News Forum - Thailand’s Zipmex crypto exchange blocks transfers and withdrawals

[Thaiger]

Another crptocurrency exchange is in trouble, blocking withdrawals of both cash or crypto from its platform as go 6pm last night. Zipmex Thailand, a crypto-trading platform, has announced that the withdrawal of baht and crypto currency on its platform “has been suspended temporarily”. In the announcement the CEO outlined a number of difficulties and challenges facing the Thai crypto exchange. He said that “fluctuations and several incidents in the cryptocurrency and problems with major trading partners” of the company prompted Zipmex Thailand to suspend all withdrawals. Firstly on Twitter at 5.15pm yesterday… “Due to a combination of circumstances beyond our […]

The story Thailand’s Zipmex crypto exchange blocks transfers and withdrawals as seen on Thaiger News.

Read the full story

[DoUKnowWhoIAm]

20 minutes ago, Thaiger said:

In the announcement the CEO outlined a number of difficulties and challenges facing the Thai crypto exchange

A number of difficulties and challenges... I bet that's what the wildcat banks told their customers in the 1800s, when the currencies turned out to equal the value of toilet paper. Same old.

[Fanta]

Suing bankrupt crypto companies such as Celsius will not get anything back. Any class action should be brought against Zipmex Thailand. 

[Janneman]

A lot of crypto 'investors' used loans from real banks to buy more crypto. They got these loans based on the value of their crypto. Once the price of crypto starts dropping the real banks want their real money back. So, the 'investors' have to sell their crypto. Which causes prices to drop further. At a certain point so many 'investors' have to sell their crypto that the crypto banks (the ones where crypto is stored) get into trouble, and temporarily (...) have to suspend their operations. That is happening now. It usually means prices will be dropping to almost zero.

Good luck to the 'investors' in trying to get their money back. Chances of that happening are close to zero.

Oh yes, 'investor' can easily be replaced by 'gambler'. I do not feel sorry for them.