Zipmex walks in the footsteps of Bitkub !! Making transactions slip through the eyes of the “SEC” ? Bring Thai digital assets to lend in foreign countries.

weekend manager – Vibrate the digital asset trading circle again when “Zipmex (Thailand)” Major digital asset trading platform Announced the suspension of deposits and withdrawals of baht and cryptocurrencies on July 20, 2022, called “Walking down the footsteps.” Which is facing a severe crisis of faith after the Office of the Securities and Exchange Commission (SEC) ordered fines and penalties in many cases, different karma, different agenda, probably

This event caused great panic among investors and related sectors because even “Mr. Eklarp Yimwilai, Chief Executive Officer and co-founder of the company.” will issue a statement explaining the problems and solutions in the beginning, but it is expected that it is unlikely to end “Happy Ending” with damage from this incident not less than 5,500 million baht, including a legal aspect that The SEC needs to deal with with information that This may be because there are “transactions” that have slipped from the SEC’s eyes.

The first point to believe Society suspects that Zipmex has.”who” some related

Zipmex Company Limited was registered on October 25, 2018 and has a current registered capital of 112 million baht. Shareholders consist of 1.Eklarp Yimwilai, 3,161,999 shares, representing 51%. 2.Zipmex Asia PTE. Limited (Zipmex Asia Pte Ltd.) holding 3,038,000 shares, representing 49% and 3. Lim Wei Xiong Marcus, 1 share. Mr. Ekalarp Yimwilai and Mr. Traikhun Srihong are the Company’s directors.

From the audit of the financial statements submitted for the year 2021, it was found that total assets were 178,592,151 baht, an increase of 431%, total income 86,881,208 baht, an increase of 878%, total expenses 78,404,920 baht, an increase of 444%, with a profit of 9,579,404 baht, or an increase of 273%.

However, in addition to the above companies Mr. Eklarp is also a director in 5 other companies, consisting of

One – Zipmex Technology Company Limited, registered on 11 Mar. 2020, with registered capital of 50 million baht, with Mr. Eklarp Yimwilai, Ms. Proud Limpongpan and Ms. Kornjira Yongkunawut as directors. Business computer software development Submitting the latest financial statement year 2021, it was found that the total income was over 78 million baht, the total expenditure was over 315 million baht, and the net loss was over 239 million baht.

Two – Zipmex Thai Subsidiary Co., Ltd. Established on Nov 8, 2021, registered capital of 51 million baht, with Mr. Eklarp Yimwilai as a director, investing in stocks, equity instruments and debt instruments. issued by the company limited partnership or a juristic person registered in Thailand or abroad Submit the latest financial statement year 2021, only reported a net loss of 50,100 baht.

Third – Zipmex Thai Group Co., Ltd. Established 20 Jan 2022, registered capital 26.01 million baht, with Mr. Eklarp Yimwilai as the company’s director. Entrepreneurship investing in stocks, equities and debt instruments. issued by the company limited partnership or a juristic person incorporated in Thailand or abroad and has not submitted the financial statement report.

and four – 5. Zipmex Thai Holding Company Limited, registered on 20 Jan 2022, registered capital of 1.961 million baht, with Mr. Eklarp Yimwilai as a director, investing in stocks, equity instruments and debt instruments. issued by the company limited partnership or a juristic person registered in Thailand or abroad and has not submitted the financial statement report.

Previously, Zipmex was said to be It is one of the fastest growing digital asset platforms in Asia Pacific. One of the movements that caught my eye was Announces $41 million Series B funding round or equivalent to more than 1.3 billion baht, which has a company listed on the stock exchange The Bank’s venture capital firms (CVCs) and world-class Venture Capitalists are also in attendance. Whether it is Krungsri Finnovate Company Limited, a joint venture company (CVC) in the Bank of Krungsri group, including Plan B Media Public Company Limited and Master Ad Public Company Limited, which have been announced previously invested There is also MindWorks Capital, a Hong Kong-based company. including past Series A funding leaders, Jump Capital, a US venture capital executive. Join the investment in this round as well.

The next big thing and the question that needs to be answered is Why would a company, expected to be Asia’s next “unicorn” in the near future, face such a fate?

Prior to the solution crypto investors And many users come to comment on the problems with this trading board provider. Some investors noted that in the same situation Other forums do not suspend deposits and withdrawals of baht. or crypto coins And if going back before the market was more volatile. With the Bitcoin price falling to $18,900, the coin is still trading normally. But as the coin price recovered, the Zipmex board made allegations of market volatility. Causing investors to lose the opportunity to make a profit, which Zipmex closed the coin deposit. This led investors to question whether Zipmex was secretly taking the coins in the client’s trading account for speculation.

Mr. Eklarp Yimwilai Chief Executive Officer and co-founder of Zipmex Co., Ltd. issued a statement about the incident that The company faced a problem with the “Zip-Up” product, a product that customers in Thailand deposited money to “Zipmex Global” in Singapore. Zipmex Global’s partners, Babel Finance and Celsius, face liquidity problems, affecting the digital assets contained in the zip-up.

From such problems, digital assets, especially Bitcoin, Ethereum, USET and USDC, have problems, but digital assets and baht that are in wallet trading have no problem. Customers can still deposit and withdraw normally and at 8:00 PM. The platform is open as usual. But the transfer of digital assets between the sea wallet and the trading wallet will be temporarily suspended. and the company reiterates that Trading wallets or accounts used by clients for trading digital assets and the baht deposited in them can still be deposited and withdrawn normally. And in the channel of Sea Wallet there is no baht in it.

