Crypto Exchange Zipmex to Allow Users to Withdraw Some Tokens

Crypto exchange Zipmex is to release solana (SOL), cardano (ADA) and XRP tokens to users’ wallets in the coming days after it blocked customers from direct custody of their coins last month.

The process starts today with SOL, followed by XRP on Aug. 4 and ADA on Aug. 9, Zipmex said in a statement Monday.

Since July 20, customers have not been able to transfer coins from their so-called Z Wallets to their Trade Wallets, which has prevented them from being able to sell or trade the tokens.

The exchange was facing a loss of $100 million in funds lent to crypto lender Babel Finance. Babel froze withdrawals in mid-June as volatile conditions in the crypto market saw a flurry of liquidation defaults relating to overleveraged firms like Three Arrows Capital and Celsius Network.

Over the coming week, users will receive the full balance of the three tokens in their Trade Wallets.

«We realize many users will still have some BTC, ETH, and stable coins remaining in Z Wallet,» Zipmex said. «We are working to ensure that we are in full compliance as we start to release some of these tokens into your Trade Wallet starting in the middle of August.»

Read more: Celsius Network Custody Clients Tap Lawyer to Reclaim $180M

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