Cryptocurrency exchange Zipmex is no longer available after it stopped clients from withdrawing their holdings last month. Solana (LEFT), Cardano (ADA) and Ripple (XRP) announced that its tokens will allow withdrawals.
Zipmex said on Monday that the process will start with SOL on Tuesday, followed by XRP on Thursday and ADA on Sunday.
Since July 20, customers have been unable to transfer coins from their Z Wallets to their Trade Wallets, preventing them from selling or trading the tokens.
The Drop in the Cryptocurrency Market Left Zipmex in a Hard Situation
stock market, sunk cryptocurrency He suffered a loss due to the $100 million funds he gave to the lender company.
The exchange froze withdrawals in mid-June as unstable conditions in the crypto market led to a series of defaults on over-leveraged firms like Three Arrows Capital and Celsius Network.
Starting next week, users will be able to withdraw the entire balance of these three tokens in their Trade Wallets.
Zipmex said in its statement on the subject:
“We are aware that many users will still have some BTC, ETH and stablecoins left on their Z Wallets. We are working to make sure we are in full compliance when we start transferring some of these tokens to your Trade Wallet from mid-August.”
The process, which started with the collapse of the $ 40 billion Terra ecosystem in early May, first hit Bitcoin and other cryptocurrencies, and then some crypto companies that used heavy leverage were on the verge of bankruptcy.
*Not investment advice.