Troubled Zipmex Crypto Exchange to Allow Withdraws of SOL, XRP, ADA

Transcript

00:00Welcome back to Decentralized News, quick news update.

00:03So Zipmix, which is the cryptocurrency exchange that halted withdrawals only a week or a couple of weeks ago,

00:10is now said to have allowed the users to withdraw some tokens.

00:14So the process is said to be starting with Sol, followed by XRP, followed by some Cardano, which users would be able to withdraw.

00:24So crypto exchange Zipmix will actually release Solana, Cardano, XRP tokens to users' wallets in the coming days

00:32after it did block these customers from direct custody of their coins last month.

00:39So the process is supposed to start on Tuesday with Sol, followed by XRP on Thursday and ADA on Sunday.

00:46This is according to Zipmix themselves.

00:49Give us a like and a subscribe to appreciate it.

00:51And so since July 20th, customers haven't been able to transfer coins from their wallets

00:59and to obviously trade wallets, which have obviously prevented a lot of people from selling their tokens.

01:08And the exchange was facing a $100 million loss in funds to crypto lender Babel Finance.

01:14Babel froze withdrawals in mid-June as volatile conditions in the crypto markets led to a flurry of defaults

01:23and over-leveraged firms such as Three Arrows Capital and Celsius Network went under.

01:31And over the coming week, users will be now receiving their full balance of the three tokens in their trade wallets.

01:37They did put out a statement saying that we realize that many users will still have some ETH, BTC and stable coins remaining in Z wallet.

01:47According to Zipmix, they are working to ensure that we are, they said, they are in full compliance

01:53as to start to release some of those tokens into customers' trade wallets starting in the middle of August,

02:01which is obviously very, very, very encouraging.

02:07And this is good to see that customers are able to at least recover some of their funds.

02:14Let me know if you are somebody who's been affected by this debacle.

02:19And hopefully, you know, keep us posted on how everything goes if you manage to recover your funds.

02:24For all of you, please go check out our Telegram and our Discord server.

02:29Also, check out the links in the description to my books, Tokenized, Trillions and Blockchain Applied.

02:33Don't forget to like, share and subscribe.

02:36I appreciate every one of you and I'll see you in the next video.

02:39Peace.