CoinFLEX has temporarily suspended withdrawals due to market volatility
According to an update, cryptocurrency derivatives exchange Coinflex has halted withdrawals due to unfavorable market conditions and uncertainty surrounding an unnamed counterparty. deployment of Earlier this Thursday.
The trading platform aims to fully resume withdrawals by June 30. The time frame is based on the “current understanding” of the situation.
To put an end to any speculation about the transition from Three Arrows Capital, the exchange has clarified that the troubled hedge fund is not the counterparty in question.
As reported by U.Today, the troubled cryptocurrency giant, which is now on the verge of bankruptcy, is considering a bailout by another company.
Shares of crypto platform Voyager Digital fell over 60% on Wednesday after it disclosed massive exposure to 3AC.
Crypto lending platform Celsius, which abruptly halted withdrawals on June 13, is 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.
Originally launched as a crypto platform for trading physically settled bitcoin futures, the exchange branched out into the produce farming business.
In December 2021, it became the first centralized cryptocurrency exchange to launch its own Decentralized Autonomous Organization (DAO).