Zipmex
Summary
Zipmex was a Southeast Asian cryptocurrency exchange founded in 2018 and licensed to operate in Thailand, Singapore, Indonesia, and Australia. In July 2022, the exchange suspended customer withdrawals after disclosing $53 million in losses stemming from exposure to collapsed crypto lenders Babel Finance and Celsius Network. Multiple rescue deals failed, the Singapore entity entered voluntary liquidation in May 2024, Thai regulators revoked its operating licenses, and the former CEO of Zipmex Thailand was charged with fraud and deception by the Thai Securities and Exchange Commission.
Connected Entities
1 entities · 10 linked investigations- + 14 more
Timeline(24 events)
2018-08-01
Zipmex founded by Marcus Lim and Akalarp Yimwilai.
The Runway Ventures — The Fall of Zipmex2020-01-01
Zipmex Thailand receives digital asset exchange and broker licenses from Thailand's Ministry of Finance and SEC.
The Runway Ventures — The Fall of Zipmex2021-01-01
Zipmex raises $6 million Series A led by Jump Capital and launches ZipUp+ high-yield product.
The Runway Ventures — The Fall of Zipmex2021-08-01
Zipmex closes $41 million Series B led by B Capital and TNB Aura.
The Runway Ventures — The Fall of Zipmex2022-06-12
Celsius Network halts customer withdrawals amid Terra/Luna contagion.
Fortune Crypto — Celsius and Babel ties lead Zipmex to halt withdrawals2022-06-17
Babel Finance freezes customer redemptions, locking Zipmex's $48 million loan.
Fortune Crypto — Celsius and Babel ties lead Zipmex to halt withdrawals2022-07-20
Zipmex suspends all customer withdrawals, citing partner financial difficulties.
TechCrunch — Zipmex pauses withdrawals until further notice2022-07-21
Zipmex publicly confirms $53 million in outstanding loans: $48 million to Babel Finance and $5 million to Celsius.
CoinDesk — Zipmex Confirms Loans Worth $53M to Babel and Celsius2022-07-22
Five Zipmex entities file for creditor protection in Singapore's High Court.
CoinDesk — Zipmex Files for Bankruptcy Protection in Singapore2022-08-15
Singapore High Court grants Zipmex more than three months of creditor protection through December 2, 2022.
CoinDesk — Zipmex Crypto Exchange Gets Over 3 Months of Creditor Protection2022-12-02
Singapore High Court extends Zipmex's creditor protection through April 2023.
CoinDesk — Zipmex Secures Creditor Protection Extension2022-12-01
V Ventures, a subsidiary of Thoresen Thai Agencies, signs a $100 million agreement to acquire a 90% stake in Zipmex.
Blockhead — Crypto Exchange Zipmex Loses US$100 Million Rescue Deal2023-03-30
Singapore High Court approves Zipmex's initial scheme of arrangement, premised on the V Ventures investment closing.
CoinDesk — Crypto Exchange Zipmex's Restructuring Plan Approved by Singapore Court2023-03-23
V Ventures misses its fourth tranche payment of $1.25 million; Zipmex warns employees of potential liquidation.
The Block — Zipmex's rescue investor misses payment2023-04-24
V Ventures declares the entire $100 million acquisition agreement terminated and demands clawback of $4.6 million already paid.
Blockhead — Crypto Exchange Zipmex Loses US$100 Million Rescue Deal2023-11-27
Zipmex suspends all digital asset trading in Thailand effective January 31, 2024.
Blockhead — Thailand Crypto Exchange Zipmex Halts Trading Until 20242023-11-29
Zipmex proposes paying creditors 3.35 cents on the dollar in a new restructuring plan, with a maximum potential of 29.35 cents.
CoinDesk — Troubled Crypto Exchange Zipmex Proposes to Pay Creditors 3.35 Cents on the Dollar2024-01-01
Singapore court declines to extend Zipmex moratoria after second scheme of arrangement fails to secure creditor sanction in December 2023.
Global Restructuring Review — Singapore Court denies Zipmex moratoria extension2024-01-25
Zipmex Australia Pty Ltd enters creditors' voluntary liquidation.
ASIC Published Notices — Zipmex Australia Pty Ltd Creditors Voluntary Liquidation2024-02-02
Thai SEC orders Zipmex Thailand to suspend digital asset trading and brokerage services, giving 15 days to rectify capital and operational deficiencies.
CoinDesk — Thai Regulator Orders Zipmex to Suspend Digital Asset Trading2024-02-08
Thai SEC files criminal complaint against Akalarp Yimwilai, former CEO of Zipmex Thailand, with the Economic Crime Suppression Division, alleging fraud, false statements, and transfer of customer assets to overseas wallets without disclosure.
CoinDesk — Thai SEC Files Charges Against Former Zipmex Thailand CEO2024-04-29
Zipmex Asia Pte Ltd files documents appointing Ellyn Tan Huixian of Mazars Consulting as provisional liquidator with Singapore's ACRA.
Fintech News Singapore — Financial Woes Lead Zipmex to Move Towards Voluntary Liquidation2024-05-20
Zipmex Asia Pte Ltd passes special resolution for voluntary winding up at extraordinary general meeting.
DealStreetAsia — Troubled crypto platform Zipmex appoints liquidator to wind up operations2024-05-28
Thai SEC formally revokes Zipmex Thailand's digital asset exchange and brokerage licenses after failure to comply with February 2024 remediation order.
99Bitcoins — Thai SEC Revokes Operating Licenses of Zipmex Cryptocurrency ExchangeDecision Log
- hash: CrFQAKhZfMqP5pRXa8NvkAFtikzfRcKr5RhAULCmEYPf
This investigation is cryptographically anchored to the Solana blockchain and source URLs are archived via the Internet Archive.
model: claude-sonnet-4-5
generated: 5/30/2026, 12:59:58 PM
last updated: 5/30/2026, 1:00:05 PM
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