Zipmex to release unspecified amount of Bitcoin, Ether to its customers

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Crypto exchange Zipmex is planning to release an unspecified amount of Ethereum and Bitcoin on Aug. 11 and 16 respectively, after a suspension of withdrawals from its Z Wallet last month.

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Fast facts

  • The Singapore-based company said on Monday it is working to release the balance of its customers’ Z Wallet holdings.

  • The crypto platform on Aug. 2 resumed withdrawals of certain altcoins such as Solana, Ripple and Cardano, the firm said in a blog post, after it halted customer withdrawals on July 20.

  • Zipmex, which had an exposure of US$5 million and US$48 million to Celsius and Babel Finance respectively, has absorbed the losses from Celsius and is planning to recover funds from Babel.

  • Zipmex earlier said it is in discussions with potential investors looking to buy the firm, while applying for protection from creditors in a Singapore court, where a moratorium hearing is scheduled for Aug. 15.

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