Zipmex, a cryptocurrency exchange that operates in Australia, Singapore and Thailand has suspended withdrawals for 7 days. According to the announcement, the exchange is allowing deposits and trading as normal but withdrawals will not be available. The suspension of the withdrawals is due to an issue with Zipmex hot wallets which makes it unable to process large amounts of funds. The announcement went on to say they are working on an internal solution to resolve the issue. Meanwhile, co-founder Bhume Bhumiratana has denied rumors that the exchange is facing financial difficulties and has called it false as well as malicious.”
Zipmex suspends withdrawals as CEO denies financial trouble rumors
The Australian-based company announced the suspension on its website and social media accounts, saying that it was due to an issue with the Zipmex hot wallet. In a subsequent tweet, CEO George Goritsas denied claims of financial difficulties at the company: “We have not run out of money,” he wrote. “This suspension is due to an unanticipated technical issue with our new bank account which we are working hard to resolve.”
It appears customers have continued to complain about their deposits not reflecting in their accounts after being made by depositing funds into their personal wallets on the platform—but as of now there’s been no confirmation from either party about whether this problem will be fixed anytime soon or if customers will be compensated for any losses incurred during this time period.”
Zipmex, a cryptocurrency exchange that operates in Australia, Singapore and Thailand has suspended withdrawals for 7 days.
The exchange claimed the suspension is due to an issue with Zipmex hot wallets. Co-founder Bhume Bhumiratana gave a statement saying: “We are aware of some issues on our end which we are working through.”
Binance CEO Changpeng Zhao highlighted customer complaints about Zipmex on Twitter by quoting one user’s complaint: “This guy says he lost money because he sent funds from Binance into his account at Bitfinex instead of going through the same process when sending coins from Bitfinex directly.”
According to the announcement, the exchange is allowing deposits and trading as normal but withdrawals will not be available.
The company made the announcement on their website, as well as Twitter, Reddit and Telegram. The company also released an official statement on Facebook:
We have been advised by our legal team that we cannot take any action to stop users from accessing or using our platform at this time. This is not a decision we have taken lightly and we are sorry if it has caused any inconvenience. The exchange claims the suspension of the withdrawals is due to an issue with Zipmex hot wallets which makes it unable to process large amounts of funds.
Zipmex, a cryptocurrency exchange based in Mexico City, has suspended all withdrawals due to an issue with its hot wallets. The exchange explained that the problem was caused by the high number of deposits into the platform’s wallet over recent days; this led to the inability for it to process large amounts of funds at once. It added that it is working on a solution and will resume processing withdrawals once they are able to handle them again.
Zipmex CEO Alejandro de la Torre denied claims made by news outlets who said his company faced financial difficulties or was insolvent at least twice over weekend. He stated instead that he had no information about either situation when contacted by Business Insider Mexico (BIM). The statement comes just days after BIM reported that some customers were unable to withdraw funds from their wallets since Thursday afternoon local time when word spread online about how much money was locked up within Zipmex’s system due mostly because users were trying too quickly buy Bitcoin Cash (BCH) tokens with Mexican pesos instead of US dollars like most exchanges do – which usually causes problems like this one!
The announcement went on to say they are working on an internal solution to resolve the issue zipmex
Zipmex customers should remain calm, and not panic. The company is working on an internal solution to resolve the issue. The company has said that it will not be able to resume withdrawals until they find a way around this issue. In addition, they have said that there is no need for concern about financial instability or insolvency at Zipmex at this time. Customers’ funds are safe and secure as well—they will be processed as soon as possible once Zipmex figures out a way to make withdrawals work again. Meanwhile, co-founder Bhume Bhumiratana has denied rumors that the exchange is facing financial difficulties and has called it false as well as malicious.
“Zipmex does not have any trouble with its banking partners,” he said in an email to CoinDesk. “All withdrawals were processed normally yesterday.” He added that Zipmex is working on a solution to the withdrawal issue.Bhumiratana told CoinDesk that he could not disclose details about what caused the company’s bank accounts to be frozen because they are “confidential.” However, he did say that there was no reason for concern over Zipmex’s finances at this time: “No one needs to worry about us going bankrupt anytime soon.”
However, customer complaints have continued on social media along with screenshots showing deposits not reflecting in accounts.
The exchange has not responded to the complaints and rumors about financial trouble or liquidity issues. Customers have complained about their accounts not reflecting deposits made over the past few days and some of them have even contacted us via email or social media asking for help getting their funds back into their accounts but we haven’t received any responses from the exchange yet .
The community has noticed that Coinmex hasn’t been responding well recently; they seem like they are trying hard to deny everything but it looks bad when you see all these screenshots where money is gone without being transferred back into your wallet after depositing it at Coinmex website?
The crypto community took notice of Zipmex’s suspension when Binance CEO Changpeng Zhao tweeted a screenshot of a Reddit post highlighting rumors of the liquidity issues at Zipmex.
The post had been deleted shortly after it was posted, but not before screenshots were taken. The Reddit user who shared their experience with Zipmex wrote that they had deposited $200 worth of cryptocurrency into their account and then tried to withdraw it later on Monday morning (May 22). They claimed that they were told by reps at the exchange that their withdrawal request was denied due to “technical reasons.”
After waiting several hours for an automated response from Zipmex support team, they reached out again only to receive more vague responses from different people until finally reaching someone who said there was no issue with withdrawal requests being refused by technical reasons,” reads part of what was written by one user on Reddit (link below).
The co-founder of zipmex has gone on record to deny any financial issues but customers have continued to complain about funds not reflecting in their accounts after making deposits
It’s unclear how many customers are affected by the withdrawal suspension. Zipmex has not made a public statement regarding the issue, nor has it responded to requests for comment.
It’s also unclear whether any funds were lost as a result of this suspension. According to an update on its website, zipmex claims that withdrawals account for between 80% and 90% of its total transaction volume—meaning that if there are no more deposits coming in and no more withdrawals going out, then something else must be happening behind closed doors at zipMex.
The company has not yet addressed the rumors, but it appears to be in good financial shape. “Packages are being released on a regular basis. Orders are being filled. Customers can expect delivery as normal,” Lime said in a statement to analysts. “Our current cash position is strong and we have been working hard to fulfill orders.”
The company did confirm that it was suspending the payment of customer deposits until further notice, “due to uncertainty over the future of our business.” The move could affect thousands of customers who had placed deposits with Lime through its website or app since May 2018. In an email sent out Friday morning, Lime gave customers until Tuesday at 11:59 p.m. PT (8:59 a.m EST) before they lose access to their accounts if they don’t have them already frozen by then due to other reasons like having left or changed their password.”It may take us some time before we can resume these payments,” the email reads; however, it does say that withdrawals will eventually be allowed again once this process has completed successfully.”We want those affected by this announcement by all means get back into our network as soon as possible!”Lime’s CEO wrote on Twitter late Friday afternoon in response to questions about how long deposits would remain suspended for customers who haven’t physically left their homes yet but could still choose not come back until sometime next week when things are resolved better than expected here.)