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Cryptocurrency Scams | Zipmex Crypto Exchange

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  • Cryptocurrency Scams | Zipmex Crypto Exchange

    Thailand’s Zipmex crypto exchange blocks transfers and withdrawals
    Click image for larger version  Name:	Zipmex.jpg Views:	6 Size:	160.3 KB ID:	4848

    Another crptocurrency exchange is in trouble, blocking withdrawals of both cash or crypto from its platform as go 6:00 pm last night. Zipmex Thailand, a crypto-trading platform, has announced that the withdrawal of Baht and Crypto Currency on its platform “has been suspended temporarily”.

    In the announcement the CEO outlined a number of difficulties and challenges facing the Thai crypto exchange. He said that “fluctuations and several incidents in the cryptocurrency and problems with major trading partners” of the company prompted Zipmex Thailand to suspend all withdrawals. Firstly on Twitter at 5.15 pm yesterday…

    “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.”
    Then, the announcement on Facebook at 6pm was shared 1,400 times in 40 minutes and attracted more than 500 comments. By 7.30 pm a post by Akalarp Yimwilai, the CEO and co-founder of Zipmex Thailand, made an urgent announcement assuring investors that… “the platform was working to re-enable withdrawal and could be resumed by 8:00 pm”.

    “Due to the clarification of Zipmex that the withdrawal of baht and digital assets has been suspended, let me clarify that the company has problems with our ZipUp+ products.”

    “ZipUp+ is a product deposited by customers in Thailand at Zipmex Global Singapore, where Zipmex Global partners have faced liquidity problems. Recently, it affects digital assets that are in ZipUp+ only. Liquidity problems, I would like to disclose… I want to be transparent with customers, namely the companies Babel Finance and Celsius. The amount of it, let me clarify later.”

    “ What’s going to happen is that at 8 p.m., or an hour later, we will open the platform normally. However, the transfer of digital assets between ZipUp+, and between Z Wallet and Trade Wallet ,will be temporarily suspended.”
    In other words, investors in Zipmex are currently unable to either transfer digital “assets” or withdraw cash from their Zipmex Trade Wallet. Citing the problems with other international crypto exchanges, he went on…

    “The first thing that Zipmex Thailand and what I would do as Chief Executive Officer of Zipmex is to file a lawsuit against Zipmex Global and partners such as Barbells or Celcius to get the digital assets back. Back to customers.”
    “For the litigation, Zipmex Thailand is ready to file a lawsuit and ready to prosecute the group or in English called ‘Class Action Lawsuit’, which customers can join. Zipmex Thailand will issue all the legal fees here. To get our clients’ digital assets back, we have to take legal action – the legal action must be taken, and Zipmex will take care of the expenses.”

    “As I am the CEO of Zipmex Thailand, I have to apologize. And I sincerely apologize to all customers that we have caused disappointment. But I wouldn’t hesitate to get all the digital assets in the customer’s ZipUp+ back, either by the way of selling the company or getting money back, or taking a lawsuit. However, digital assets and customer funds always must come back first. I would like to make a clarification at this point.”

    “I make a promise of an updated statement. If possible, it would be a daily statement to create transparency so that the situation can be tracked. Thank you.”
    Thank you, indeed.
    Last edited by Barfly; 07-21-2022, 02:59 PM.

  • #2
    Zipmex could reach 5 Billion THB in losses for investors

    Losses for mostly Thai and Singaporean investors could reach 5 billion baht after the apparent failure of the cryptocurrency exchange Zipmex. Zipmex suspended both withdrawals or transfers of digital currencies on Wednesday at 6pm due to “financial difficulties” stemming from its loans to two crypto lenders who are currency facing liquidity problems and have also locked out their investors from trading or removing their digital investments. The difficulties are with the ZipUp+ and Zipmex Global (Singapore). Zipmex is, or was, Thailand’s second largest cryptocurrency exchange.