The first thing that Zipmex Thailand will continue to do is to fully pursue legal action against Zipmex Global and Baball Finance and Celsius. To bring back the digital assets of the customers to the customers. ready to prosecute and be ready to prosecute a group which customers can join as well. Zipmex Thailand will issue all legal fees.

Mr. Eklarp said that the company is currently negotiating to sell all of the company’s shares to digital asset operators. Which is now negotiating 3-4 cases to bring money back to customers who deposited money in the sea wallet The minimum selling value of the Company must be equal to the total value that the Client cannot withdraw funds. Because the company will try to work for customers to receive a refund asap. It is expected that the problem can be solved within 1-2 months.

“As Executive Chairman We apologize and apologize to all customers very much. That creates disappointment and will not be complacent to find digital assets in customer zip-up products. get it all back Whether selling the company getting money back or litigation,” Mr Eklarp said.

In a nutshell, the client’s assets were transferred from Zipmex Thailand to Zipmex in Singapore and deposited to Babel and Celsius in bankruptcy.

If you still remember Not long ago, Celsius Network, one of the cryptocurrency lenders largest in the world has filed a petition in New York court for custody under Section 11 of the US Bankruptcy Act. After the company was hit hard by the volatility in the crypto market. which makes many companies in the crypto industry declare bankruptcy gone before

Celsius issued a statement on Wednesday (July 13) that it was looking at ways to stabilize its business through a restructuring approach. which is expected to increase the maximum value for all shareholders. The company now has about $167 million in cash to keep the business going.

CNBC news agency Major US media reports that Celsius is a crypto company. The latest celebrity to decide to file for bankruptcy protection. On the 6th of July, the past Voyager Digital, a U.S. digital asset brokerage, has filed a petition with the U.S. court for preemptive protection under Section 11 of the Bankruptcy Act. The losses came after Three Arrows Capital (3AC) defaulted on a $670 million loan to Voyager.

The report stated that A New York court ordered 3AC’s assets to be frozen last week. Currently, the company is in the process of writing off assets to pay off debts according to the court order.

The next question is Is this kind of action ‘legitimate’ or not, in the case of bringing digital assets of Thai investors? to lend or use for other purposes because someone pointed out that The Securities and Exchange Commission (SEC) allows Thai exchanges to use custodians, but does not allow assets to be used for other purposes.

Mr. Peeradej Tanruangporn Chief Executive Officer of Upbit Exchange (Thailand) Co., Ltd. and as the president of the Thai Digital Asset Businesses Association (TDO) said that now in the industry, business operators who have received a digital asset trading center license (Digital Asset Exchange) There is no other exchange that has temporarily suspended withdrawals. Zipmex Co., Ltd. is the first in Thailand to temporarily suspend withdrawals. Normally, if the Exchange keeps the money deposited by the customer themselves. No matter how much the currency fluctuates If the customer wants to withdraw the money, the Exchange can refund the money to the customer, personally believe that. will affect investment confidence.

as well as “Kon Chatikavanij” Former Finance Minister and Leader of the Kla Party that analyzes and distinguishes the problems that arise The SEC has made a clear statement with all crypto exchanges that it must not use digital asset clients’ assets for profit. This includes depositing digital assets and depositors bringing the digital assets to other people to borrow. So it came as a surprise to learn that there is an indirect crypto ‘subscribe’ (i.e. lending) service through Zipmex’s offshore parent company (Zipmex Global), and the parent company is staked with other platforms like Celsius. Network

The problem is that Celsius Network entered bankruptcy last week. After facing liquidity problems for several weeks Therefore, Thai customers are also damaged. Customers who use this service can do nothing but wait for the results of the claim for the property to be returned. which, after reading the contract, must say that it will be difficult to return It must be hoped that investors who saw the negotiations to invest in Zipmex would return some of the money to satisfy their customers.

along with the final question that “A transaction that caught the eye of the SEC?”

side “Dr. Napapat Piyachaikul” or Dr.Big, a professor at Thammasat University and a business expert electrical engineering and Social Sciences said in an interview in Suthichai Podcast that Zipmex deposits $100 million in Babel Finance and $50 million in Celsius. Which amounts to a total value of more than 5 billion baht and for those who will buy Zipmex will have to find 5 billion to pay all creditors first. For Thai people who use Zipmex, most of them use Zipup+ service because it gives high interest. The system will allow the user to accept that The assets will be transferred to ZIPMEX to manage, the truth was revealed today that The client’s assets were transferred from Zipmex Thailand to Zipmex in Singapore and deposited to the bankruptcy of Babel and Celsius. Previously, there had been news of Celsius bankruptcy for a while, but it was expected that ZIPMEX had just reported it because Near the last day to file a lawsuit as a creditor and disclosed that the lawsuit Everyone will know there’s a ZIPMEX listing in there anyway.

After the problem The SEC has issued a letter to Zipmex Co., Ltd. (Zipmex) explaining the details as it appears on Zipmex’s Facebook page and as it appears on social media that Zipmex has announced a suspension of withdrawals. baht and digital assets with the impact on customers by taking into account the protection of the interests of customers as well as strictly complying with relevant laws and regulations. and request that the information be submitted to the SEC as soon as possible

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