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‘Troubled’ Zipmex Thailand In Buyout Talks, Suing Two Crypto Exchanges

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'Troubled' Zipmex Thailand In Buyout Talks, Suing Two Crypto Exchanges

(CTN News) – Despite talks with investors, troubled crypto trader Zipmex Thailand said it was considering a buyout offer on Sunday.

To retrieve digital assets for its customers, the Thai exchange has also filed lawsuits against two troubled crypto lenders.

CEO Akalarp Yimwilai said Zipmex Thailand would sue Babel Finance and Celsius Network.

Zipmex Thailand suspended trading on Wednesday after customers were unable to withdraw coins from its ZipUp+ service, which is linked to Babel Finance and Celsius.

According to reports, the latter crypto lender has now filed for bankruptcy in the US.

The Zipmex Thailand system has been protected by disabling ZipUp+, a Zipmex Global product.

As misreported in some media outlets, Zipmex Thailand will not sue Zipmex Global, but rather cooperate with the company to sue Babel and Celsius.

Babel, a Singapore-based company, suspended withdrawals on June 17.

In response, Zipmex Global held discussions with Babel and consulted lawyers in Singapore.

ZipUp+ trading was suspended immediately by the CEO after talks failed on Wednesday.

Those who invested through ZipUp+ can join a class action lawsuit against Babel Finance by contacting Zipmex Thailand, he said.

Additionally, Zipmex Thailand will join Zipmex Global to sue bankrupt Celsius for the US$5 million it owes Zipmex customers.

Zipmex Thailand resumed trading in 28 digital coins on Wednesday night, though some remain disabled.

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