Singapore's Zipmex To Write Off $5 Million Exposure To Celsius, Bitcoin, Ethereum Fall 2%

Zipmex had a total of $5 million and $48 million exposure to Celsius and Babel Finance, respectively, and they are engaged in talks with Babel finance regarding the recovery of the same. Meanwhile the price of Bitcoin fell by 2.2 per cent and Ethereum by 2.26 per cent

Outlook Money Team

Updated on: 25 July 2022 9:27 am

Singapore-based crypto exchange Zipmex said on Sunday that it was looking at possible offers by interested parties for possible restructuring and fund raising. In a Facebook post, it said that it had an exposure of $48 million to Babel Finance and $5 million to Celsius, reported Bloomberg.

Zipmex said that it will write off its $5 million exposure to Celsius but it is engaged in talks with Babel Finance to sort out the issue without any customer losses, reported Reuters.

“Our conversations with various interested parties have progressed significantly. One of those parties has offered terms in an MOU which includes confidentiality obligations so as to be able to commence Due Diligence. The Company is exploring this,” said Zipmex in a Facebook post on Sunday.

Follow our WhatsApp channel

Click here to know more about what happened with Zipmex last week.

In other news, the US Securities and Exchange Commision (SEC) said to CNBC that it is working on getting some crypto lending companies properly registered if they operate more as investment firms.

"We have focused on this area because many of these firms...may well be investment companies taking hundreds of thousands or millions of customers' funds, pulling it together, and then re-lending it while offering pretty high returns. Sounds a little like an investment company, or a bank, you might say," SEC Chair Gary Gensler said.

📢 Important Announcement 📢
Our conversations with various interested parties have progressed significantly. One of those parties has offered terms in an MOU which includes confidentiality obligations so as to be able to commence Due Diligence. #zipmex
— ZIPMEX (@zipmex) July 24, 2022

Cryptocurrency Prices

The global crypto market capitalisation went down by 2.66 per cent to $1.01 trillion as of 8.50 am. However, the global crypto volume was up by 6.2 per cent to $63.77 billion, according to Coinmarketcap data.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $21,961.64, lower by 2.2 per cent in the last 24 hours. Ethereum (ETH) was down by 2.26 per cent to $1,522.17.

Among other significant coins, Cardano (ADA) was down by 3.88 per cent at $0.4939, Algorand (ALGO) was trading with a loss of 3.73 per cent at $0.3261, Solana (SOL) was trading with a loss of 3.79 per cent at $38.48, Polkadot (DOT) was down by 5.02 per cent at $7.07 and Binance Coin (BNB) was down by 1.4 per cent at $255.40.

Today’s top gainer was Bitcoin Cash (BCH), which was up by 2.57 per cent at $127.22. The top loser was Axie Infinity (AXS), which was down by 8.19 per cent at $16.40.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 4.99 per cent at $0.0648. Its volume to market cap ratio stands at 0.04888. Rival Shiba Inu (SHIB) was down by 4.08 per cent at $0.00001119.

Dogelon Mars (ELON) lost 3.45 per cent to trade at $0.0000003456, Floki Inu (FLOKI) lost 1.23 per cent at $0.000009547, and Samoyed Coin (SAMO) lost 2.85 per cent at $0.01048.

In the DeFi segment, YFI (yearn.finance) was trading with a gain of 1.68 per cent at $6,705.49, and Terra Classic (LUNC) was trading with a loss of 2.68 per cent at $0.00009748. Avalanche (AVAX) was down by 6.42 per cent at $22.16, Uniswap (UNI) was trading with a loss of 0.04 per cent at $6.96, and Aave (AAVE) fell by 3.8 per cent at $85.82.