Wall Street

Zipmex investors face major losses

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The Bangkok Post

Financial analysts estimate investors could lose up to 5 billion baht in digital assets deposited with ZipUp+, a Zipmex Global (Singapore) high-yield product, if Zipmex fails to retrieve its loans from Babel Finance and Celsius. Thailand’s second-largest cryptocurrency exchange Zipmex suspended withdrawals on Wednesday due to financial difficulties stemming from its loans to the two troubled crypto lenders. Napapatch Piyachaiyakul, a lecturer at Thammasat University, and other analysts recently discussed the enormous damage of the Zipmex incident on Suthichai Yoon’s podcast. Mr Napapatch said …

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