Zipmex crypto service provider receives investment offer from interested party

On Sunday, Singapore-based Zipmex tweeted that its "conversations with several interested parties have advanced significantly."

In order to start the due diligence process, "one of those parties has proposed terms in an MOU that include secrecy obligations," Zipmex continued.

As per reports, Zipmex is looking for investment proposals rather than buyout bids. Zipmex was anticipating losing roughly $100 million in funds it had lent to the Hong Kong-based cryptocurrency lender Babel Finance last week.

The steep decline in the cryptocurrency market, which led to a wave of liquidations defaults involving heavily indebted companies like Three Arrows Capital (3AC) and Celsius Network, forced Babel to halt withdrawals in the middle of June.

Due to the unstable market conditions, Zipmex had previously prohibited users from taking direct custody of their coins, imitating the actions taken by Babel and Celsius.

According to Reuters, this action prompted Thailand's Securities and Exchange Commission (SEC) to investigate any potential losses among the general public that it may have created.

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