Zipmex said it's exploring all available options and plans to resume withdrawals from some wallets, a day after the Southeast Asian crypto exchange froze all client funds.
"Zipmex is exploring all available channels including fundraising, legal action, and restructuring," the exchange said in a Facebook post on Thursday.
In a separate tweet, the company said it plans to resume withdrawals and deposits for its Trade Wallets at 11am GMT today — although it later delayed the process until Friday. Transfers from its Z Wallets to Trade Wallets won't be available and ZipUp accounts are also still suspended.
"Zipmex has retrieved the majority of our funds and assets that were historically deposited with our deployment partners and have been actively working to resolve the situation for the remaining outstanding assets," the company said. "There were no materially adverse impacts to our operations."
A recent sell-off in crypto markets has pushed several crypto firms to halt client withdrawals, including Celsius and Babel Finance. At the end of June, crypto exchange CoinFLEX announced it was pausing all withdrawals due to "extreme market conditions and continued uncertainty involving a counterparty." Shortly after, Singapore-based lending platform Vauld made the same decision. The firm said it was struggling due to market conditions as well as the financial difficulties of certain business partners.
Zipmex said it has a $48 million exposure to Babel Finance and $5 million to Celsius.
Update 8:20 a.m. ET to show that the planned resumption of withdrawals has been delayed until Friday.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.