Crypto platform Zipmex to start releasing Bitcoin, Ethereum for customers

livemint.com:

Asia crypto exchange Zipmex will release Ethereum and Bitcoin tokens from this week, according to a spokesperson, allowing 60% of its customers to retrieve their digital assets after a suspension of withdrawals from its Z Wallet product.

The Singapore-based Zipmex had halted withdrawals in July due to a liquidity crunch after its exposure to troubled Babel Finance and Celsius went bad. 

Ethereum will be released on Thursday and Bitcoin on 16 August, the firm said. The crypto exchange, which operates in Thailand, Australia and Indonesia, had last week allowed digital coins such as XRP, ADA and SOL to be withdrawn.

On potential funding

Zipmex late last month said it was in talks with investors for potential funding.

The Thai Securities Exchange Commission on Saturday said it was collecting further information on affected customers and was working with customer representatives on the issue.

Zipmex is one of several cryptocurrency firms hit by a $2 trillion meltdown in the market that has forced many players to halt withdrawals and some to file for bankruptcy.

The company has filed for a moratorium in Singapore for protection from creditors against any lawsuits and to buy time for raising funds. The court hearing for moratorium is due on 15 August in the city-state.