Zipmex CEO Refuses To Resign Following $50M Loss

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Zipmex’s Chief Marketing Officer, Proud Limpongpan, notes, “There has been a lot of investor interest in Zipmex. However, it is not abnormal for there to be requested changes at the management level.”

Marcus Lim, CEO of crypto exchange platform Zipmex, reveals he will not step down from his leadership role despite the company’s losses amounting to over $50M. This makes the Australia-based exchange one of the several companies suffering from the fallout of Celsius Network, 3AC, and Babel Finances’ downfall.

A week ago, Zipmex received three-month creditor protection from the Singapore court. This would safeguard the firm from lawsuits until December 2, in addition to providing it with some time to devise a funding plan.   

After being granted creditor protection, Zipmex’s CEO claimed he would continue running the exchange unless the new shareholders asked him to step down. He made this announcement in response to a minority shareholder and some investors asking him to resign from his position, citing the “loss of confidence” with the firm’s partners as the reason behind the resignation request.

Marcus divulged his plans to repay around 400K of the platform’s investors by recruiting new majority owners. Moreover, he stated that he and Zipmex’s co-founder Akalarp Yimwilai would forfeit their positions after repaying the company’s clients if the investors still desired their resignation.

Stay up to date with the latest happening in the crypto industry by subscribing to our newsletter.

Written by
Ayush Pande
Zipmex’s Chief Marketing Officer, Proud Limpongpan, notes, “There has been a lot of investor interest in Zipmex. However, it is not abnormal for there to be requested changes at the management level.”

Marcus Lim, CEO of crypto exchange platform Zipmex, reveals he will not step down from his leadership role despite the company’s losses amounting to over $50M. This makes the Australia-based exchange one of the several companies suffering from the fallout of Celsius Network, 3AC, and Babel Finances’ downfall.

A week ago, Zipmex received three-month creditor protection from the Singapore court. This would safeguard the firm from lawsuits until December 2, in addition to providing it with some time to devise a funding plan.   

After being granted creditor protection, Zipmex’s CEO claimed he would continue running the exchange unless the new shareholders asked him to step down. He made this announcement in response to a minority shareholder and some investors asking him to resign from his position, citing the “loss of confidence” with the firm’s partners as the reason behind the resignation request.

Marcus divulged his plans to repay around 400K of the platform’s investors by recruiting new majority owners. Moreover, he stated that he and Zipmex’s co-founder Akalarp Yimwilai would forfeit their positions after repaying the company’s clients if the investors still desired their resignation.

Stay up to date with the latest happening in the crypto industry by subscribing to our newsletter.

Written by
Ayush Pande