Coinflex, Voyager curb withdrawals amid crypto disaster

Image of article titled

photo: A Nguyen (Getty Images)

The big crypto implosion of 2022 is starting to look more and more like a classic bank run.

Crypto futures and lending trading platform Coinflex Shocked users on Thursday announcement say it will pause all withdrawals, Quote “Extreme market conditions” and continued uncertainty. At press time, users were unable to withdraw any funds from their Coinflex accounts. After a week of similar abrupt exits, the busy pause happens freeze On Celsius and Binance, the two largest cryptocurrency exchanges in the world.

In his blog post, Coinflex Chief executive Mark Lamb said he was “confident” the situation would be fixed and lead to the recovery of the withdrawal.market conditions It doesn’t look good though. Recently Bitcoin dip Drops to 18-month low and sends hordes Swimming cryptocurrency owners for support.lamb gives estimated date Withdrawals will be allowed again: June 30, updated June 27.

“Please note that these dates are estimates based on what we currently know about the situation,” Lamb said. “We will provide more clarity with details and updates as soon as possible.” Coinflex did not immediately respond to a request for comment.

Coinflex This week wasn’t the only one feeling the heat. On Wednesday, trading platform Voyager Announce It decided to cut the daily withdrawal limit by more than half, $25,000 to $10,000. Voyager announced that it is considering stumble Crypto hedge fund Three Arrows Capital.Voyager claim Three Arrows Capital owes it $666 million Bitcoin value in outstanding loans.Hedge Fund it is said It failed to meet margin calls from lenders earlier this month. Voyager did not immediately respond to a request for comment.

Last week, Celsius started a horror show of halting cryptocurrency withdrawals.Another major player in the space, Babel Finance, followed suit a few days later describe As a “major volatility” in the cryptocurrency market.

There are serious concerns now about whether Cryptocurrency holders will always see any of their money.Amid disturbing developments last week, Celsius Announce it’s suspending its routine twitter space Asked me what conference, as it “tacks unprecedented challenges”.

Source link