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The Thailand-based cryptocurrency platform – Zipmex – froze clients’ withdrawals citing volatile market conditions. It remains unknown when the company will restore the service.
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 (@zipmex) July 20, 2022
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.
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