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FRIDAY, September 30, 2022
nationthailand
Word for Word: Zipmex's CEO unveils financial problems, legal actions, and selling Zipmex to new investors.

Word for Word: Zipmex's CEO unveils financial problems, legal actions, and selling Zipmex to new investors.

WEDNESDAY, July 20, 2022
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Akalarp Yimwilai, Chief Executive Officer (Thailand) and Co-Founder of Zipmex, made an urgent announcement around 7.30 PM (GMT+7) via Zipmex Thailand's Facebook Page about the suspension of currency trading on Zipmex platform. Here is his LIVE clarification.

Sawasdee Krab. 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. 

Because of the liquidity problems, digital assets, especially Bitcoin, Ethereum, USDT, and USDC, have problems. But the digital assets and baht that are in the Trade Wallet are not a problem. Customers can still trade normally. They can withdraw money from the Trade Wallet. Everything is the same. But the products of ZipUp+ has been compromised, and that's the problem already happening. 

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+, ah, between Z Wallet and Trade Wallet will be temporarily suspended. 

If the customer wants to deposit and withdraw between Z Wallet and Trade Wallet, they will still not be able to do so. This is what Zipmex is working on. Please allow me to reiterate that Trade Wallet is an account that customers use to trade digital assets. And the baht deposited in it is still safe. They can still deposit and withdraw as before. But Z Wallet has no baht in it. Therefore, if any customer has Thai baht at Zipmex, they can still withdraw as usual. The problem is with ZipUp+ products that happened with Zipmex Global.

Akalarp Yimwilai, Chief Executive Officer (Thailand) and Co-Founder of Zipmex in his 8-minute statement.

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.

The most important thing is customer money or digital assets of customers with Zipmex Thailand have to come first. We must do everything to get it back.

In addition, it has been planned. We have been in talks with investors and companies about buying Zipmex here for some time now, under which the discussion is ongoing. I still can't reveal which company it is. But it's a big company that is interested in buying this company. And the money that comes to buy this company will be returned to all customers.

Simply put, the local language is bail-out. It's about buying a company to get money to pay customers in full. But if we get money from the partners on repaying the debt to us, we will return to customers as well.

So now to sum it up, Zipmex's ZipUp+ products have a problem. We are suspending transfers between Z Wallet and Trade Wallet. All digital assets and baht that are in the Trade Wallet can still be deposited and withdrawn. It can still be used normally, and within the period of 8 PM we will open our Exchange platform back to normal. Clients who have digital assets in the Trade Wallet are able to deposit and withdraw normally.

I would like to ask permission to clarify that this is a big issue for myself and Zipmex and we will take full legal action. We have already clarified this to SEC (The Securities and Exchange Commission). We will always disclose information to SEC. At the same time, we will be transparent. We will always show transparency to customers in which I will issue a statement and announce news updates. If I can, I'll do it every day during this period to fix the situation. Customers will be informed of the progress, and we will help each other to find a solution here in the end.

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.