October 6, 2022


The struggling Asian crypto exchange continues withdrawals for some altcoins, although bitcoin and ether remain frozen.

The exchange will gradually allow withdrawals of XRP, Solana (SOL) and ADA from the Z Wallet, which will be credited to users’ Trade wallets.

Earlier this month, the Asian exchange announced the temporary suspension of transfers between the Z Wallet and the Trade Wallet, citing market volatility. He had deposited $48 million in Celsius for the ZipUp+ product and started the withdrawals when market conditions turned south. Celsius then suspended withdrawals on June 13, 2022 and filed for bankruptcy on July 14, 2022, prompting Zipmex to write off its deposits on the exchange’s balance sheet.

He had also invested $5 million in Babel Finance and was in talks with the company regarding a resolution after withdrawals cease.

SOL, ADA and XRP withdrawals open

On August 2, 100% of users’ SOL will be released, on August 4, 2022, 100% of XRP will be released, and on August 9, 2022, Zipmex will release 100% of ADA. Stablecoins will remain inaccessible.

Regarding her choice to deposit money in Celsius and Babel Finance, Zipmex refers the reliable financial support both companies received and emphasized that due diligence had been done. The stock exchange is seeking to recover deposits from Babel Finance.

The company clarified as false the rumors that it had filed for bankruptcy. Instead, it applied for a moratorium in a Singapore court to give itself time to address issues and determine an acceptable outcome for clients.

Last week, the Securities and Exchange Commission of Thailand ordered the exchange to unfreeze certain currencies. Zipmex responded by restoring access to its Trade wallet.

A step in the right direction for Zipmex

Zipmex acknowledged that the move to divest only a select number of assets was small consolation, but a step in the right direction.

On July 24, Be[In]Crypto reported that exchange co-founder Akalarp Yimwilai was seen in one after deleting YouTube videos in apparent negotiations with potential investors.

The company has he tweeted, saying that negotiations were ongoing but that the potential investor had entered into a non-disclosure agreement as it reviewed the financials of the stock exchange. No official statement has been made regarding the results of these negotiations.

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