Distressed Crypto Platform Zipmex to Resume Some BTC and ETH Withdrawals (Report)

#Ripple #XRP

The Thai-based cryptocurrency exchange – Zipmex – will reportedly enable its customers to partially withdraw some of their Bitcoin and Ether holdings, starting from August 11.

The company was one of the worst-hit entities from the bear market in the past several weeks.

• At the end of July, the platform paused clients’ withdrawals citing volatile market conditions. It also disclosed that it remains unknown when those operations will be restored as the circumstances were beyond the firm’s control.
• A few days later, Zipmex was rumored to have been discussing the problem with numerous organizations, as some have even provided a rescue plan.
• Shortly after, the Thai exchange submitted multiple applications under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018. Their goal was to prevent creditors from making any claims for the next six months.
• Despite all the issues, Zipmex has reportedly decided to allow its clients to withdraw some of their BTC and ETH possessions. This will be available between August 11 and August 16, while only Z Wallet owners can hop onboard (around 60% of the company’s customer base).
• Last week, Zipmex eased the withdrawals of several altcoins, too, including Solana (SOL), Ripple’s XRP, and Cardano’s ADA.
• Another Asian-based crypto firm affected by the bear market is Three Arrows Capital. In June, the company failed to meet margin calls due to the collapse of the market. A few weeks later, a court in the British Virgin Islands ordered it into liquidation. According to estimations, the firm owes around $3.5 billion to 27 entities.

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OhNoRipple via https://www.ohnocrypto.com/ @Dimitar Dzhondzhorov, @Khareem Sudlow