Case summary
What happened
Zipmex operated regional cryptocurrency exchanges together with ZipUp and ZipUp+ yield products. On 20 July 2022 it suspended withdrawals. Thailand's SEC subsequently required details of ZipUp customer assets placed through other crypto platforms, especially Celsius Network and Babel Finance, while Zipmex itself confirmed that ZipUp+ funds had been deposited with external lending platforms. Five group entities applied for Singapore moratoria on 22 July 2022. Inter-linked schemes proposed for Zipmex Asia and Zipmex Singapore later failed because the Singapore scheme did not obtain the required approval. The High Court dismissed further moratorium extensions on 11 January 2024, finding no further prospect of restructuring. Zipmex Pte Ltd was wound up on 26 February 2024, Zipmex Asia entered a disputed voluntary winding-up process in May 2024, and the Thai exchange and broker licenses were revoked effective 28 May 2024.
Customer result
Customer outcome
Claims ongoing
Some ordinary wallet access and asset-return channels differed from ZipUp-related claims. Singapore entities entered winding-up proceedings, while Thailand required the licensed company to return or transfer client assets. The reviewed sources do not establish completed distributions or one recovery percentage across all jurisdictions and products.
- Estimated recovery
- No final universal recovery rate is established for all ZipUp, exchange-wallet and entity-level creditor classes.
- Repayment started
- —
- Repayment completed
- —
- Confidence
- High
Asset treatment
Terms risk
Varies by product
Product-dependent classification is used because the reviewed sources show different operational and counterparty paths for yield balances and ordinary exchange assets. The court materials do not establish one universal ownership or priority rule for every creditor class.
- Affected product
- ZipUp, ZipUp+, Z Wallet and exchange balances
- Confidence
- High
Official statements and regulatory notices distinguish ordinary exchange-wallet assets from assets transferred into ZipUp and ZipUp+, which were placed through external lending platforms. Treatment may also depend on the contracting Zipmex entity and jurisdiction.
Known unknowns
Uncertainty
The 2018 launch date is approximate. The end date uses the effective revocation of the Thai exchange and broker licenses; separate group entities entered winding-up proceedings on different dates. Reviewed sources do not establish one final recovery percentage or completed distribution for every ZipUp, exchange-wallet and entity-level creditor class.
Chronology
Historical record
Zipmex begins operating
Zipmex developed as a regional cryptocurrency exchange serving Southeast Asian and Australian markets and later offered ZipUp yield products.
The launch year is approximate.
Zipmex suspends withdrawals
Zipmex suspended Thai baht and digital-asset withdrawals. ZipUp and ZipUp+ customer assets were affected by exposure to external lending platforms including Celsius Network and Babel Finance.
Some ordinary wallet functions were later partially restored, but ZipUp-related access and recovery remained impaired.
Zipmex Group files Singapore moratorium applications
Five Zipmex Group entities applied to the Singapore High Court for moratorium protection under section 64 of the Insolvency, Restructuring and Dissolution Act.
The applications triggered interim protection and began a prolonged court-supervised restructuring attempt.
Inter-linked Zipmex schemes fail
Zipmex Asia's proposed scheme obtained the required majority but Zipmex Singapore's did not. Because the two schemes were inter-linked and inter-conditional, neither could be implemented.
The failed vote ended the proposed inter-linked restructuring path.
Singapore High Court dismisses further moratorium extensions
The High Court dismissed applications to extend the Zipmex Group moratoria because there was no further prospect of restructuring under the proposed schemes.
The judgment stated that liquidation of constituent companies was likely to be imminent.
Court winds up Zipmex Singapore
Zipmex Pte Ltd was wound up by the Singapore High Court and a liquidator was appointed.
This date applies to the Singapore operating entity rather than every company in the group.
Thailand revokes Zipmex exchange and broker licenses
Thailand's Minister of Finance revoked Zipmex's digital-asset exchange and broker licenses after the company failed to complete required rectification measures. The company remained responsible for returning client assets.
The revocation was effective on 28 May 2024 and concerned the Thai licensed entity.
Court sets aside Zipmex Asia creditor-meeting resolutions
The Singapore High Court set aside resolutions purportedly passed at a Zipmex Asia creditors' meeting because of substantive irregularities and stated that the court would appoint a liquidator.
The decision concerned the validity of the Zipmex Asia liquidation process and creditor voting.
Source record
Evidence dossier
Filter by claim, reliability, source type, and whether evidence is linked to a specific event.
customer outcome
1 sourcesZipmex Pte Ltd v Zipmex Asia Pte Ltd and another and another matter [2024] SGHC 298
Supreme Court of Singapore · 2024-11-27
Official judgment sets aside Zipmex Asia creditor-meeting resolutions for substantive irregularities and addresses appointment of a liquidator.
Event
8 sourcesSEC orders Zipmex to clarify information on clients' assets
Securities and Exchange Commission, Thailand · 2022-07-21
Official notice records the withdrawal suspension and requests evidence concerning ZipUp assets placed with Celsius Network and Babel Finance.
Zipmex confirms loans to Babel and Celsius
CoinDesk · 2022-07-21
Contemporaneous reporting supports the withdrawal halt and counterparty-exposure context.
Re Zipmex Co Ltd and other matters [2024] SGHC 6
Supreme Court of Singapore · 2024-01-11
Official judgment records that five group moratorium applications were first made on 22 July 2022 and granted at the August 2022 hearing.
Zipmex files for bankruptcy protection in Singapore
CoinDesk · 2022-07-28
Contemporaneous report on the five Singapore moratorium applications.
Re Zipmex Co Ltd and other matters [2024] SGHC 6
Supreme Court of Singapore · 2024-01-11
Official judgment records the 22 November 2023 scheme meetings and explains why neither inter-linked scheme could be implemented.
Re Zipmex Co Ltd and other matters [2024] SGHC 6
Supreme Court of Singapore · 2024-01-11
Official judgment dismisses further moratorium extensions because there was no further prospect of restructuring.
Court dismisses Zipmex moratorium extensions
The Business Times · 2024-01-12
Secondary reporting supports the dismissal and imminent-liquidation context.
Court order obtained to wind up Zipmex Singapore
Withers KhattarWong · 2024-02-29
Law-firm update supports the Singapore winding-up order.
failure reason
1 sourcesOfficial statement from Zipmex on ZipUp+ exposure
Zipmex · 2022-07-24
Zipmex states that ZipUp+ funds were deposited with external lending platforms including Celsius and discusses Babel-related liquidity concerns.
status
2 sourcesZipmex Pte Ltd v Zipmex Asia Pte Ltd and another and another matter [2024] SGHC 298
Supreme Court of Singapore · 2024-11-27
Official judgment records that Zipmex Pte Ltd was wound up by the court on 26 February 2024 and a liquidator was appointed.
Zipmex digital-asset exchange and broker licenses revoked
Securities and Exchange Commission, Thailand · 2024-06-10
Official notice states that the licenses were revoked effective 28 May 2024 and that Zipmex remained required to return client assets.
url history
1 sourcesZipmex website archive captures
Internet Archive
Historical captures support the platform identity and operating history.
No evidence records match the current filters.
Comparative records