Digital Currency Group-Backed Crypto Exchange Halts Withdrawals

Darius Manley
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Alex Dovbnya

CoinFLEX has quickly suspended withdrawals because of to market place volatility

Cryptocurrency derivatives exchagne CoinFLEX has halted withdrawals thanks to unfavorable market place ailments and uncertainty joined to an unnamed counterparty, according to an update posted earlier this Thursday.

The investing system is aiming to thoroughly resume withdrawals by June 30. The deadline is dependent on its “current understanding” of the circumstance.    

To put to rest any speculation about contagion from Three Arrows Cash, the exchange has clarified that the troubled hedge fund is not the counterparty in query. 

As noted by U.Today, the embattled cryptocurrency large, which is now on the brink of insolvency, is contemplating a bailout by yet another company.

On Wednesday, the shares of crypto system Voyager Digital collapsed far more than 60% after it unveiled its enormous exposure to 3AC.

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

In 2019, CoinFLEX secured funding from undertaking cash big Digital Currency Team. Its backers also incorporate Dragonfly Funds Companions and   Polychain Cash.

Initially launched as a crypto platform for buying and selling physically-settled Bitcoin futures, the trade launched branched out into the generate farming organization.   

In December 2021, it grew to become the to start with centralized cryptocurrency exchange to start its initially decentralized autonomous firm (DAO).

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