Following the initiation of an investigation by the SEC, the situation took a turn for the worse. The regulatory body brought charges against the ex-CEO, Akarlap Yimwilai, alleging fraud and deception. It was uncovered by the SEC that the exchange had transferred funds from its Thai wallets to offshore accounts without prior notification to regulators. This revelation contradicted the information that Zipmex had previously disclosed, leading to heightened concerns regarding trustworthiness.
