Zipmex Denies Bankruptcy Rumors and Resumes Withdrawals: What You Need to Know

Zipmex Stands Strong Against Bankruptcy Claims

This week, Zipmex, the cryptocurrency exchange operating across Thailand, Indonesia, Singapore, and Australia, made headlines with a statement vehemently denying rumors of its bankruptcy. In a bold move, the exchange reassured users about the progress of resuming withdrawals from its Z Wallets.

Withdrawal Details for Zipmex Customers

Zipmex has announced a schedule for customers eager to get their hands on their digital assets. On Tuesday, users can withdraw Solana (SOL), followed by XRP on Thursday and Cardano (ADA) on August 9. If you’re thinking of taking some crypto for a spin, mark those dates on your calendar!

Types of Wallets Offered by Zipmex

The exchange offers two distinct wallets for its users. The Z Wallet is primarily used for various Zipmex services, allowing users to earn bonuses and rewards. Meanwhile, the Trade Wallet is where fiat currency and assets for trading are securely held.

• Z Wallet: For receiving earnings and bonuses.
• Trade Wallet: For fiat and trading funds.

Withdrawals Paused, But Not for Long

Withdrawals came to a halt on July 20 due to Zipmex’s exposure to the defaults of Babel Finance and Celsius. After a brief pause, by July 22, users were able to resume withdrawals from their Trade Wallets. For context, Zipmex was chasing down $48 million from Babel Finance and $5 million from Celsius—talk about a rough patch!

What’s Next for Solana Holders?

For those holding onto Solana (SOL) in their Z Wallet, you’ll be relieved to know that it was credited to Trade Wallets on August 2, 2022. This means you’re one step closer to trading your SOL—just don’t forget to click that shiny withdraw button when it’s your turn.

Zipmex’s Legal Landscape

In more serious news, Zipmex took a proactive approach by filing for a debt moratorium in Singapore. Creditors have until August 5 to file their documents, and Zipmex is set to submit related paperwork a week later, signaling the start of deliberations on August 15. Sounds like a soap opera, but with cryptocurrency!

Positive Developments on the Horizon

Despite the bumps in the road, Zipmex is working closely with Babel Finance to recover its funds. Moreover, they’ve also signed a Memorandum Of Agreement (MOU) with two investors and welcomed additional investment from a current shareholder. Their largest backers include B Capital from Singapore and the U.S. Jump Capital, boasting a diverse investment portfolio.

Customer Support at Your Service

For any queries, the Zipmex customer support team is available around the clock through live chat. They’re ready to lend a hand if you need any assistance during these transition times.