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Zipmex to Restart Ether, Bitcoin Withdrawals in the Next Few Days

Cryptocurrency exchange Zipmex will release ether (ETH) to users’ wallets on Aug 11 with bitcoin (BTC) following a week later, having blocked customers from taking direct custody of their coins last month.Read MoreCoinDesk

Zipmex plans to release “a specific amount” of ETH and BTC on the two dates, the exchanged tweeted on Monday. “We’re working hard to release the balance of Z Wallet holdings ASAP,” it added.

This continues Zipmex’s process of gradually releasing coins to users’ wallets, following the release of solana (SOL), cardano (ADA) and XRP tokens last week.

On July 20, the exchange suspended user withdrawals. Zipmex users were left stranded as they were not able to sell or trade their crypto.

The firm took this step as it faced losses of $100 million related to crypto lender Babel Finance. In mid-June, Babel froze withdrawals due to turmoil in the crypto market, this contagion also led to a flurry of defaults among over leveraged firms like Three Arrows Capital and Celsius Network.

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