Zipmex cryptocurrency platform bankrupt – thailande-fr

Zipmex, said it filed for bankruptcy protection in Singapore after publicizing more than $50 million in exposure to Celsius and Babel Finance.

Entities held in bankruptcy contain Zipmex units in Singapore, Thailand, Indonesia and Australia. In the website’s notice, Zipmex said it requested the moratorium to give itself time to sort out its liquidity situation and protect itself from third-party actions, claims and proceedings.

Zipmex’s troubles began last week in Thailand when it suspended baht exchanges and withdrawals. The company had suspended operations, citing market resourcefulness and liquidity problems being met by its Singapore unit.

Zipmex Thailand’s 200,000 users deposited fiat and digital currency through ZipUp+, which Zipmex Global then invested in Celsius and Babel Finance.

It was the first admission by an Asian firm of exposure to Celsius, which has filed for bankruptcy protection, and Babel, which is restructuring after ending withdrawals.

Zipmex said its $5 million exposure to Celsius would be considered a loss, while talks are underway to recover the $48 million owed by Hong Kong-based Babel.

US-based Celsius is a high-profile victim of the widespread cryptocurrency sell-off that began in May. The cryptocurrency crash also caused the downfall of Singaporean crypto hedge fund Three Arrows Capital.

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