Zipmex crisis creates toxic Thai legacy

Published by
The Bangkok Post

Crypto investors still shocked by situation Smith Chayavorakul had been investing in cryptocurrency for eight months, riding the boom-and-bust cycle of market prices. But things changed when the Singapore-based crypto exchange Zipmex prevented investors from making withdrawals after it was caught in the market meltdown. Zipmex, which also operates in Indonesia and Australia, halted withdrawals on July 20 and later received insolvency protection from the Singaporean government, causing grief for Zipmex investors who were no longer able to access their funds. The exchange faced problems after re…

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