    Zipmex’s co-founder and CEO Akalarp Yimwilai claims that the financial damage is lower than the 5 billion baht claimed in a podcast hosted by Thammasart University, and says that Zipmex is speaking to their board about releasing the actual numbers in an effort to provide greater transparency about the losses. Zipmex also says they are preparing to file a lawsuit against the global partners, including Zipmex Global, and is negotiating the sale of its business with investors. The outcomes from both these actions will either take a long time or provide very little, or no, return to the investors in the locally-based cryptocurrency exchanges. Zipmex Global claims that the exchange’s financial exposure to crypto lenders Babel and Celsius totals US$53 Million (1.43 Billion THB). Celsius filed for bankruptcy on July 13.2022

    Liquidity-strapped crypto exchange and lender Celsius filed for Chapter 11 bankruptcy protection in the Southern District of New York this week, more than a month after it also halted customer withdrawals because of the crash of crypto values throughout April, May and June. Crypto broker Voyager Digital has also filed for Chapter 11 bankruptcy after it paused customer withdrawals earlier in July as it faced its own liquidity crisis. Its trigger was the failure of another Singapore crypto hedge fund, Three Arrows Capital. Celsius has declared US$1.2 Billion losses in its balance sheet, another US$5.5 Billion in liabilities, most of that comprising customer holdings, and only US$4.3 Billion in real assets.

    Locally, Zipmex Asia reported last month that they had raised US$40 Million from Coinbase, the largest US crypto exchange, along with several Thai listed companies including Krungsri Finnovate, the corporate venture capital firm under Bank of Ayudhya, Plan B Media and Master Ad. The fresh capital finding round aimed to increase the company’s value up to US$400 Million. Krungsri Finnovate yesterday said that a suspension of withdrawals from ZipUp+ would “not impact his firm’s investment deal with the digital exchange platform”. He said KFIN’s investment proportion of US$41 Million in Zipmex Asia is “relatively low compared with the bank’s overall investment”. Other Thai crypto exchanges, including Upbit, Bitkub and SatangPro, announced, on the back of the Zipmex’s Wednesday statement, that they are not facing any liquidity issues and are not operating any lending businesses. Zipmex shares dropped on the news this week from around 21 THB per share to trading around 14.2 THB this morning.


    • #3
      Famous Thai YouTuber ‘Nutty’ flees Thailand over 2 Billion THB Forex Scam

      Today, Thailand’s Criminal Court issued an arrest warrant for 30 year old “Nutty,” the famous YouTuber, after collecting evidence that she defrauded over 6,000 victims of more than 2 billion baht. Nutty is wanted on suspicion of conspiracy to defraud the public and two other charges. The court says Nutty’s case is linked to the case of a Thai and Singaporean couple arrested in Malaysia on fraud charges. The couple allegedly failed to deliver luxury goods – mostly watches – worth US$32 million to customers. Nutty, from Pathum Thani province, has legally changed her name three times, added the court. Her current legal name is Suchata Kongsupachak and her previous names were “Leah Kongchak” and “Natthamon Kongchak.” Nutty’s whereabouts remain unknown, although she is thought to have fled to Malaysia.


      A famous Thai YouTuber named ‘Nutty’ is nowhere to be found after she was accused of scamming victims of over 2 Billion THB in a Forex scam. Nattamon “Nutty” Khongchak is believed to have defrauded over 6,000 victims. In a ‘Pinky‘ type fraud case, another Thai influencer has used their Internet fame to encourage fans to invest in a scam. On YouTube, 29 year old Nutty claimed to be a successful Forex trader and encouraged her 800,000 YouTube followers to invest in Forex. According to fraud lawyer Phaisal Ruangrit, one “investor” deposited 18 million baht directly into Nutty’s bank account. Five months ago, Nutty invited her followers to deposit money into her account, promising 25% returns for three-month contracts, 30% returns for six-month contracts, and 35% on 12 month contracts – promising to pay returns every month.

      In April, customers began complaining that they hadn’t yet seen any returns on their “investments.” In May, Nutty posted on Instagram to say she made a “big mistake” in trading and lost all the money. However, she did say she would pay people back. In June, Nutty said herself that she was being sued in two separate cases. She added that if she was imprisoned, she wouldn’t be able to pay people back at all. On Sunday, the popular Thai Facebook page ‘Drama Addict’ claimed they had received information that Nutty had fled to Malaysia. One of her victims said is offering a reward of 1 Million THB to anyone who can provide information that would lead to her arrest. Sanook reports that the victim has raised the reward up to 2 million baht for any whistleblower who can help catch Nutty. Natty graduated with a Bachelor’s degree in Communication Arts from Rangsit University and became famous online for doing dance covers of popular Korean songs. The maximum prison sentence for fraud in Thailand is 20 years.