In the past week, Zipmex, a cryptocurrency exchange, has loosened withdrawal limits for three alternative cryptocurrencies. The Asian cryptocurrency exchange reportedly announced on August 8 that it would begin processing Bitcoin and Ethereum withdrawals this week.
After assuring customers on August 4th that withdrawals will be possible soon, Zipmex has now made good on that promise. The marketplace also stated that it will be working to restore the platform’s other features.
Specific Bitcoin and Ethereum Amounts to be Disbursed on August 11th and 16th
Zipmex, a cryptocurrency exchange platform, temporarily blocked withdrawals on July 20. No longer could they get to their money.
The cryptocurrency exchange claims it has temporarily suspended withdrawals owing to loan defaults by industry participants. The report attributed the company’s financial stress to the recent drop in the value of cryptocurrencies.
In spite of having to contend with Celsius and Babel, the site has opted to enable BTC and ETH withdrawals. The firm announced that it would distribute some Bitcoin and Ethereum on August 16th and August 11th, respectively.
In the meantime, the cryptocurrency company had already launched a few other tokens. This covers the entire SOL that it owned as of August 2nd.
All of its XRP holdings were unlocked on August 4th, and all of its ADA token holdings will be unlocked today, August 9th. Release of stablecoins is not currently planned by the company.
The company had also sought moratorium (bankruptcy protection) in Singapore.The filing was made so that it could deal with its financial issues.
Hodlnaut Holds Off on Withdrawal
Meanwhile, the date of the appeal hearing is set for August 15th. However, it’s important to note that the company has successfully completed six funding rounds totaling over $62.9 million in investment capital. New investors include B Capital Group and Coinbase, per Crunchbase.
Separately, this week saw the freezing of withdrawals at a second marketplace. Hodlnaut, a cryptocurrency lending platform, has temporarily suspended deposits, withdrawals, and token swaps.
Company officials in Singapore said they made the call because of the current state of the cryptocurrency market.
We wish to reassure our customers that we made this choice to protect our resources and stabilize the company’s cash flow. We also promised to look out for our users’ interests in the long run, as the report put it.
On the other hand, FatMan, a cryptocurrency researcher from the Terra Research Forum, has accused Hodlnaut of misleading its customers. FatMan said the company did not warn its customers about the possible negative outcomes of stablecoin staking.