The bankrupt Singapore-based Zipmex exchange has announced a schedule allowing users to withdraw 100% of 3 Altcoins SOL, XRP and ADA from ZWallets to their trading wallets after announcing withdrawals before.
Zipmex reopens withdrawals
Zipmex announced that it is unblocking withdrawals of Ripple (XRP), Solana (SOL) and Cardano (ADA) from Z Wallet. Thus, users can transfer their assets to their exchange wallet. Bitcoin and Ethereum are not yet on the list.
On August 2nd, 100% of SOL tokens were unlocked. 100% XRP will not be frozen on August 4, 2022, while ADA tokens will be fully unlocked on August 9, 2022. Stablecoins will remain inaccessible.
Zipmex acknowledged that the decision to only unlock certain assets was a “small consolation“, but it was a “step in the right direction“.
However, withdrawals from Zipmex’s profit-based program “ZipUp+” are still suspended. The exchange has not provided a specific date for the withdrawals of market-leading assets such as Bitcoin, Ethereum or stablecoins, but is expected to note that such operations could resume into mid-August.
Zipmex abruptly froze all withdrawals on July 20, citing “volatile market conditions and the resulting financial hardship of our main business partners – Babel Finance and Celsius. ” Two days later, the company filed an application for an adjournment in a Singapore court.
Despite suffering a dire fate at the hands of a crypto winter, Zipmex is trying to keep its promise to allow users to withdraw their funds in a timely manner.
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