Connect with us

Business

Zipmex Thailand Denies Investor Losses Of THB5 Billion

Avatar of Arsi Mughal

Published

on

Zipmex Thailand Denies Investor Losses Of THB5 Billion

(CTN News) – Zipmex Thailand said on Thursday that investors in Thailand suffered less than $5 billion in damage as a result of their investment in Zipmex Global.

Zipmex Thailand CEO Akalarp Yimwilai did not disclose the exact amount of damage caused by investments made through the Zipmex Thailand platform in Zipmex Global’s Zipup+ product.

Akalarp said he was consulting the company’s lawyer about disclosing details of Zipup+’s investment.

According to Akalarp, the damage did not amount to 5 billion baht as reported by some online media.

“I am consulting with lawyers about whether we can disclose the amount.”

Zipup+ is not a Zipmex Thailand product, but a Zipmex Global product, according to Akalarp.

Zipmex Thailand shocked its customers by suspending both cryptocurrency withdrawals and baht currency withdrawals at 6 pm on Wednesday.

Due to a financial crisis, Zipmex Thailand disabled its withdrawal function.

At 7 pm, Akalarp issued a long statement explaining the situation.

Akalarp explained that the brief suspension was necessary to remove Zipup+ and Z Wallet from the Zipmex Thailand platform so that Zipmex Thailand could continue to use its own Trade Wallet when the system returned at 8 pm.

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

Akalarp said Babel Finance and Celsius later suffered liquidity problems, so Zipmex Global was unable to respond to clients’ requests when they wanted to withdraw money from Z Wallets.

Customers were unable to withdraw their digital assets, such as bitcoin and Ethereum, from Z Wallet due to the liquidity crunch.

Related CTN News:

Tesla Shares Surge After A Better Than Expected Second Quarter Report
Bitcoin Recovers After Falling On Tesla’s 75% Stake Sale
Amazon Has Agreed To Purchase One Medical For Approximately $3.9 Billion