Official Statement from Zipmex
July 21, 2022
At this time, Zipmex has enabled withdrawals from our trade wallet and we are actively working to resume trading.
Transfers from ZWallet 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:
- USD 48M with Babel
- USD 5M with Celsius
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.
- Zipmex Thailand has enabled deposit/withdrawal and will re-enable trade as soon as possible.
- All other regions will enable withdrawals only in the meantime.
ZipUp is unfortunately paused for now while we remedy the situation, and we will be working actively to re-enable ZWallet transfers as soon as possible.
The SEC is well informed of the situation and we are cooperating fully with them. 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.