Zipmex cryptocurrency exchange reopens withdrawals

The Zipmex cryptocurrency exchange has disclosed the resumption of withdrawals. After it said on Wednesday that they had been halted owing to the ongoing crypto market collapse.

Only withdrawals from the Trade wallet, one of the exchange’s wallets, have resumed, though.

Two types of assets are utilized by Zipmex (Trade Wallet and Z Wallet). Clients may deposit crypto assets and fiat money to transact on the platform using the Trade Wallet. Users can earn incentives and rewards when they deposit their funds using Z Wallet.

Z Wallet will be closed for the time being

However, withdrawals will now be available on the Trade wallet only, according to the Twitter announcement. Z wallet operations will remain shut until further notice.

The platform states on Facebook that it is looking into all available alternatives, and arrangements to restore withdrawals from certain wallets.

The exchange is also asking users not to deposit any more funds into their wallets, as this might “lead to delays;” in processing withdrawals.

At the moment, it is still unclear what exactly led to the hack or how much was stolen. However, the platform has said that it will share more details soon.

Crypto exchanges have been a favourite target for hackers over the past few years. With Bithumb, Coincheck, and Mt. Gox being some of the biggest victims.

Earlier today, cryptocurrency exchange ZB.com announced that. It had suffered a “security incident” that resulted in the loss of crypto assets from its hot wallets.

In a post on its official website, the exchange said that it discovered the incident on March 9. And that it had immediately reported it to law enforcement. It also said that it had “initiated an investigation” and was working with relevant parties to “restore affected assets.”

At the time of writing, ZB.com has not provided any details about the type of assets that were stolen; or how many were taken. The exchange has also not said how the attack took place or whether customer funds are at risk.

Zipmex reclaims some of its capital

Zipmex, on the other hand, reported an overall vulnerability of $5 million to Celsius and $48 million to Babel Finance. Which had halted cash withdrawals owing to bankruptcy concerns. Zipmex states that it has reclaimed some of its assets from its partners.

“We have been able to successfully clawback a large portion of our funds from both Celsius and Babel Finance,” Zipmex says.

The company states:

“Zipmex has retrieved the majority of our funds and assets that were deposited with our partners. They have been working to resolve the situation for the remaining outstanding assets. There were no significant impacts on our operations. This includes all user funds that were held with us at the time of the incident.”

At present, it is not clear how much Crypto.com lost in the attack. The company has not provided an update on the matter since the hack was first reported.

Crypto.com later tweeted that it had identified the incident and was taking steps to mitigate the consequences. “We have identified the incident and are taking steps to mitigate the consequences,”

Crypto.com says;

“User funds are safe and we are working to resume operations as soon as possible.”

Crypto.com is not the only crypto exchange to have been hit by a hack in recent months.

In September, Japanese crypto exchange Zaif lost $60 million worth of cryptocurrencies to hackers.

This is not the first time that Crypto.com has been in the news for the wrong reasons.

In July, the company was forced to issue a statement denying reports that it had been hacked. And that $2 million worth of cryptocurrencies had been stolen from user wallets.

Crypto.com later clarified that only $110,000 worth of Crypto.com Coin (CRO) had been taken from a hot wallet. And that all affected users would be compensated in full.