Singapore-based crypto exchange Zipmex stated it had obtained a memorandum of understanding from an unnamed get together in shopping for the corporate.
📢 Important Announcement 📢
Our conversations with varied events have progressed considerably. One of these events has supplied phrases in an MOU which incorporates confidentiality obligations in order to have the ability to begin Due Diligence. #zipmex
— ZIPMEX (@zipmex) July 24, 2022
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.”
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.
You have all heard the phrases “hero,” “bailout,” “rescue,” and “help” in reference to FTX saving distressed firms. Voyager, one of many aforementioned firms, disagrees – they suppose that SBF’s deal is extraordinarily predatory and can truly damage clients much more. https://t.co/l726t4U4RR pic.twitter.com/NeARz3lRiP
— FatMan (@FatManTerra) July 24, 2022
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.
The ZMT token is at present down 95% from its all-time excessive of $5.88, achieved on April 15, 2021.