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

·1 min read

Cryptocurrency exchange Zipmex will release ether (ETH) to users' wallets on Aug. 11 with bitcoin (BTC) following a week later. Zipmex 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 SOL, ADA and XRP tokens last week.

  • On July 20, the exchange suspended user withdrawals. Zipmex users were left stranded, unable to sell or trade their crypto.

  • The company is owed a net $48 million by Babel Finance and $5 million by Celsius Network, Zipmex said in a statement on its website.

  • 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 including Three Arrows Capital and Celsius Network.

Read more: Want to Strike Terror in Crypto Markets in 2022? Just Say You’re Suspending Withdrawals

UPDATE (Aug. 9, 2022 15:02 UTC): Updates amount owed by Babel to Zipmex and links to statement.