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Zipmex has $53M exposure to Babel Finance and Celsius
Summary: According to a Facebook post, Singapore-based crypto exchange Zipmex has announced that it lent $48M to Babel Finance and $5M to Celsius Network. The Zipmex platform announced it had frozen both deposits and withdrawals earlier this week (on Wednesday). According to sources quoted by CoinDesk, Zipmex may have lent as much as $100M from a ...
According to a Facebook post, Singapore-based crypto exchange Zipmex has announced that it lent $48M to Babel Finance and $5M to Celsius Network. The Zipmex platform announced it had frozen both deposits and withdrawals earlier this week (on Wednesday).
According to sources quoted by CoinDesk, Zipmex may have lent as much as $100M from a high-yield program called ZipUp to Babel. A spokesperson for Babel denied the accusations, saying the amount is much smaller without disclosing the particular amount. Babel Finance and Celsius Network also suspended withdrawals in June, citing market volatility for the decision.
Zipmex stated that it plans on resuming trades soon, and ZipUp accounts will be disabled until "further notice." The exchange plans to write off the $5M loan to Celsius Network after the company has filed for bankruptcy.
Author: Garrett Meifert
Tags: Celsius Network,Facebook,zipmex
Link: Zipmex has $53M exposure to Babel Finance and Celsius [Copy]
