Zipmex Crypto Exchange Resumes Withdrawals For Altcoins, No Word On Bitcoin
The embattled Asian crypto exchange resumed withdrawals for some altcoins, although bitcoin and ether have remained frozen.
The exchange will progressively allow XRP, Solana (SOL) and ADA withdrawals from Z Wallet, which will be deposited into users’ trade wallets.
Earlier this month, the Asian exchange announced a temporary halt to transfers between its Z Wallet and Trade Wallet, citing market volatility. It had deposited $48 million in Celsius for its ZipUp+ product and began withdrawals when market conditions turned south. Celsius then halted withdrawals on June 13, 2022, and filed for bankruptcy on July 14, 2022, causing Zipmex to write off its deposits on the exchange’s balance sheet.
It also invested $5 million in Babel Finance and was in conversation With regard to a settlement with the company it then stopped the withdrawal as well.
SOL, ADA, and XRP Withdrawals Open
On August 2, 100% of users will be issued SOL, on August 4, 2022, 100% of XRP will be issued, and on August 9, 2022, Zipmex will make 100% of ADA available. Stable coins will remain inaccessible.
Regarding your option to deposit money in Celsius and Babel Finance, Zipmex Cited Respected financial support received by both companies and insisted that due diligence was done. The exchange is recovering deposits from Babel Finance.
The company clarified rumors that it had falsely filed for bankruptcy. Instead it filed for adjournment with a Singapore court to give itself time to resolve the issues and determine an acceptable outcome for customers.
Last week, the Thai Securities and Exchange Commission ordered Exchange to prevent some coins from freezing. Zipmex responded by restoring access to its trade wallet.
A step in the right direction for Zipmex
Zipmex acknowledged that the move to unfreeze only a select few assets was a small consolation, but a step in the right direction.
B on 24th July[In]Crypto reported that the exchange’s co-founder Aklarp Yimvilai was spotted YouTube videos deleted since In frank conversations with potential investors.
the company tweeted, adding that negotiations are ongoing, but the potential investor had entered into a non-disclosure agreement as it conducted a financial review of the exchange. No official statement has been made regarding the outcome of the said talks.
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