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.
Source: https://www.coindesk.com/markets/2022/07/20/zipmex-a-victim-of-crypto-contagion-as-concerns-grow-over-babel-loan-sources/?utm_medium=referral&utm_source=rss&utm_campaign=headlines