Zipmex Resumes Withdrawals Only For Altcoins And Not BTC
Zipmex, a cryptocurrency corporation with Asian headquarters, has restored withdrawals on its trading platform. This occurred after the company had halted withdrawals.
But Zipmex only allowed the withdrawal of three alternative coins. As a result, the exchange’s ETH, BTC, and stablecoins are still locked.
Customers may now withdraw cryptocurrencies like XRP, ADA, and SOL from their Z Wallet. They would then receive credit for it in their Trade wallets.
Zipmex Opens Withdrawal Of Three Altcoins
The Asian company stopped transferring money from its Z Wallet to the Trade Wallet in July. The main justification given by the cryptocurrency platform for its decision was market instability.
According to sources, the company deposited around $48 million in Celsius. This was for their ZipUp+ product. Although Celsius halted the withdrawal on the 13th of June, Zipmex had already begun to withdraw its money amid the cryptocurrency market turmoil.
After then, on the 14th of July, the cryptocurrency lender filed for bankruptcy. Additionally, the cryptocurrency loan site Babel Finance has received almost $5 million from Zipmex. After Babel Finance halted withdrawals, Zipmex began negotiating a way to retrieve the money with the company.
The trading platform will release all of the customers’ SOL holdings on the 2nd of August, and its XRP holdings will be released on the 4th of August. Additionally, the cryptocurrency company will release the ADA money on the 9th of August.
According to Zipmex, after considering its options, it decided to put money into Celsius Network and Babel Finance. It also mentioned that both companies were financially stable when it invested
Zipmex Rejects Claims That It Filed For Bankruptcy
The Asian company is still battling Babel Finance to get its money back. The business also disclosed that it had not submitted a bankruptcy report to the court.
The company just requested a moratorium from the Singaporean court. The objective was to provide it the ability to handle persistent problems and deliver positive results for its clients.
The current action, according to Zipmex, is a small consolation because customers may now make withdrawals. Additionally, the fact that certain customers may now access their monies is a big milestone for the organization.
Be[In]Crypto reported on the 24th of that Akalarp Yimwilai, Zipmex’s co-founder, was seen in an internet video negotiating with possible investors. The supposed video has already been removed.
The organization said that it is now in talks with a possible investor who could buy the company. However, the investor is presently analyzing the company’s financial situation. Meanwhile, the company has not released any reports about the investigation’s findings.
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