Customers can access their BTC and ETH holdings through Zip Mex.

Zip Mex, a cryptocurrency exchange that has locations in Thailand, Australia, and Singapore, has told its customers that they can once again access and withdraw their bitcoin and Ethereum

This means that about 60% of the company's customers can now get back into their cryptocurrency accounts and get their money.

Zip Mex says that customers can take out BTC and ETH.

The announcement came after Live Bitcoin News and other news outlets reported a few weeks ago that executives had put a hold on withdrawals while they dealt with bankruptcy proceedings. The digital currency exchange was the latest company to lose money because of the ongoing crash of cryptocurrencies. It quickly followed companies like Celsius and Voyager Digital. All of these, among others, have recently said they plan to shut down and/or file for bankruptcy to protect themselves from the ongoing drops in digital currencies.

Zip Mex said that the problems started when it had to stop all withdrawals from its Z Wallet system in July. All of the digital assets on the platform, worth about $53 million, had been seen by both Celsius and Babel. Both of these companies stopped withdrawals as a way to deal with the volatile market.

Zip Mex said it had no choice but to stop withdrawals because customers would not be able to get their money out if they couldn't access it. The executives thought that the best thing to do was to do nothing and wait for the trouble to end. Surely, both Babel and Celsius would have to release the funds and stop freezing them, but unfortunately, this did not happen.

Since then, Celsius has started more legal actions to keep its business going while the market fixes itself. Even though the company is filing for bankruptcy, that doesn't mean it's going away. It just means that customers can't sue the company or take other tough steps to get their money back in these uncertain times. Still, the company's future is still uncertain, which means that Zip Mex is also uncertain.

Before letting customers withdraw bitcoin and Ethereum funds, Zip Mex said that customers with SOL, XRP, or ADA in their wallets could withdraw those coins. Also, the company is currently in talks with a number of investors in order to find possible funding so that it doesn't have to close its doors for good.

It seemed like bankruptcy was the answer.


Chris Eberechi

351 Blog posts

Comments
Chick Chock 28 w

I see

 
 
Humphrey Arinze Chukwu 2 yrs

Nice one