Mon. Oct 3rd, 2022


Crypto platform Zipmex on Aug. 2 began to resume the withdrawal of certain altcoins such as Solana, Ripple and Cardano, the firm said in a blog post, after it halted customer withdrawals on July 20. 

See related article: Zipmex seeks moratorium from creditors in Singapore court

Fast facts

  • From Aug. 2, Zipmex users could withdraw 100% of the SOL balances in their Z wallets, while XRP and ADA will be available for withdrawal from Aug. 4 and Aug. 9, respectively. 
  • The firm resumed withdrawals from its Trade wallet on July 22 and it is now allowing users to withdraw specific token balances from their Z wallets, which are used to earn bonuses and earnings. 
  • The tokens will be transferred from the Z wallet to the Trade wallet of users. Once the tokens are available in the Trade wallet, users may withdraw them, according to the blog post. 
  • Zipmex also clarified that it did not file for bankruptcy, although it has applied for protection from creditors in the Singapore Court, where the moratorium hearing is scheduled for Aug. 15. 
  • Zipmex has signed a memorandum of agreement with two investors and secured additional investment in its native Zipmex Token from an existing backer.
  • The firm, which had an exposure of US$5 million and US$48 million to Celsius and Babel Finance respectively, has absorbed the losses from Celsius and is looking to recover funds from Babel. 

See related article: Zipmex targets raising US$50 mln to cover exposure to embattled crypto lenders



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