Thailand

With advertising banners over several floors, the crypto platform Zipmex fuelled the dream of financial freedon on the skyscraper facades in Southeast Asia's Bangkok: "Join in the crypto revolution," was written on the billboard by the provider, who promised its customers double-digit returns on deposits.

But many of those who followed the company's call now have to worry about their money: The fintech, which has its headquarters in Singapore, announced on Wednesday evening that it would no longer allow payments.

Zipmex, Celsius, 3arrows, Babel Finance …

The turmoil at the company is a direct result of payment problems at industry giants Celsius Network and Babel Finance. According to Zipmex, it lent assets worth $48 million to Babel and $5 million to Celsius. With them insolvent, so is Zipmex.

Much of this money is at risk of being lost. Celsius has filed for bankruptcy protection in the US, Babel stopped payments last month and brought a restructuring specialist on board.

Where is all this going?

Can crypto even survive? Or is our own greed going to bury it.

But there are people who believe. And I invite you all to join me.