00:00Welcome back to Decentralized News. So quick update. Crypto exchange Zipmex is said to have suspended withdrawals due to market volatility.
00:10The cryptocurrency exchange did say that today they were blocked, you know, they blocked users from taking direct custody of their coins, saying that, you know, the market conditions are volatile.
00:23This is obviously coming with a time when the actual market is starting to look like it was somewhat having a bit of a recovery.
00:31So not sure what's going on there at Zipmex due to a combination of circumstances beyond our control, including volatile market conditions in the resulting financial difficulties of our key business partners to maintain the integrity of our platform.
00:47We would be posing withdrawals until further notice the exchange announced on Twitter.
00:53So several crypto platforms and lending firms, including Celsius Network, Babel Finance, have taken similar steps in recent weeks, sort of blaming the market turbulence and resulting counterparty risk earlier this month.
01:07Celsius, of course, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court of the Southern District of the USA.
01:15And Zipmex itself was established in 2018.
01:19It offers crypto trading and investment services in Thailand, Indonesia, Singapore and Australia.
01:25Last year, the exchange actually raised $41 million with an investment from the Bank of Ayuja, one of Thailand's largest banks.
01:34As of June, Coinbase has actually agreed to make a strategic investment in Zipmex.
01:40Zipmex, the Singapore based entity, was working on a Series B funding round to raise its valuation to $400 million.
01:49So I'm not sure what's going to happen in this case, seeing as, you know, there's been rumors that Coinbase itself has not been doing particularly well.
01:57And I'm not sure if the bank in Thailand would be willing to step in to try to sort of see what's going on and help with that.
02:05But I don't know how they'd be able to help with that, considering this is obviously a cryptocurrency firm.
02:10So, I mean, again, it seems like the unwinding is continuing to take place.
02:17So maybe now because these are trading volumes and there's more market activity, there's still some exchanges that are in sort of a bit exposure.
02:28And I think we're still going to continue to see some of these things continue to unfold.
02:35I hope if you, you know, one of the crypto users out there, you do not have your money stuck on Zipmex.
02:43Even with everything that's going on, I think it is just safe to say that money should be not kept on these centralized platforms if you can help it.
02:53But, of course, I'm not a advisor of any sort, but I wouldn't be surprised if we see many, many, many more of these stories.
03:02I've been bringing a lot of these stories to you about all that's been going on.
03:07So I hope you guys are OK.
03:09And if you're caught out in this whole saga, then my heart goes out to you.
03:13But like, share, subscribe, turn on the notification bell.
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