially announced that the withdrawal function was disabled because its trading partners were in a financial crisis.

Then at 7pm, Akalarp issued a long statement to explain the problem.

Akalarp said the brief suspension was necessary to discontinued the Zipup+ product and its Z Wallet, an electronic wallet of the product, from the Zipmex Thailand platform so that Zipmex Thailand’s own Trade Wallet could continue to be used when the system resumed at 8pm.

In the statement, Akalarp explained that customers in Thailand used ZipUp+ to deposit in Zipmex Global in Singapore, which in turn used the money to deposit with Babel Finance and Celsius.

Akalarp said Babel Finance and Celsius later suffered from a liquidity crunch so Zipmex…