September 26, 2022


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 its progress in resuming withdrawals from its Z Wallets.

Zipmex customers can withdraw Solana (SOL) from their wallets on Tuesday and will be able to withdraw XRP on Thursday and Cardano (ADA) on August 9, the company he said.

Zipmex provides its customers with two wallets: the Z Wallet, which is used for Zipmex services and receiving earnings and bonuses, and the Trade Wallet, where fiat currencies and funds are kept for trading. Zipmex suspended all withdrawals from its platform on July 20, but resumed withdrawals from Trade Wallets two days later. The company said its exposure to bankruptcies Babel Finance and Celsius necessitated the wallet freeze. Babel Finance owed Zipmex $48 million and Celsius owed it $5 million.

Now altcoins in Z Wallets will be moved to Trading Wallets, leaving only Bitcoin (BTC), Ether (ETH) and stablecoins frozen in Z Wallets. Zipmex promised customers that it would “start releasing some of these tokens [BTC, ETH and stablecoins] in your Trade Wallet from mid-August.”

Related: Thai SEC launches digital hotline for Zipmex users

Zipmex also took the opportunity to clarify its recent legal actions, informing the public that it has applied for a debt moratorium in Singapore. As part of that process, Zipmex’s creditors will be able to file documents with the court until August 5, with Zipmex Singapore filing its documents a week later, so the court can begin moratorium discussions on August 15 .

Zipmex added that it is working with Babel Finance to return Zipmex’s funds. It had also signed a “Memorandum of Agreement (MOU) with two investors” and received additional investment from a current shareholder. Of bigger investor is Singaporean and US venture capital firm B Capital, followed by US Jump Capital and Hong Kong’s Mindworks Ventures.