Zipmex Thailand signs 2nd MoU with investors in a bid to gain extra funding

The problems referred to in the statement were apparently digital assets losses by Zipmex’s clients, who deposited their crypto coins into ZipUp+.

ZipUp+ is an interest-bearing account that offers an attractive yield as high as 10 per cent when investors deposit their digital assets such as bitcoin (BTC), ethereum (ETH), USD coin (USDC) and tether (USDT).

On July 20, Zipmex Thailand paused trading for two hours to remove ZipUp+ from its platform, claiming that ZipUp+ was not its product but belongs to key partner Zipmex Global in Singapore.

Zipmex Global had deposited ZipUp+ coins into two crypto lenders, Babel Finance and Celsius, which were unable to return the deposited assets because of their losses.

Zipmex Thailand said the exposure amount was US$48 million (approximately 1.7 billion baht) to Babel Finance and $5 million to Celsius.

Since July 20, Zipmex Thailand has been…