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 big loss on about $100 million of funds lent to the now beleaguered, Hong Kong-based Babel through a product called “ZipUp.” Zipmex made the loan earlier, part of an effort to generate additional yield.
Zipmex a Victim of Crypto Contagion as Concerns Grow Over Babel Loan: Sources
