zipmex situation

[akda]

Extracting this part from Zipmex email about pausing withdrawals 

 

The SEC has been informed and is aware of our movements, as well as our investors.
I’d also like to take this opportunity to remind users that we are a regulated digital asset exchange in Thailand, and as such, we have to fulfill certain requirements with regards to this.

How safe our funds are with Zipmex in case things go other way? How much protection does Thai Laws provide?

What are the power and limitations of SEC in this regard?

Edited July 21, 2022 by akda

[FritsSikkink]

Do you think the government / tax payer will bail you out?

[akda]

1 hour ago, FritsSikkink said:

Do you think the government / tax payer will bail you out?

 

We have SEC for some purpose, right?

 

Mine amount is not that big, just trying to understand the rules.

 

[Lemsta69]

2 hours ago, FritsSikkink said:

Do you think the government / tax payer will bail you out?

in other words you have no idea how to answer the OPs questions.

[userabcd]

45 minutes ago, akda said:

 

We have SEC for some purpose, right?

 

Mine amount is not that big, just trying to understand the rules.

 

"How safe our funds are with Zipmex in case things go other way? How much protection does Thai Laws provide?

What are the power and limitations of SEC in this regard?"

 

Why are these questions being asked now? Due diligence before investing is wise.

 

If your crypto is stored on zipmex and they have frozen withdrawals then afraid you will probably have to wait for legal proceedings to evolve or when Zipmex allow withdrawals again, who knows how long that will take, maybe you should be asking Zipmex help center.

Edited July 21, 2022 by userabcd

[Lemsta69]

34 minutes ago, akda said:

 

We have SEC for some purpose, right?

 

Mine amount is not that big, just trying to understand the rules.

 

from what I understand Zipmex trusted other parties with users assets. if those third-parties have lost the funds in risky trades/loans then that's is, the money's gone and can't be recovered. 

 

tbh I don't know the answer to what powers the Thai SEC has in these matters but I'm pretty sure that recovering lost funds isn't one of them. 

 

they might be able to prosecute the Zipmex execs for breach of regulations but that won't get users their money back. 

[akda]

1 hour ago, userabcd said:

"How safe our funds are with Zipmex in case things go other way? How much protection does Thai Laws provide?

What are the power and limitations of SEC in this regard?"

 

Why are these questions being asked now? Due diligence before investing is wise.

 

If your crypto is stored on zipmex and they have frozen withdrawals then afraid you will probably have to wait for legal proceedings to evolve or when Zipmex allow withdrawals again, who knows how long that will take, maybe you should be asking Zipmex help center.

well this forum is to ask question. nothing wrong in asking.

 

Also a crypto investor knows the risk and they are willing to take it. We know "Invest only what we can afford to lose".

[FritsSikkink]

47 minutes ago, akda said:

Also a crypto investor knows the risk and they are willing to take it. 

Apparently you don't know the risk otherwise you wouldn't be asking.  English (United States) DigitalAssetBusiness (sec.or.th)

Edited July 21, 2022 by FritsSikkink

[Lemsta69]

@akda Zipmex are sending out  emails but I'm not getting them. here's an extract of the latest one that, I got this from a private Telegram group I'm in...

 

Edited July 22, 2022 by Lemsta69

[Lemsta69]

20 hours ago, FritsSikkink said:

Apparently you don't know the risk otherwise you wouldn't be asking.  English (United States) DigitalAssetBusiness (sec.or.th)

just go away dude, you're contributing nothing to either this discussion or any other post for that matter.

[Lemsta69]

here's the full email from Zipmex...

 

 

[akda]

1 hour ago, Lemsta69 said:

just go away dude, you're contributing nothing to either this discussion or any other post for that matter.

agree, why is he even following the crypto thread.

 

@Lemsta69I got the email you posted above.

 

As I see situation is not that bad, and users are not locked out of fund like Celsius or Vauld.

I had nothing in ZipUp+ so bit safe. I never trust these lending platforms as I do swing trading.

With Zipmex I have received fiat in my bank account.

Also I have withdrawal all of my crypto to a wallet. To be on safer side. I will be moving to bitkub for time being.

Edited July 22, 2022 by akda

[Lemsta69]

1 hour ago, akda said:

agree, why is he even following the crypto thread.

 

@Lemsta69I got the email you posted above.

 

As I see situation is not that bad, and users are not locked out of fund like Celsius or Vauld.

I had nothing in ZipUp+ so bit safe. I never trust these lending platforms as I do swing trading.

With Zipmex I have received fiat in my bank account.

Also I have withdrawal all of my crypto to a wallet. To be on safer side. I will be moving to bitkub for time being.

that's good to hear that you had limited exposure to zipup. but even if you did, at least you tried something different instead of living the same fixed-pension day of 20 baht noodles and a small beer Chaaaang ????

 

ps. I put all the haters on ignore and only see their posts if someone is silly enough to respond to the nattering nabobs of negativity.

 

aseannow.com/ignore

[Lemsta69]

here's a cointelegraph article about Thai SEC and Zipmex situation. again, not sure that they can actually do anything to recover lost funds...

 

https://cointelegraph.com/news/thai-sec-launches-digital-hotline-for-zipmex-users

[akda]

@Lemsta69one good article in BagkokPost today 

https://www.bangkokpost.com/business/2354996/explainer-the-lowdown-on-the-zipmex-situation

 

They have signed MOU with some investors. From what I understand. They will recover. Potentially Zipup+ users might lose money. To avoid lending issues. I think, In future zipmex will suspend ZipUp+, and allow only trading of crypto.

Edited July 27, 2022 by akda

[Lemsta69]

an update from Zipmex...

 

https://zipmex.com/au/announcements/official-statement-au-010822/

[jesimps]

On 7/22/2022 at 1:08 PM, Lemsta69 said:

just go away dude, you're contributing nothing to either this discussion or any other post for that matter.

If you read enough posts from this guy, you'll learn to ignore him.