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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.