Official Statement from Zipmex

July 22, 2022

At this time, Zipmex has enabled withdrawals from our trade wallet.

Transfers from Z Wallet to trade wallet are not available at this time.

Ever since the black swan events surrounding the crypto space, 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. There were no materially adverse impacts to our operations.

We want to take this opportunity to correct some misleading information that is currently circulating in regards to our exposure. Our current exposure as of the 21st of July 2022 is as follows:

  • $48m with Babel
  • $5m with Celsius

Recovery progress

We are in discussions with Babel to resolve this situation. We spoke with Babel’s advisors recently and we are currently evaluating our options based on those discussions. Dialogue remains open and we remain committed to resolving this situation.

Our exposure to Celsius was minimal, as such, we were intending to write this off against our own balance sheet. We are actively engaging with Celsius to resolve this situation.

What happens next?

For now, Zipmex is exploring all available channels including fundraising, legal action, and restructuring.

In the meantime, Zipmex Indonesia will enable withdrawals only for Trade Wallet.

ZipUp+ is unfortunately paused for now while we remedy the situation, and we will be working actively to re-enable Z Wallet transfers as soon as possible.

We will continue to engage in open dialogue with the community, regulators, and all impacted parties.

Our first priority is to our users and we are doing everything in our power to restore all functionality on the platform while being as transparent as possible.

Thank you for your patience and continued support

More information about Zipmex Indonesia

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    Copyright © 2023 PT Zipmex Exchange Indonesia. All Rights Reserved.

    ZEI is currently registered under and listed by Bappebti as a candidate merchant. To date, the Indonesian government has established crypto assets as commodities which can be determined as the subjects of futures contracts, which can be traded through the Futures Exchange (of crypto assets).

    RISK WARNING ON THE SERVICES

    Before you use the Services, you must be aware of the following:

    1. You should not transact Digital Assets if you are not familiar with Digital Assets. Transacting Digital Assets may not be suitable for you if you are not familiar with the technology of the Services that are provided.
    2. You should be aware that the value of Digital Assets may fluctuate greatly. You should buy Digital Assets only if you are prepared to accept the risk of losing all of the money you put into such Digital Assets.
    3. You should be aware that although we strive to provide you with excellent service, we do not guarantee that the Site or Services will be available without interruption.
    4. Digital Assets held in your Hosted Wallet and funds in your Fiat Wallet are not subject to the Indonesian insurance or guarantee scheme as provided by the Indonesian Deposit Insurance Corporation (Lembaga Penjamin Simpanan).