Zipmex Resumes Withdrawals From Its Z Wallet

2 years ago · Updated 2 years ago

✍️ 3 August, 2022 - 15:49 👤 Editor: Jakub Motyka

Zipmex, the Asian cryptocurrency exchange, has resumed withdrawals from its platform
Following the defaults of Celsius and Babel Finance, saw the need to suspend them

Will you be able to regain the trust of your users?

The cryptocurrency exchange Zipmex published a statement denying the rumors of its apparent bankruptcy. Adicionalmente, han decidido gradually resume withdrawals through their Z wallets, which have been suspended since mid-July. In this way, customers will be able to withdraw Solana (SOL) from Tuesday, and XRP and Cardano (ADA) as of Thursday, August 9.

Zipmex offers 2 different wallet services: the Z Wallet, which allows you to receive earnings while enjoying the services of the exchange; and the Trade Wallet, which stores fiduciary currencies and funds for operations. After the exchange took action on July 20, withdrawals from the Trade Wallet immediately resumed 2 days later.

What Was The Reason For The Suspension Of Zipmex Withdrawals And What Actions Are They Taking?

As a result of the effects of the fall of the Terra ecosystem (LUNA), many important platforms in the market such as Celsius and Babel Finance fell into defaults. The latter have a debt of more than 50 million dollars with Zipmex, which is why the exchange decided to suspend withdrawals while looking for a way to guarantee the support of its clients.

Zipmex clarified that it is working with Babel Finance to return the funds. In turn, it has initiated legal action in Singapore,presenting a request for a debt moratorium , or an authorization to postpone your payments. In this way, Zipmex creditors will be able to file documents in court starting August 5, and Zipmex Singapore the following week. The court is expected to deliberate on the moratorium on August 15.

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