Thai cryptocurrency exchange Zipmex has announced that it is ready to resume partial deposits and withdrawals from 18:00 (GMT +7) on July 21. Trading will be unavailable until further notice.

📢Important Announcement 📢

We are extending our maintenance period and will re-enable withdrawals and deposits for your Trade Wallet on July 21, 2022 at 18:00 (GMT+7). Trading will be disabled until further notice. pic.twitter.com/2qCDzcyjdY

— ZIPMEX (@zipmex) 21 July 2022

The day before, the platform suspended its operations, citing “caused by unstable market conditions and financial difficulties of key partners.”

In a message to customers, the company pointed to ongoing measures to recover assets. Senior management emphasized that no significant damage occurred in the operations.

Zipmex announced that as of July 21, it had $48 million against Babel Finance and $5 million against Celsius Network.

The platform is evaluating various recovery options, including fundraising, litigation and restructuring.

Committed to dialogue with management, the community, regulators and stakeholders.

pic.twitter.com/SermTBBTGi

— Bright Light (@bright_light_12) 21 July 2022

Previously, Babel Finance engaged law firm Kirkland & Ellis to advise on restructuring.

Prior to this, representatives of the crypto creditor denied bankruptcy reports and announced that “preliminary agreements” were made on the payment of part of the debts.

In mid-July, Celsius Network reported a $1.2 billion “hole” in its balance sheet.

Recall that Mike Novogratz, head of Galaxy Digital, said that “greed, ignorance, and stupid risk management” led to the crypto market crash.

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