Crypto crash: who will save Zipmex?

Perhaps – Cryptocurrency exchange Zipmex is providing news that is encouraging on paper, but the lack of transparency could throw reasonable doubts on the minds of some observers.

Zipmex rescue: messiah or mirage?

Salvation seems to be near for some cryptocurrency companies victims of the bear market, but beware of illusions! In his tweet On July 24, Southeast Asian cryptocurrency exchange Zipmex announced that it had found a financial lifeline. One of ” stakeholders “who argues with the company, would have” conditions proposed in an MOU “or one Memorandum of Understanding.

Zipmex was it anyway stingy of detailspreserving the anonymity of this providential rescuer, underlining that the MOU ” provides for confidentiality obligations in order to initiate the Due Diligence The company also did not disclose the nature of this offer, whether the community should expect a takeover bid or some other form of investment.

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A feverish announcement

This opacity, justified by equally vague legal explanations, does not necessarily facilitate the establishment of a climate of trust between Zipmex and its customers. A Twitter user also reacted to the announcement of the cryptocurrency exchange on social media, suggesting that the seriousness and success of such a bailout is at this stage. more than uncertain :

“For those who don’t speak the law: Someone potentially interested in an investment / purchase said they wanted a confidentiality agreement if they wanted to see the financial data. A lot of “if”, “maybe” and “maybe”. “

@TomTacky on Twitter

The nightmare Celsius far from over

Zipmex is one of the latest victims of Celsius and Babel Finance setbacks. With exposure of up to $ 48 million to these cryptocurrency companies that are now in trouble, the company had to decide to suspend withdrawals on its platform on July 21.

The cryptocurrency exchange subsequently allowed withdrawals from the Commercial Wallet, while continuing to do so keeping customer funds in a cage deposited on wallet Z – the wallet used by Zipmex to pay the premiums.

Crypto companies that are sinking are desperate for a hand in an industry that is undergoing a major cleanup following the massive bear attack. Zipmex might be lucky and can bounce back quickly, but you should never sell bear skin before killing it, especially in the middle of the crypto winter.

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