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Top cryptocurrency news: Z Wallet withdrawals starting, Zipmex claims that a debt moratorium is not bankruptcy

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The Celsius and Babel Finance defaults have an impact on the Asian cryptocurrency exchange, but it is working with investors to find a solution.

This Monday, the cryptocurrency exchange Zipmex, which has offices in Thailand, Indonesia, Singapore, and Australia, issued a statement rejecting rumours that it had declared bankruptcy and outlining the progress it has made toward allowing withdrawals from its Z Wallets once again.

Customers of Zipmex can withdraw Solana (SOL) on Tuesday, XRP on Thursday, and Cardano (ADA) on August 9, according to the business.

Customers of Zipmex have access to two wallets: the Trade Wallet, which is used to store fiat money and funds for trading, and the Z Wallet, which is used to access Zipmex services and get profits and bonuses. On July 20, Zipmex halted all withdrawals from its platform, but two days later, withdrawals from Trade Wallets were allowed to continue. The wallet freeze was required, according to the company, because of its exposure to Babel Finance and Celsius defaults. Zipmex owes $5 million to Celsius and $48 million to Babel Finance.

Only Bitcoin (BTC), Ether (ETH), and stablecoins will remain frozen in Z Wallets after all altcoins in Z Wallets have been transferred to Trade Wallets. In the middle of August, Zipmex told consumers that it would "start to release some of these tokens [BTC, ETH and stablecoins] into your Trade Wallet."

Additionally, Zipmex used the occasion to explain its most recent legal activities, letting the public know that it had submitted a request for a debt moratorium in Singapore. In order for the court to start deliberating on the moratorium on August 15, Zipmex Singapore must submit its documentation one week after Zipmex creditors have till August 5 to file their paperwork with the court.

In addition, Zipmex stated that it was coordinating the return of Zipmex's cash with Babel Finance. It also obtained an extra investment from a current stakeholder and inked a "Memorandum Of Agreement (MOU) with two investors." B Capital, a venture capital firm with offices in Singapore and the United States, is its biggest backer, followed by Jump Capital and Mindworks Ventures.



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