Australian-founded crypto exchange Zipmex has frozen withdrawals, with reports a $100 million loan to troubled crypto lender Babel Finance has blown a hole in the company’s balance sheet.
Australian-founded crypto exchange Zipmex froze withdrawals on Thursday, after it emerged a $US45 million loan to troubled crypto lender Babel Finance, and a smaller loan to bankrupt crypto bank Celsius, had blown a hole in the company’s balance sheet.Marcus Lim is the founder and CEO of crypto exchange Zipmex.
Hong Kong-based Babel Finance froze withdrawals in June and has hired a restructuring specialist, Houlihan Lokey, in the United States.from lenders on Melbourne-based corporate lending platform Maple Finance. “We’ve been facing some liquidity issues with counterparties that Zipmex had assets with,” Mr Lim said in the letter.In a separate letter, Zipmex said it was working to retrieve the $US45 million Babel loan and the $US5 million Celsius loan.
The crypto exchange raised $US41 million in a Series B round last August with Thailand’s Bank of Ayudhya corporate venture capital arm, Krungsri Finnovate as a prominent investor.
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