Zipmex to partially resume withdrawals

Thai cryptocurrency exchange Zipmex said it was ready to resume partial deposits and withdrawals from 18:00 (GMT+7) on July 21. Trading will remain unavailable until further notice.

📢Important Announcement 📢

We are extending our maintenance period and will re-enable withdrawals and deposits for your Trade Wallet on 21 July 2022 at 18:00 (GMT+7). Trading will remain disabled until further notice. pic.twitter.com/2qCDzcyjdY

— ZIPMEX (@zipmex) July 21, 2022

A day earlier the platform paused withdrawals, citing unstable market conditions and the ensuing financial difficulties for key business partners.

In a message to clients, the company outlined measures to recover assets. Top management stressed that operations were not materially harmed.

Zipmex explained that as of July 21 the total claims against Babel Finance stood at $48 million, and against Celsius Network at $5 million.

The platform is considering several options for restoration, including raising funds, initiating legal action and restructuring.

Management pledged to stay in dialogue with the community, regulators and stakeholders.

pic.twitter.com/SermTBBTGi

— The Bright Light (@bright_light_12) July 21, 2022

Earlier Babel Finance engaged the law firm Kirkland & Ellis for restructuring consultations.

Earlier, representatives of the crypto lender Babel Finance denied insolvency reports and said they had reached ‘preliminary agreements’ to repay part of the debt.

Mid-July Celsius Network reported a balance-sheet hole of $1.2 billion.

As Galaxy Digital chief Mike Novogratz said, the decline in the crypto market was driven by ‘greed, ignorance and reckless risk management’.

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