Zipmex Gradually Resumes Withdrawals From Z Wallet, Says Debt Moratorium Isn’t Bankruptcy


Crypto exchange Zipmex, which operates in Thailand, Indonesia, Singapore and Australia, released a statement this week denying reports that it has filed for bankruptcy and announcing progress in resuming withdrawals from its Z wallets.

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

Zipmex offers its customers two wallets: the Z wallet, which is used for Zipmex services and receiving earnings and bonuses, and the Trade wallet, where fiat currency and trading funds are kept. Zipmex paused all withdrawals from its platform on July 20, but resumed withdrawals from Trade Wallets two days later. The company cited its exposure to Babel Finance and Celsius defaults as a necessity for the wallet freeze. Babel Finance owed Zipmex $48 million and Celsius $5 million.

Now altcoins in Z Wallets are being transferred to Trade Wallets, leaving only Bitcoin (BTC), Ether (ETH) and stablecoins frozen in Z Wallets. Zipmex Promised Customers It Was “Going To Release Some Of These Tokens” [BTC, ETH and stablecoins] in your Trade Wallet from mid-August.”

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Related: Thai SEC Launches Digital Hotline For Zipmex Users

Zipmex also took the opportunity to clarify its recent legal actions and inform the public that it had filed for a moratorium on debt in Singapore. As part of that process, Zipmex creditors can file documents with the court until August 5, with Zipmex Singapore filing the documents a week later, allowing the court to begin deliberations on the moratorium on August 15.

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Zipmex added that it was working with Babel Finance on the return of Zipmex’s funds. It had also signed a “Two Investor Memorandum Of Agreement (MOU)” and received an additional investment from a current shareholder. The largest investor is Singaporean and US venture capital firm B Capital, followed by US-based Jump Capital and Hong Kong-based Mindworks Ventures.