Zipmex Suspending All Fiat and Crypto Withdrawals

dm02 on 20/07/2022 - 20:26

Just got an email from Zipmex saying that they're suspending all withdrawals of fiat and cryptocurrency.. thank god I don't have any crypto or fiat with them lol

Dear Zipmex customer!

Due to a combination of circumstances beyond our control including volatile market conditions, a series of black swan events in the industry, and the resulting financial difficulties of our key business partners we have considered that in order to maintain the integrity of our platform, we would be pausing withdrawals until further notice. We apologize and appreciate your patience in the meantime.

At Zipmex, the security of our customers is our number one priority. As such, we strive to provide the most secure platform possible. For further enquiries, please do get in touch with our Customer Support Team over Live Chat - this is available 24/7.

Team Zipmex

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Comments

  • KaTst3R on 20/07/2022 - 20:44
    +4

    takes out popcorn…

  • xtremehell on 20/07/2022 - 20:47
    +2

    they lied to ozbargain

    https://twitter.com/lumi_cx/status/1549702981662429186

  • bobwokeup on 20/07/2022 - 20:51

    Oh I didn’t get that email. Lucky I only have $100 in there. I received a call from them a few months ago and I informed them their platform is confusing. He agreed and said they are working on improving things.

  • whatwasherproblem on 20/07/2022 - 21:03
    +2

    If only /ourguy/ Rekt was still here.

  • SF3 on 20/07/2022 - 21:23
    +1

    a series of black swan events in the industry

    yeah, right black swan. Writing has always been on the wall, calling it makes it seems like they were surprised. LOL

    What they knew: We can't sell this junk if we tell'em the truth.

    • avoidfullprice on 20/07/2022 - 23:12

      What black swan to me is the concept of floating crypto on exchange to guard against fiat devaluing, to having crypto bank run because of crypto devaluing. Operating business by HODLing. Lol

      Good thing bitcoin is bouncing back for the exchanges geez

  • netjock on 20/07/2022 - 21:59

    Never heard of them but a quick look at the yield of deposits, bound to go bust. Unrealistic returns in a low return environment.

  • T-man on 20/07/2022 - 22:05

    Some nefarious shit coming, the market is crashing, keep as much cash as possible.

  • Mokr on 20/07/2022 - 22:24

    Coinspot safe?

    • onetwothreefour on 20/07/2022 - 22:56

      I hope so! Not sure whether to withdraw now and lock in the loss or hang in there and maybe get a bit more back or maybe lose it all.

      • Kenb0 on 21/07/2022 - 03:26

        I assume when you say withdraw, you mean withdraw in fiat? What about the option of just withdrawing your crypto on the exchange to your own wallet and just sitting on it, you wouldn’t be locking in any losses and if it recovers later, decide what to do with it then

  • Miksta on 20/07/2022 - 22:51

    What about Swyft ?

    • netjock on 21/07/2022 - 09:54

      Do they ask you to buy their tokens and lend out your crypto at loan shark rates? (if they pay you 10% they'd need a sucker to pay 15%+ or they are paying you out of capital they don't have)

  • Empharand on 20/07/2022 - 23:05
    +3

    Looks like they're going down the same road as 3AC and Celsius.

    Do not keep your crypto on Centralised exchanges
    When they succumb to market volatility and pause withdrawals your crypto becomes their crypto. So many people lost money with Celsius's shutdown… and to think they had a feature called 'HODL Mode' designed to protect your crypto.

    • DemocracyManifest on 21/07/2022 - 06:24

      Absolute cowboys!

    • netjock on 21/07/2022 - 09:52

      Like everyone is getting their paper share certificates from the ASX.

      Crytp bros have no idea.

      For starters Zipmex is regulated by the Thai regulator (big red flag there). They are not fully authorised by Singapore authorities (big red flag there). If they were exchange only then sure. But they get into their own tokens and lending out your assets at unrealistic returns and that tiered structure like some kind of "get the suckers in" format (another big red flag). Apparently it is in their documentation because they are not regulated by Singapore you might not get any of your money back (another red flag)

      Meanwhile Binance is offering crap rates on their coin deposits.

      How many red flags do people need before they wise up. If you walked into a bank in Australia with a few years of history and they start offering you 10% on deposits. Not fully regulated by APRA instead by central bank of Indonesia. What would you think?

  • Typical16-bitEnjoyer on 21/07/2022 - 12:53

    STOP LOOKING AT ME SWAN

  • dust on 21/07/2022 - 13:32

    Yikes.

  • Tiredman on 21/07/2022 - 14:36
    +1

    This is why i only use bigger exchanges like Binance/FTX and self custody.

  • tajid on 21/07/2022 - 21:30

    They have exposure to Celsius that just lodged for bankruptcy last week.

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