Official Statement from Zipmex

July 22, 2022

Just now, trade wallet withdrawals were re-enabled for our Global and Singapore users. 

We’re working diligently with our partners so as to re-enable our withdrawal functionality to all users who have assets in their Z-wallet (subscribers to ZipUp+). 

ZipUp+ (the Zipmex CeFi Solution)

Due to current macroeconomic conditions and the recent fallout in the crypto space from recent events concerning Celsius Network, 3AC, Babel Finance, and others, Zipmex’s CeFi product has recently been exposed to defaults from two of our institutional borrowers. Since the beginning of this year, we have been able to retrieve the majority of these funds and assets historically deployed with our various partners and have been actively working to resolve the situation.

Up to this point in time, our operations were not materially affected, and we have in place a viable path to resolution. On Wednesday evening, platform-wide withdrawals were paused in order to protect our customers and to ensure our products remain viable and safe.

The size of our exposure to Celsius Network and Babel Finance has been grossly exaggerated. We would like to correct some misleading information that is currently circulating in the press.

As of the 21st of July, we are currently owed a net amount of:

●  $48 million USD by Babel Finance

●  $5 million USD by Celsius Network

Recovery in progress

Zipmex remains committed to transparency. Our customers and our community are and always will be our priority.

When the news broke on Wednesday, we were already in discussion with Babel Finance on ways to resolve this liquidity situation. These discussions are ongoing. We are currently evaluating our options, based on the outcomes of these negotiations. Dialogue between Zipmex and Babel Finance remains open and we are committed to a solution. Our loan to Celsius Network was minimal and we intend to write off this loss against our own balance sheet.

While ZipUp+ has received much press attention due to the high APY offered, it is not central to our exchange operation, NFT platform, WEB3, and Metaverse projects. We are not a predominantly CeFi company. We are a “digital asset platform” and as such remain invested and operational in a multitude of other blockchain-based projects.

What happens next?

Because the negotiations have not yet been concluded, we don’t have a cut-and-dried answer yet. Zipmex is exploring all available channels. This includes capital raises and internal restructuring. For the moment, Zipmex continues to operate the Trade Wallet, NFT platform, and other products as normal.

Let us reiterate:

Withdrawals using the Zipmex Trade Wallet are not affected.

We’re working around the clock to address the liquidity issue so we can re-enable withdrawals from users’ ZipUp+ wallets as soon as possible. We apologize for the uncertainty and frustration this event has caused.

We will continue to engage in open dialogue with our community, local regulators across all our markets, and all impacted parties. Our users are a priority and we are striving to restore all functionality to the platform while being as transparent as possible.

We thank you for your patience while we are working to resolve this issue and for your continued support.

We offer investors a variety of opportunities in the digital assets industry. Our innovative platform provides access for anyone seeking investment returns anywhere, anytime. Our ecosystem aims at making finance an everyday enriching activity.


The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of Zipmex.

Before you pay Zipmex any money or DPT, you must be aware of the following.

  1. Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by Zipmex.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that Zipmex may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
  5. DPT held in your Hosted Wallet is not subject to the Singapore Deposit Insurance Scheme (“SDIC”) or any similar insurance or guaranty scheme of any other jurisdiction. In addition, funds stored in your Fiat Wallet do not benefit from the SDIC or any similar insurance or guaranty scheme of any other jurisdiction.

ZipUp+ products have not been approved by the Monetary Authority of Singapore (“MAS”) under the Payment Services Act 2019 and MAS has not reviewed or approved any features of these product offerings. Please review this link for the full terms and conditions and risk disclosure.