• Tue. Aug 2nd, 2022

Crypto exchange backed by a group of digital currencies stops withdrawals

ByHazel R. Lang

Jun 23, 2022
Alex Dovbnya

CoinFLEX has temporarily suspended withdrawals due to market volatility

Cryptocurrency derivatives exchange CoinFLEX has halted withdrawals due to unfavorable market conditions and uncertainty over an anonymous counterparty, update says job earlier this Thursday.

The trading platform aims to fully resume withdrawals by June 30. The deadline is based on his “current understanding” of the situation.

To end any speculation about contagion from Three Arrows Capital, the exchange clarified that the struggling hedge fund is not the counterparty in question.

As reported by U.Today, the struggling cryptocurrency giant, which is now on the verge of insolvency, is considering a bailout by another company.

On Wednesday, shares of crypto platform Voyager Digital plummeted more than 60% after disclosing its massive exposure to 3AC.

Crypto lending platform Celsius, which suddenly halted withdrawals on June 13, has yet to resume them.

In 2019, CoinFLEX secured funding from venture capital giant Digital Currency Group. Its backers also include Dragonfly Capital Partners and Polychain Capital.

Initially launched as a crypto platform for trading physically settled Bitcoin futures, the exchange has moved into the yield farming sector.

In December 2021, it became the first centralized cryptocurrency exchange to launch its first Decentralized Autonomous Organization (DAO).

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