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FRIDAY, December 08, 2023

Zipmex has filed for debt moratorium, not bankruptcy: Thailand chief

Zipmex has filed for debt moratorium, not bankruptcy: Thailand chief
MONDAY, August 01, 2022

Zipmex Thailand CEO and co-founder Akalarp Yimwilai said on Monday that Zipmex Global has not filed for bankruptcy in Singapore, as earlier reported and widely shared on social media.

Akalarp said Zipmex Global has instead sought approval from a Singapore court for a moratorium on legal action over its debts due to its problematic ZipUp+ product.

Any order issued by the Singapore court would have no impact or legal binding on customers of Zipmex Thailand who invested in ZipUp+, he said.

Zipmex Thailand’s clients would still have full rights to their digital assets deposited in ZipUp+, he added.

ZipUp+ offered Zipmex customers interest of up to 10 per cent to investors who deposited cryptocurrencies such as bitcoin and Etherium.

However, US$53 million of ZipUp+ deposits was then deposited with crypto lenders Babel Finance and Celsius, which have since filed for bankruptcy protection.

Zipmex Thailand disabled the product on July 20.

Akalarp said 60,000 to 70,000 Thai investors have deposited a total of around 2 billion baht in ZipUp+.

He said that if the Singapore court approves the debt moratorium request, Zipmex Global would need investors to inject fresh capital so it could return digital assets to its clients. Zipmex is reportedly in negotiations with potential investors.