Zipmex to Restart Ether, Bitcoin Withdrawals in the Next Few Days

1 month ago 9

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

Cryptocurrency exchange Zipmex will release ether (ETH) to users' wallets on Aug 11 with bitcoin (BTC) following a week later, having blocked customers from taking direct custody of their coins last month.

  • Zipmex plans to release "a specific amount" of ETH and BTC on the two dates, the exchanged tweeted on Monday. "We're working hard to release the balance of Z Wallet holdings ASAP," it added.

  • This continues Zipmex's process of gradually releasing coins to users' wallets, following the release of solana (SOL), cardano (ADA) and XRP tokens last week.

  • On July 20, the exchange suspended user withdrawals. Zipmex users were left stranded as they were not able to sell or trade their crypto.

  • The firm took this step as it faced losses of $100 million related to crypto lender Babel Finance. In mid-June, Babel froze withdrawals due to turmoil in the crypto market, this contagion also led to a flurry of defaults among over leveraged firms like Three Arrows Capital and Celsius Network.


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CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

CoinDesk - Unknown

Jamie Crawley is a CoinDesk news reporter based in London.

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