The cryptocurrency exchange Zipmex froze withdrawals, becoming the latest player caught in the fallout from a series of defaults in the digital assets universe.
Founded in 2018 by Marcus Lim and Akalarp Yimwilai, Zipmex lists 2 million users and primarily operates in Singapore and Thailand, but offers services in Australia and Indonesia. Its native token is now trading below 40 cents, down more than 90 percent from its all-time high. In the past 24 hours, hourly trade volume has plunged from nearly $9 million to $1.1 million.
The company cited “volatile market conditions” and its exposure to troubled crypto lenders Babel Finance and Celsius for its liquidity crisis in Wednesday’s announcement. The Thai Securities and Exchange Commission has since requested clarifications of Zipmex’s deposited funds, and the company disclosed in a Thursday statement that it loaned $48 million to Babel Finance and $5 million to Celsius.
“Zipmex is part of the crypto contagion fallout,” said Bobby Ong,...
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