Coinflex stops withdrawals, citing uncertainty at a nameless counterparty
Coinflex stops withdrawals, citing uncertainty at a nameless counterparty
- Coinflex stops payments until at least June 30, the stock exchange was shared with
- The unnamed counterparty is not Three Arrows Capital, Celsius or Blockfi, it was said in the announcement
Coinflex has suspended all payments in the last case in which a stock exchange is offline in the middle of the turbulent trade.
customers can continue to act and deposit, but no funds can be taken from the platform, the company said in a statement on Thursday.
"Due to the extreme market conditions in the past week and the ongoing uncertainty in relation to a counterparty, we now announced that we are pausing all the withdrawals," said the stock exchange The stock exchange also hired the trade with all its in-house Flex tokens. The unnamed counterparty is not Three Arrows Capital, which is currently facing possible bankruptcy, said Coinflex. The company's CEO also made it clear that the counterparty was not a loan company like Celsius or Blockfi. The next update is planned for June 27th, and the withdrawals are expected to be resumed on June 30th, according to the stock exchange. COINFLEX-ZELTRAM members had already reported problems with payouts in the past few days. "99, x % of my money are currently in Coinflex", wrote Mark Lamb, CEO of Coinflex, in the company Telegramm Canal Thursday. "None of this was withdrawn." The situation underlines the continuing concerns about liquidity, since the sale on the cryptoma markets continues and companies begin to feel the pressure in the entire industry. "There is no simple solution, but more robust liquidity is a good starting point for crypto institutions that are under stress," said Timo Lehes, co-founder of the blockchain infrastructure company Swarms. A spokesman for Coinflex did not immediately answer a request for comment. . . The article Coinflex stops payments citing "uncertainty" at a nameless counterparty is not a financial advice.