Singapore-based crypto exchange Zipmex stated it had obtained a memorandum of understanding from an unnamed get together in shopping for the corporate.

The agency didn’t disclose additional particulars.

Under such circumstances, the subsequent step is usually for the get together to investigate the providing get together’s monetary data to evaluate the enterprise as a going concern.

Zipmex joins record of illiquid platforms

On July 20, Zipmex introduced a pause on buyer withdrawals because of elements past its management, together with “volatile market conditions” and “financial difficulties” skilled by key enterprise companions.

A statement from the agency revealed monetary publicity to Babel and Celsius of $48 million and $5 million, respectively. The agency commented that they’re in energetic discussions with Babel to resolve the scenario. At the identical time, Zipmex stated the stability owed by Celsius would doubtless be written off. However, each events are nonetheless engaged in transferring the difficulty ahead.

“Our first priority is to our users and we are doing everything in our power to restore all functionality on the platform while being as transparent as possible.”

Babel is at present exploring debt restructuring, whereas Celsius filed for Chapter 11 chapter on July 13.

The crypto contagion has led to related actions at Voyager, Celsius, BlockFi, and CoinFLEX. Meanwhile, in the course of the turmoil, spinoff exchange FTX has positioned itself as a backstop for struggling crypto companies.

Commenting on the continuing negotiations between FTX and Voyager, @FatManTerra chimed in, calling out FTX as performing “extremely predatory,” which can consequence in additional ache for Voyager customers.

ZMT token falters amid uncertainty

Meanwhile, since saying a pause on withdrawals on July 20, Zipmex’s native token suffered a sharp decline, dropping from $0.567292 to $0.289905 on July 23 — a 44% lower.

An ensuing rally peaked at $0.361946 on Sunday afternoon (GMT) earlier than a continuation of promoting sees additional value declines going into Monday.

Zipmex token chart
Source: CoinGecko.com

The ZMT token is at present down 95% from its all-time excessive of $5.88, achieved on April 15, 2021.





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