March 4, 2024

Bitcoin exchange Zipmex will partially restore the withdrawal of funds

Bitcoin exchange Zipmex will partially restore the withdrawal of funds

The Thai cryptocurrency exchange Zipmex announced its readiness to resume partial trading from 18:00 (GMT +7) on July 21deposit and withdrawal of funds. Trading will remain unavailable until further notice.

A day earlier, the platform had suspended operations, citing "unstable market conditions and the resulting financial difficulties of key business partners."

In a message to customers, the company pointed to ongoing measures to recover assets. Top management stressed that no significant damage was done to operations.

Zipmex explained that as of July 21, the amount of claims against Babel Finance was $48 million, against Celsius Network - $5 million.

The platform is considering several recovery options, including raising funds, initiating litigation, and restructuring.

Management has pledged to remain in dialogue with the community, regulators and stakeholders.

Babel Finance previously engaged law firm Kirkland & Ellis for restructuring advice. 

Prior to this, representatives of the crypto-creditor denied reports of insolvency and announced the achievement of "preliminary agreements" on the payment of part of the debts.

In mid-July, Celsius Network reported a $1.2 billion "hole" in its balance sheet.

Recall that the head of Galaxy Digital, Mike Novogratz, said that “greed, ignorance and stupid risk management” led to the fall of the cryptocurrency market.

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