Struggling Zipmex exchange in negotiations over a buyout offer

2 years ago

Singapore-based crypto speech Zipmex said it had obtained a memorandum of knowing from an unnamed enactment funny successful buying the company.

Important Announcement
Our conversations with assorted funny parties person progressed significantly. One of those parties has offered presumption successful an MOU which includes confidentiality obligations truthful arsenic to beryllium capable to commence Due Diligence. #zipmex

— ZIPMEX (@zipmex) July 24, 2022

The steadfast did not disclose further details.

Under specified circumstances, the adjacent measurement is typically for the funny enactment to analyse the offering party’s fiscal records to measure the concern arsenic a going concern.

Zipmex joins database of illiquid platforms

On July 20, Zipmex announced a intermission connected lawsuit withdrawals owed to factors beyond its control, including “volatile marketplace conditions” and “financial difficulties” experienced by cardinal concern partners.

A statement from the steadfast revealed fiscal vulnerability to Babel and Celsius of $48 cardinal and $5 million, respectively. The steadfast commented that they are successful progressive discussions with Babel to resoluteness the situation. At the aforesaid time, Zipmex said the equilibrium owed by Celsius would apt beryllium written off. However, some parties are inactive engaged successful moving the contented forward.

“Our archetypal precedence is to our users and we are doing everything successful our powerfulness to reconstruct each functionality connected the level portion being arsenic transparent arsenic possible.”

Babel is presently exploring indebtedness restructuring, portion Celsius filed for Chapter 11 bankruptcy connected July 13.

The crypto contagion has led to akin actions astatine Voyager, Celsius, BlockFi, and CoinFLEX. Meanwhile, during the turmoil, derivative speech FTX has positioned itself arsenic a backstop for struggling crypto firms.

Commenting connected the ongoing negotiations betwixt FTX and Voyager, @FatManTerra chimed in, calling retired FTX arsenic acting “extremely predatory,” which whitethorn effect successful further symptom for Voyager users.

You person each heard the presumption "hero," "bailout," "rescue," and "help" successful notation to FTX redeeming distressed companies. Voyager, 1 of the aforementioned companies, disagrees – they deliberation that SBF's woody is highly predatory and volition really wounded customers adjacent more. https://t.co/l726t4U4RR pic.twitter.com/NeARz3lRiP

— FatMan (@FatManTerra) July 24, 2022

ZMT token falters amid uncertainty

Meanwhile, since announcing a intermission connected withdrawals connected July 20, Zipmex’s autochthonal token suffered a crisp decline, dropping from $0.567292 to $0.289905 connected July 23 — a 44% decrease.

An ensuing rally peaked astatine $0.361946 connected Sunday day (GMT) earlier a continuation of selling sees further terms declines going into Monday.