Cryptocurrency exchange CoinFLEX has announced that it is suspending all withdrawals due to extreme market conditions and ongoing uncertainty regarding a counterparty.
In the statement, it was noted that withdrawals are expected to reopen as soon as possible, while the counterparty mentioned is not 3 Arrows Capital or any crypto lending company.
As it is known, crypto hedge fund 3AC faced bankruptcy due to the decline in crypto money prices. It was alleged that the company recently liquidated its assets of $ 400 million. Due to this situation of 3AC, some crypto companies with a presence in the company are also having a hard time. On the other hand, the crypto lending platform Celsius is almost bankrupt.
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In addition, CoinFLEX’s statement emphasized that withdrawals will be active again on an estimated 30 June 2022. CoinFLEX started its operations in 2019. Polychain Capital, Roger Ver and Digital Currency Group are among the investors of the stock market, which also has a token called FLEX.
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