Zipmex a Victim of Crypto Contagion as Concerns Grow Over Babel Loan: Sources

The backstory, according to an industry executive briefed on the matter by people with direct knowledge of the situation, is that a Singaporean arm of Zipmex faces a loss on about $100 million of funds lent through a product called “ZipUp” to the now beleaguered, Hong Kong-based Babel. Zipmex made the loan earlier, part of an effort to generate additional yield.