Coinmetro files for bankruptcy reorganization, suspected due to multiple service providers failing in succession.

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Deep Tide TechFlow News, July 01 — According to Protos, the Estonian cryptocurrency exchange Coinmetro has announced that it has filed for bankruptcy reorganization with the Estonian court, citing "abnormal circumstances caused by the failure of a financial service provider." The exchange had already suspended user registration, deposits, and withdrawals on June 22.

In a YouTube AMA, CEO Kevin Murcko revealed that more than one service provider was experiencing issues, and that internal investigations had been ongoing for years, indicating the problem existed long before this announcement. He stated that the company's balance sheet was initially believed to be sufficient to absorb the impact, but as the July 1 MiCA compliance deadline approached, the issue escalated into a material crisis.

Additionally, the bankruptcy estate manager of Prime Trust previously filed a lawsuit against Coinmetro in August of last year, seeking to recover approximately $1.21M that was transferred out just days before Prime Trust's bankruptcy.

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