Zipmex Plans to Release Unspecified Amount of Ethereum and Bitcoin

Releasing of Remaining Wallet Balance

The Singapore-based business announced Monday that it would release the remaining balance in its clients' Z Wallets. Following a suspension of user withdrawals on July 20, the cryptocurrency platform reopened withdrawals of some altcoins, including Solana, Ripple, and Cardano, on August 2. According to the corporation, Bitcoin will be available on Thursday, August 16, and Ethereum. Last week, it permitted the withdrawal of the digital currency XRP, ADA, and SOL.

Exposure To Celsius And Babel Finance

Zipmex, which has exposure to Celsius and Babel Finance of $5 million and $48 million, respectively, has taken losses from Celsius and plans to recoup money from Babel. In July, the Singapore-based Zipmex, which also has operations in Thailand, Australia, and Indonesia, suspended withdrawals from Z Wallet because, according to Zipmex, Babel Finance and Celsius had access to $53 million worth of cryptocurrency there. Before filing for protection from creditors in a Singapore court, which will hold a moratorium hearing on August 15, Zipmex stated that it is talking with prospective investors willing to purchase the company. On Saturday, the Thai Securities Exchange Commission announced that it was gathering further data on the impacted clients and coordinating with customer service personnel to resolve the situation.