The local token price crashed as Asian cryptocurrency exchange Zipmex was one step closer to bankruptcy with the delay in the final payment of a bailout package.
Zipmex was at serious risk of bankruptcy as the last of its regular payments under a $100 million bailout was disrupted. The native token of the exchange ZMT with the effect of news 70% lost value.
At the end of July, due to the financial crises Zipmex stopping withdrawalsventure capital fund to prevent the stock market from going bankrupt V Ventures with A $100 million bailout deal had signed.
But for the V Ventures recovery process March 23 must be done on $1.25 million worth did not make the last payment. While the reason for this disruption remains unclear, in the statement made by the company, due to the inability to receive the payment, the workforce 43%to more than 100 staff, corresponding to No payment can be made this month. reported.
An email sent to shareholders by Zipmex states that they are working with the legal team on alternative financing methods. clear signals of possible bankruptcy given:
If the investor does not transfer the working capital allocated for March 2023, we will have no choice but to initiate the liquidation proceedings for Zipmex Technology Company Limited.
CoinGecko local token of the exchange according to data ZMTwith the recent events 70% lost value With the news falling on the market $0.0994 from the band $0.0293 declining to ZMTlived in the last 24 hours at the time of writing 59.4% with the decline from $0.0421 is being traded.