The Asian cryptocurrency exchange was hit by the Celsius and Babel Finance defaults, but they are working with investors to resolve the situation.
Cryptocurrency exchange Zipmex, which operates in Thailand, Indonesia, Singapore and Australia, released a statement this week dismissing reports that it had filed for bankruptcy and announced progress on resuming withdrawals from its Z-wallets.

Zipmex customers can withdraw Solana (SOL) from their wallets on Tuesday, XRP on Thursday, and Cardano (ADA) on Aug. 9, the company said.

Zipmex makes two wallets available to its customers: a Z-Wallet, which is used for Zipmex services and earns income and bonuses, and a trading wallet, which stores fiat currency and funds for trading. Zipmex suspended withdrawals from its platform on July 20, but resumed withdrawals from trading wallets two days later. The company cited the risk of default on Babel Finance and Celsius requiring a wallet freeze. Babel Finance owes Zipmex $48 million and Celsius $5 million.

Now altcoins are transferred from Z-Wallets to trading wallets, and only Bitcoins (BTC), Ether (ETH) and stablecoins remain in Z-Wallets. Zipmex has promised its customers that it will “begin issuing some of these tokens [BTC, ETH and stablecoins] to your trading wallet starting mid-August.”

Related: Thailand SEC launches digital hotline for Zipmex users

Zipmex also took the opportunity to resolve its recent lawsuits by informing the public that it has requested a debt moratorium in Singapore. As part of this process, Zipmex creditors have until August 5 to file documents with the court, and Zipmex Singapore will file its documents in a week for the court to begin discussing the moratorium on August 15.

Zipmex added that it works with Babel Finance to return Zipmex funds. It also signed a “Memorandum of Agreement (MOU) with two investors” and received additional investments from the current shareholder. The largest investor is Singapore-based and US-based venture capital firm B Capital, followed by US-based Jump Capital and Hong Kong-based Mindworks Ventures.

Source: CoinTelegraph

LEAVE A REPLY