Zipmex is temporarily suspending Deposits/Withdrawals for ETH & ERC-20 tokens for the Ethereum Gray Glacier Upgrade

June 30, 2022

Dear Zipmex customers,

Zipmex will temporarily suspend the deposit & withdrawal functions for Ethereum Coin and ERC-20 tokens on 30th June 2022, 16.30 pm (UTC +7) (or 30th June 2022, 9.30 am (UTC)). This is to support the latest Ethereum Gray Glacier upgrade on Ethereum Blockchain (to read more: link).

What happens next?

  • ETH, and ERC-20 tokens deposits & withdrawals will be suspended on Zipmex from 30th June 2022, 16.30 pm (UTC +7) (or 30th June 2022, 9.30 am (UTC) till the upgraded network has been deemed stable.
  • ETH, and ERC-20 tokens trading will not be affected and you will still be able to buy or sell ETH, and ERC-20 tokens as usual.
  • The network upgrade will not result in any new tokens being created

Zipmex will follow the announcements by Ethereum closely for network resumption to resume deposit and withdrawal functionality for Ethereum blockchain. We will notify you if there are any further announcements.

What does the Gray Glacier upgrade do?

The Ethereum Gray Glacier upgrade is a key step in the transition to Proof-of-Stake(PoS) ETH 2.0 where miners will be gradually forced to stop mining the Ethereum 1.0 Proof-of-Work(PoW) chain.

  • The difficulty bomb will be delayed by 700,000 blocks, or approximately until October 2022. 

The Ethereum difficulty bomb is a mechanism that increases the puzzle-solving difficulty of the PoW mining algorithm at a predetermined number of blocks. This will result in longer block times and fewer ETH rewards for miners.

Quote: “Gray Glacier” name was chosen because it literally merges into another glacier, just like how Ethereum’s execution layer will soon be merged with the Beacon Chain!

Thank you for trading with Zipmex.

We offer investors a variety of opportunities in the digital assets industry. Our innovative platform provides access for anyone seeking investment returns anywhere, anytime. Our ecosystem aims at making finance an everyday enriching activity.

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RISK WARNING ON DIGITAL PAYMENT TOKEN SERVICES

The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of Zipmex.

Before you pay Zipmex any money or DPT, you must be aware of the following.

  1. Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by Zipmex.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that Zipmex may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
  5. DPT held in your Hosted Wallet is not subject to the Singapore Deposit Insurance Scheme (“SDIC”) or any similar insurance or guaranty scheme of any other jurisdiction. In addition, funds stored in your Fiat Wallet do not benefit from the SDIC or any similar insurance or guaranty scheme of any other jurisdiction.

ZipUp+ products have not been approved by the Monetary Authority of Singapore (“MAS”) under the Payment Services Act 2019 and MAS has not reviewed or approved any features of these product offerings. Please review this link for the full terms and conditions and risk disclosure.

ZipUp+ products are not defined as “deposits” under Section 4B of the Banking Act and hence there is no insurance by the Singapore Deposit Insurance Corporation Limited in the event if Zipmex Pte. Ltd. fails.