Zipmex crypto exchange resumes altcoin withdrawals, no news for bitcoin

Troubled Asian cryptocurrency exchanges have resumed withdrawals of some altcoins, but bitcoin and ether remain frozen.

The exchange will gradually allow withdrawals of XRP, Solana (SOL), and ADA from the Z wallet, which will be credited to users’ trading wallets.

Earlier this month, the Asian exchange announced a temporary suspension of transfers between its Z wallet and Trade Wallet, citing market instability. It has deposited $48 million for its ZipUp+ product and started withdrawing when market conditions took a turn for the worse. Celsius subsequently suspended 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, under negotiation A resolution was negotiated with the company after the company also suspended withdrawals.

SOL, ADA and XRP withdrawals open

On August 2, 100% of user SOL will be released, on August 4, 2022, 100% of XRP will be released, and on August 9, 2022, Zipmex will have 100% of ADA available. Stablecoins will remain inaccessible.

About choosing to deposit money with Celsius and Babel Finance, Zipmex quote Both companies have received financial backing in good standing and emphasise that due diligence has been carried out. The exchange is seeking to recover deposits from Babel Finance.

The company clarified that rumors that it had filed for bankruptcy were false. Instead, it applied to a Singapore court for a stay to give itself time to resolve the issue and determine an outcome acceptable to the client.

Last week, the Securities and Exchange Commission of Thailand order The exchange unfrozen some coins. In response, Zipmex restored access to its Trade wallet.

Zipmex a step in the right direction

Zipmex acknowledged that the move to unfreeze only some of its assets was a small consolation, but it was a step in the right direction.

July 24, yes[In]Crypto reports that Akalarp Yimwilai, the co-founder of the exchange, Self-Deleted YouTube Videos in apparent negotiations with potential investors.

The company has tweet, said negotiations were ongoing but potential investors had signed non-disclosure agreements while reviewing the exchange’s financials. No official statement has been made on the outcome of the talks.


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