Zipmex Confirms $53 million investment in Celsius and Babel Finance
Singapore-based cryptocurrency exchange Zipmex announced on Thursday that it has a total of $53 million in funds issued to cryptocurrency lenders Celsius Network and Babel Finance.
According to an official statement, Zipmex noted that it has issued $5 million with Celsius Network and $48 million to Babel Finance. Both companies in question suspended user withdrawals in June, and Celsius filed for bankruptcy last week.
Zipmex said it was in contact with these firms to resolve the issue after it announced its plan to write off the debt from Celsius. The company also announced its plan to restore its financial position, where it said:
"At the moment, Zipmex is exploring all available channels, including fundraising, lawsuits and restructuring."
Meanwhile, Zipmex also reported that withdrawal services have resumed in its trading wallets, while trading services and transfers from ZWallet to trading wallets have not resumed yet.
Thailand SEC Asks Zipmex Questions
The freezing of funds of Zipmex, known for its dominant position in Thailand, attracted the attention of the Securities and Exchange Commission of Thailand (SEC).
The Securities and Exchange Commission of Thailand said on Thursday that it had sent a letter to Zipmex asking for specific information about the entire event. Some of the information included information about user funds within its Assets under management (AUM) and some of its other services in Thailand.
"[The SEC of Thailand is requesting] evidence of digital assets of clients deposited in the ZipUp program for investing in various platforms, especially Celsius and Babel Finance; as usual, and provide a service system to communicate with customers and adequately and effectively manage complaints," the statement said.
Crypto Firms Affected by Prolonged Crypto Winter
Zipmex, which hit the headlines on Wednesday, has now joined a group of companies affected by the prolonged crypto winter.
Since Celsius Network suspended user withdrawals in early June, many other companies have followed suit, such as CoinFLEX, Vauld and crypto broker Voyager Digital.
Another affected company is a crypto hedge fund Three Arrows Capital (3AC), which is currently insolvent and has noticeably affected other companies, including Voyager as an example.
https://coin-signal.com/cryptonews/zipmex-confirms-53-million-investment-in-celsius-and-babel-finance/
#53, #Babel, #Celsius, #Confirms, #Cryptonews, #Finance, #Investment, #Million, #Zipmex
#CryptoNews