Bitcoin exchange Zipmex partially resumed withdrawals
Thai cryptocurrency exchange Zipmex has opened the possibility of withdrawal of funds from the Trade Wallet.
📣 Important Announcement📣
— ZIPMEX (@zipmex) July 22, 2022
Maintenance on the Trade Wallet has ended. Withdrawals for your Trade Wallet are now enabled as of 22 July 2022 at 18:00 (GMT+7).
Transfer from Z Wallet, deposit and trade will continue to be disabled until further notice. pic.twitter.com/voMInELlH5
The platform uses two types of wallets: Trade Wallet and Z Wallet. The first allows you to deposit fiat and digital currencies for trading. The second provides access to all Zipmex products and services like bonuses, earning new tokens, and other exclusive offers.
“Maintenance of the wallet is completed. Withdrawals for your Trade Wallet are allowed from 18:00 (GMT+7) on July 22, 2022. Transfers from Z Wallet, deposits and trading are still disabled until further notice,” the message reads.
On July 20, the exchange suspended the withdrawal of funds. The company referred to “circumstances beyond its control,” which it attributed to “unstable market conditions and the resulting financial difficulties of key business partners.
Zipmex later said that as of July 21 it had $48 million and $5 million in claims against Babel Finance and Celsius Network, which were caught in a liquidity crisis, respectively. The company said it was considering “several recovery options,” including raising funds, initiating litigation and restructuring.
At the same time, the platform announced the opening of escrow and withdrawal for Trade Wallet.
To recap, Zipmex raised $41 million in 2021 with plans to expand its user base in Singapore and Australia. Investors included Bank of Ayudhya, Thailand’s fifth-largest bank by assets, media companies and venture capital funds.