Bitcoin-exchange Zipmex spoke about the negotiations to "rescue" the business

Thailand's cryptocurrency exchange Zipmex has received a proposal for a deal in which an unnamed thirdthe person will help the company “save” the business.

“Our talks with various stakeholdersparties have made significant progress. One of these parties has proposed a set of conditions under the MOU, which also includes confidentiality obligations, in order to be able to start the Due Diligence process,” the statement said.

Representatives of the platform did not specify whether it was an investment or a takeover of the company.

On July 20, Zipmex suspended withdrawals, citing “volatile market conditions and the resulting financial difficulties of key business partners.” 

In particular, the company owed a landing pageplatform Celsius Network and crypto financial services provider Babel Finance. Their liabilities are $5 million and $48 million, respectively. Both organizations are experiencing serious difficulties. 

On June 17, Babel Finance announced the suspensionpayments and withdrawals from own products due to lack of liquidity. Subsequently, information appeared in the media about a potential restructuring of his business.

On July 14, Celsius Network filed for bankruptcy and reported a $1.2 billion "hole" in its balance sheet.

At the end of the week, Zipmex partially resumed deposits and withdrawals.

Let us remind you that Kaiko analysts allowed some cryptocurrency exchanges to go bankrupt due to unfavorable market conditions, a reduction in client activity and problems of a number of industry participants.

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