DX.Exchange Is Going Through Bankruptcy

November 25, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The crypto platform DX.Exchange, which announced the suspension of trading earlier this month, is allegedly preparing to initiate bankruptcy proceedings.

According to Times of Israel, 78 former and current employees of the parent company of the CX Technologies Ltd. exchange filed a petition in an Israeli court, in which they asked to liquidate a legal education.

DX.Exchange, famously used in operating activities of application mapping and monitoring technologies from Nasdaq stock exchange, a few weeks ago announced it would try to find a buyer for its core business.

“ The costs of providing the required level of security, support and technology is not economically feasible on our own,” the company said then.

In a petition, exchange employees write that they have not received salaries from September and October 2019, and there is no money on the company’s bank accounts. Pinhas Patarkazishvili, the owner of DX.Exchange, allegedly agreed with these arguments and would not object to bankruptcy proceedings.

In addition, the document states that CX Technologies is the successor company to SpotOption, which came into the view of the FBI due to suspicions of links to the multi-billion dollar fraud scheme in the field of binary options. According to the publication, most CX Technologies employees previously worked at SpotOption.

In addition to employees’ petitions, CX Technologies has sued several Israeli companies for the past six months that have not received payment for the services provided. These included cybersecurity service provider White Hat Ltd., marketing service provider Bee2See Dotan BS Solutions, and server provider for the Malam Team exchange.

Author: Marko Vidrih