TechFlow news, July 1, according to Protos, Estonian cryptocurrency exchange Coinmetro announced it has submitted an application for bankruptcy reorganization to 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 as early as June 22.
CEO Kevin Murcko revealed in a YouTube AMA that actually more than one service provider encountered issues, and internal investigations have been ongoing for years, indicating the problems originated far earlier than this announcement. He stated that while it was originally believed the company's balance sheet was sufficient to withstand the situation, as the July 1 MiCA compliance deadline approached, the issue has evolved into a substantial crisis.
Additionally, the Prime Trust bankruptcy estate administrators previously filed a lawsuit against Coinmetro in August last year, attempting to recover approximately $1.206 million in funds transferred out a few days before Prime Trust's bankruptcy.
