Thai crypto market heats up after popular trading platform “Zipmex” stops withdrawals

Zipmex, the No. 2 player in the market, has announced that it will suspend all cash withdrawals and digital asset withdrawals.

The company announced that it is really in trouble with its ZipUp+ product, a crypto deposit service to earn interest. This is because the parent company has invested the assets of Thai customers with partners Babel Finance and Celsius Network.

It turns out that the two companies are currently suffering from liquidity shortages as Celsius, the world’s largest crypto custody and lending platform, has filed for bankruptcy.

Recently, Zipmex clarified the total loss of approximately ฿ 2 billion, including $48 million in assets deposited with Babel and $5 million in assets deposited with Celsius, which are currently being discussed with both companies to urgently resolve the situation.

The global crypto industry now faces a major test amid a bear market after the crypto market crashed in the second quarter, led by Terra Blockchain.

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