Commentary on the CX Technologies/ DX Exchange employees' petition and additional statements by DX Exchange on the matter.
CX Technologies, an Israeli company behind an Estonia- based cryptocurrency exchange DX. Exchange, are reportedly going bankrupt after 78 employees of the company signed a petition against it to the Israel court, as reported by the Times of Israel on the 24th of November.
The main goal of the petition is that the exchange is set to be owned by a company in Estonia, although it was operated all that time by CX Technologies.
The petition claims that the CX Technologies is a successor to a supposed software firm SpotOption, which turned out to be a multibillion scam. SpotOption was chased by the US Federal Bureau of Investigation and police department, which led to a ban in January 2018.
Employees stated that CX Technologies did not pay their salaries for both September and October 2019. Adding to the petition, some Israeli suppliers also sued CX Technologies for not paying bills for the last six months. Some of the companies include cybersecurity services White Hat Ltd., Dotan B.S. Solutions and Bee2See for marketing to customers and the server supplier Malam Team.
According to a Cointelegraph report in November, DX Exchange is shut down for the current time. To their statement right now “the costs of providing the required level of security, support and technology is not economically feasible on our own.”
The exchange commented:
“The board [of directors] believes this is the best opportunity for DX.Exchange to achieve success for its shareholders and compete in this challenging market. In the event a merger or sell is not completed in a timely matter then the exchange may not resume operations and take appropriate action.”