Troubled cryptocurrency exchange Zipmex announced that it has received an investment offer from a potential investor.
Zipmex, based in Singapore, announced on Twitter on Sunday that conversations with several interested parties have developed significantly.
One of those parties has offered terms in an MOU, including confidentiality obligations, in order to begin due diligence, Zipmex said, referring to a “memorandum of understanding” agreement.
Zipmex, according to CoinDesk, is looking for investment offers rather than a buyout.
CoinDesk reported last week that Zipmex was facing a $100 million loss on funds lent to Hong Kong-based crypto lender Babel Finance. Babel froze withdrawals in mid-June, following a sharp drop in the cryptocurrency market that triggered a flurry of liquidation defaults involving overleveraged firms such as Three Arrows Capital and Celsius Network.
Because of volatile market conditions, Zipmex previously barred users from taking direct custody of their coins, as did Babel and Celsius. According to Reuters, this action prompted Thailand’s Securities and Exchange Commission to investigate potential public losses caused by Zipmex.
Zipmex also provides cryptocurrency trading and investment services in Indonesia, Singapore, and Australia, in addition to Thailand.
