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

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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