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Quick take:
- Zipmex said it is exploring all available options and plans to continue withdrawing money from some wallets, a day after freezing customers’ funds.
- The crypto exchange said it plans to resume withdrawals and deposits to its Trade Wallet at 11 a.m. GMT today.
Zipmex future plans:
Zipmex sat that it is exploring all available options and plans to continue withdrawing funds from some wallets, a day after the Southeast Asian cryptocurrency exchange froze all client funds.
“Zipmex is exploring all available channels including fundraising, legal action and restructuring,” the exchange said in a Facebook post on Thursday.
In a separate tweet, the company said it plans to continue withdrawing funds and sending funds to its Trading Wallet at 11am GMT today – although transfers from Wallet Z to Trading Wallet will not be available. ZipUp accounts are also suspended.
“Zipmex has recovered the majority of our money and assets that have been deposited historically with our deployment partners and has been actively working to resolve the situation for outstanding assets,” the company said.
Market overview:
A recent sell-off in the cryptocurrency market has prompted several cryptocurrency companies to halt customer withdrawals, including Celsius and Babel Finance. At the end of March, cryptocurrency exchange CoinFLEX announced it was suspending all withdrawal transactions due to “harsh market conditions and continued uncertainty regarding a partner.” Soon after, Singapore-based lending platform Vauld made the same decision. The company said it was struggling due to market conditions as well as financial difficulties of certain business partners.
See also: How to sign up for FTX is the simplest for beginners
