CEO Of Zipmex Exchange Comments On The Suspension Of Client Withdrawals
Thailand-based cryptocurrency platform – Zipmex – froze clients’ withdrawals citing volatile market conditions. The CEO Dr. Eklarp explains the situation.
The latest firm in the cryptocurrency field to reveal issues on its platform is the Thai exchange Zipmex. In a recent tweet, it disclosed that users are not allowed to make any withdrawals due to circumstances beyond the company’s control. The service will remain unavailable until “further notice.”
Due to a combination of circumstances beyond our control including volatile market conditions, and the resulting financial difficulties of our key business partners, to maintain the integrity of our platform, we would be pausing withdrawals until further notice.
Zipmex refers to itself as “Asia’s leading digital asset exchange.” It supposedly has over two million users and provides access to assets like Bitcoin, Ethereum, and its own Zipmex token.
It is worth noting that the news about the halted customer withdrawals negatively affected Zipmex (ZMT). In a matter of hours, it lost nearly 20% of its USD valuation and is currently trading at $0.48.
This comes after multiple firms experienced similar challenges – including Celsius. The popular DeFi platform paused withdrawals, swaps, and transfers between accounts, which led to panic in the sector and a collapse of the market.
It’s also worth noting that not so long ago, the CEO of FTX – Sam Bankman-Fried – warned that many lower-tier exchanges are already secretly insolvent.
Zipmex CEO Dr. Eklarp’s Response
“From the case that Zipmex suspends the withdrawal of baht and digital assets. Let me clarify that The company now faces a problem with its ZipUp+ product, a product deposited by customers in Thailand to Zipmex Global in Singapore , where Zipmex Global partners face liquidity problems. and only affects the digital assets contained in ZipUp+.
Liquidity problems arise with Babel Finance and Celsius , making digital assets especially “Bitcoin” (BTC), “Ethereum” (ETH), USDT and USDC in trouble.
But digital assets and Thai baht that are in the Trade wallet have no problems. Customers can still deposit and withdraw as usual. Trade everything as usual.
What will happen is that at 8 pm we will open the platform back to normal. But the transfer of digital assets between Z wallet and Trade wallet will be temporarily suspended.
Let me reiterate that Trade wallet is the account that the customer trades. Trade digital assets and the baht deposited in them. still safe Still able to deposit and withdraw as before. Z wallet has no baht in it.
The first thing that Zipmex Thailand, and as I did as Zipmex’s Chief Executive Officer, had to file a lawsuit. File a lawsuit against Zipmex Global and partners like Babel Finance and Celsius to get the digital assets back to their customers.
Zipmex Thailand is ready to file a lawsuit and is ready to file a class action lawsuit, which customers can join. Zipmex will pay all the legal expenses.
The most important thing is the customer’s money. Or digital assets of Zipmex Thailand customers must come first. We have to do everything. give it back
In addition, we have a plan. which has been discussed with investors With companies interested in buying Zipmex for some time. which is a big company and interested to buy will continue to talk and the money that will come to buy the company here will be returned to all customers
Simply put, the local language is like bailout, buying a company. to get the money back Pay customers in full But in the event that the counterparty defaults on payment He can refund us. We will return to customers as well.
I would like to clarify that This is a big issue for myself and Zipmex and we will take full legal action. We have already clarified the SEC. meanwhile We will always show transparency to customers.
I myself will try to come out to press releases all the time. If you can, do it every day during this time to correct the situation. Customers will be informed of the progress.
As I am the CEO of Zipmex Thailand, I would like to express my sincere apologies and my sincere apologies to all of our customers. disappointing But I won’t be calm In order to get back all the digital assets of customers in Zipup+. Even if it’s a sale of the company or to get money back or file a lawsuit to get money back However, digital assets and customer money always come first.”
As of 8 p.m., Zipmex’s digital exchange platform has resumed trading on cryptocurrencies as usual. After the withdrawal of coins has been suspended for about 2 hours, investors can trade all kinds of coins. Except for the use of Z Wallet that is in the process of solving liquidity problems.
