Digital Currency Group Backed Crypto Exchange Stops Withdrawals

Alex Dovbnya

CoinFLEX has temporarily suspended withdrawals due to market volatility

Cryptocurrency Derivatives Exchange CoinFLEX Has Suspended Withdrawals Due To Unfavorable Market Conditions And Uncertainty Related To An Unnamed Counterparty, According To An Update Posted earlier this Thursday.

The trading platform aims to fully resume withdrawals by June 30. The deadline is based on the “current understanding” of the situation.

To quell all speculation about contagion 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 embattled cryptocurrency giant, now on the brink of insolvency, is considering a bailout by another company.

Shares of crypto platform Voyager Digital plunged more than 60% on Wednesday after it revealed its massive exposure to 3AC.

Crypto lending platform Celsius, which suddenly stopped withdrawals on June 13, has yet to resume them.

In 2019, CoinFLEX secured funding from venture capital giant Digital Currency Group. Donors also include Dragonfly Capital Partners and Polychain Capital.

Originally launched as a crypto platform for trading physically settled Bitcoin futures, the launched exchange branched out into yield farming.

In December 2021, it became the first centralized cryptocurrency exchange to launch its first decentralized autonomous organization (DAO).

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