Due to Counterparty 'Uncertainty,' Crypto Exchange CoinFLEX Freezes Withdrawals

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Due to Counterparty ‘Uncertainty,’ Crypto Exchange CoinFLEX Freezes Withdrawals

Due to Counterparty 'Uncertainty,' Crypto Exchange CoinFLEX Freezes Withdrawals
It's account freezin' szn. Image: Shutterstock
Source: Decrypt
1656063040 24 Jun / 09:30

Due to the bear market, another cryptocurrency site has blocked user withdrawals.

The crypto derivatives exchange CoinFLEX said today that it is suspending account withdrawals due to issues with a counterparty. "Due to extraordinary market conditions last week and ongoing uncertainty concerning a counterparty, we are stopping all withdrawals," business CEO Mark Lamb stated in a blog post published today.

Once the corporation is in a "better condition," withdrawals will restart "as quickly as feasible," according to the statement. However, no date was specified.

Additionally, all futures and spot trading for FLEX coin, the company’s native cryptocurrency, will be suspended. CoinFLEX clients utilize the coin to lower trading costs on the exchange, similar to Binance’s BNB.

CoinFLEX clarified, however, that the troubled counterparty in question is not Three Arrows Capital (also known as 3AC) “or any lending firm,” which would include BlockFi and Celsius—two firms known to be in dire financial straits, with the latter having the potential to cause further market contagion.

Today, CoinFLEX’s Lamb stated, “We are confident that this situation can be repaired fully with a restoration of all functionality, namely withdrawals.”

Three Arrows was one of the most prominent institutional victims in the cryptocurrency business this month, as its overleveraged crypto investments were liquidated in response to the market’s steep decline. The hedge fund has been a prominent player in the digital asset industry for years, having led a $9 million fundraising round for NEAR protocol only two months ago and numerous others previously.

The corporation was also heavily involved in Terra, a previous top-ten cryptocurrency that crashed to zero with the collapse of its related algorithmic stablecoin, TerraUSD (UST).

Today, firms exposed to Three Arrows must take identical measures as CoinFLEX. Finblox, a staking platform in which 3AC invested, drastically curtailed its platform withdrawals this month. In the meantime, the Asian crypto lending site Babel Finance has completely halted withdrawals in reaction to “risk occurrences.”

Voyager Digital is one of the most recent businesses to face the impacts of 3AC’s insolvency. Wednesday’s disclosure of a $661 million exposure to 3AC precipitated a 60% drop in the firm’s stock price. On Thursday, the business reduced its daily withdrawal limit by sixty percent.

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