Zipmex gradually resuming Z Wallet withdrawals, says debt moratorium is not bankruptcy



Zipmex Gradually Resuming Z Wallet Withdrawals, Says Debt Moratorium Is Not Bankruptcy

Zipmex Gradually Resuming Z Wallet Withdrawals, Says Debt Moratorium Is Not Bankruptcy

trade Zipmex, which operates in Thailand, Indonesia, Singapore and Australia, launched an announcement this week denying stories that it has filed for chapter and asserting its progress in resuming withdrawals from its Z Wallets. 

Zipmex Gradually Resuming Z Wallet Withdrawals, Says Debt Moratorium Is Not Bankruptcy

Zipmex prospects can withdraw Solana (SOL) from their wallets Tuesday and can have the ability to withdraw XRP on Thursday and Cardano (ADA) on August 9, the corporate mentioned.

Zipmex Gradually Resuming Z Wallet Withdrawals, Says Debt Moratorium Is Not Bankruptcy

Zipmex gives its prospects with two wallets: the Z Pockets, used for Zipmex providers and receipt of earnings and bonuses, and the Commerce Pockets, the place fiat forex and funds for buying and selling are held. Zipmex paused all withdrawals from its platform on July 20 however resumed withdrawals from Commerce Wallets two days later. The corporate cited its publicity to Babel Finance and Celsius defaults as necessitating the pockets freeze. Babel Finance owed Zipmex $48 million and Celsius owed it $5 million.

Zipmex Gradually Resuming Z Wallet Withdrawals, Says Debt Moratorium Is Not Bankruptcy

Information for Zipmex SOL holders

Zipmex Gradually Resuming Z Wallet Withdrawals, Says Debt Moratorium Is Not Bankruptcy

Solana (SOL) in your Z Pockets has been credited to Commerce Pockets on 2 August 2022.

Zipmex Gradually Resuming Z Wallet Withdrawals, Says Debt Moratorium Is Not Bankruptcy

For additional enquiries, attain out to Buyer Help on Stay Chat – we’re prepared to assist 24/7 pic.twitter.com/jCLSAppVtK

Zipmex Gradually Resuming Z Wallet Withdrawals, Says Debt Moratorium Is Not Bankruptcy

— ZIPMEX (@zipmex) August 2, 2022

Now altcoins in Z Wallets will likely be transferred to Commerce Wallets, leaving solely Bitcoin (), Ether (ETH) and stablecoins frozen in Z Wallets. Zipmex promised prospects that it will “begin to a few of these tokens [, ETH and stablecoins] into your Commerce Pockets beginning in the course of August.”

Associated: Thai SEC launches digital hotline for Zipmex customers

Zipmex additionally took the chance to make clear its current authorized actions, informing the general public that it filed an software for a moratorium on debt in Singapore. As a part of that course of, Zipmex collectors will have the ability to file paperwork with the court docket by means of Aug. 5, with Zipmex Singapore submitting its paperwork per week later so the court docket can start deliberating on the moratorium on Aug. 15.

Zipmex added that it was working with Babel Finance on the return of Zipmex’s funds. It had additionally signed a “Memorandum Of Settlement (MOU) with two buyers” and acquired an extra funding from a present shareholder. Its largest investor is Singaporean and U.S. enterprise capital agency B Capital, adopted by the U.S. Leap Capital and Hong Kong’s Mindworks Ventures.





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