Know how Zipmex has started resuming Z wallet withdrawal and its remark upon debt moratorium not being similar to bankruptcy

by | Sep 10, 2022 | Market, Market News, News | 0 comments

In the current situation and the times that the whole crypto industry has been going through a lot of ups and downs, it is assumed as well as proof that many industries have gone bankrupt and some are close to it. While some are still struggling to regain their position, some have still managed to maintain their stand in these testing times. Among these companies, Zipmex has managed to stay in service even amidst its debt moratorium.

Zip me sad statement ongoing bankrupt

The crypto exchange agent known as Zipmex which works from various places all over the globe, such as Thailand, Indonesia, Singapore, and Australia has released a statement in recent times and has tried to clear the air and put an end to the rumors going around.

It has stated in the recent reports that, it has in no way filed for any kind of bankruptcy or is not even remotely close to filing for one. It has, in contrast to the news going around, filed for resuming its withdrawal from the Z wallets. It has hinted at its progress and not any kind of bankruptcy.

What does it hint at?

After this statement, it further came to light that those customers who are related to Zipmex can now withdraw forms of cryptos such as Solana, XRP, and Cardano. It has offered a lot of convenience to the customers and has offered a great crypto platform to those who are involved in it.

The Zipmex offers two types of wallets that are used for two different purposes and are equally important. It has given the customers the to perform two different tasks on the same platform with ease. These two wallets are known as the Z wallet and the Trade wallet.

What are the purposes served by the two wallets?

The Z wallet is used specifically by Zipmex customers and is used for services about it as well as for the receipts of earnings and bonuses. On the other hand, the trade wallet is specifically used for fiat currency. It is also the platform where all sorts of funds that are used specifically for trading are held. All kind of withdrawal from the platform was halted by Zipmex but withdrawal from trade wallets was continued after two days. There were multiple reasons behind the company’s decision to freeze the wallets.

These reasons include, it’s overexposure or exposure to the Babel finance and celsius default.  The above-mentioned factors had owned a huge amount of money from Zipmex, with the former owing 48 million dollars and the latter owing 5 million dollars to it.

However, after the changes, the transfer of altcoin has been made possible. That has left behind the Ethereum coins, Bitcoins as well as stablecoins in the wallet which reaming frozen. However, as per a statement released by Zipmex, it has promised its dedicated customers to release the coins to their trade wallet as soon as possible.

Conclusion

Further shedding light upon its functions and the legal steps taken by the institution, it has stated that it has only and more specifically filed for a debt moratorium. They are supposed to deposit all the necessary documents for the court to start the process related to it as soon as possible. It has further stated that the functions at this company continue to take place at a normal pace as they used to before, unaffected by whatever rumors have been going around. It has even signed deals with various other companies the information of which has been shared with the general public.