Evaluating only Zipmex’s profile at its peak — without knowing the outcome — the model ranked Regulation as the #1 likely cause. Documented cause: Market collapse.
Key Events Timeline
FOUNDING
Zipmex founded
DOWN ROUND
Sector contagion hits funding
SHUTDOWN
Sudden Collapse: Zipmex ceases operations
Full Analysis
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Documented cause
Zipmex raised $50M from investors including Softbank Ventures Asia and Brinc to operate a regulated crypto exchange in Thailand, Singapore, Indonesia, and Australia. The company offered yield products through its ZipUp+ service. When it paused withdrawals in July 2022, it disclosed that $53M of its assets were stuck with Babel Finance and Celsius — both of which had collapsed simultaneously. Zipmex attempted restructuring, saw its Thai regulators sanction it, and eventually shut down in 2023 after failing to find a buyer.
Lesson
“Regulated crypto exchanges are only as safe as their counterparty exposures. Operating under a regulatory license does not protect depositors from undisclosed yield products that create concentrated exposure to failing crypto lenders. The regulation covered the exchange, not the yield book.”