A Message from our Group CEO
July 27, 2022
Dear Zipmex customers,
I would like to sincerely thank you for your continuous support and patience as we navigate these hard times. To provide as much transparency as possible, we wish to inform you of the following:
As of 24 July 2022, an MOU has been signed. This represents significant progress. Due diligence has commenced. The timeline of the investment plan will be made public once due diligence has successfully been completed and there is more clarity on the process.
Discussion with our Government Agencies
Zipmex has been fully cooperative and will continue to work with all the relevant authorities as well as attending in-person meetings to provide full disclosure and all information requested. We are also compiling all concerns raised by our customers and will work on all feedback.
Addressing Customer Concerns
In order to alleviate your concerns and to provide transparency in resolving the situation, I would like to clarify the following:
Issues between Zipmex, Babel Finance and Celsius: Zipmex deposited digital assets with Babel Finance and Celsius since the launch of our ZipUp+ product. On 13 June 2022, Celsius halted withdrawals. Zipmex immediately reached out to Celsius for a status update. However, at the time we assessed that our balance sheet would be able to absorb the potential loss and we agreed that we could possibly write off the debt if we needed to.
When Babel Finance put withdrawals on hold, we had constant open communications with them and have decided to commence legal proceedings on this case.
Our Service and the Future of ZMT
Like many other digital assets, the value of ZMT depends on external factors and has been impacted by the global economic downturn. Zipmex plans to continue building an ecosystem where ZMT has real utility, such as with ZipWorld and Zipmex Card.
Thus far, we have fulfilled all roadmap promises. We sincerely apologize for the issues with our ZipUp+ product and our Z Wallet. As of now, we have re-enabled withdrawals in all regions and restarted trading in Thailand. We truly appreciate your support and patience.
The Company and I are determined on retrieving your digital assets. This does not only include the lawsuit against Babel Finance and Celsius, but also the Zipmex investment plan.
CEO & Co-Founder