Crypto futures and lending exchange platform Coinflex announced that it is pausing all withdrawals, citing “extreme market conditions” and continued uncertainty involving a counterparty.
According to the blog post, CoinFLEX also said that the counterparty is not Three Arrows Capital or any other lending firm. Several other crypto firms are currently being impacted by the rumored insolvency of Three Arrows Capital.
CoinFLEX CEO Mark Lamb also announced that it would halt trading in its native cryptocurrency FLEX Coin in perps and spot in the short term.
The next update about the situation is scheduled for June 27, 2022. The company expects the withdrawals to resume from June 30, 2022.
“Please note that these dates are estimates based on our current understanding of the situation. We will give more clarity on the details and updates to the situation as soon as possible,” the blog post notes.
Last week, Celsius marked the start of the crypto withdrawal halting trainwreck. Days later, Babel Finance temporarily suspended withdrawals saying it is currently under unusual liquidity pressures.
According to the latest update Celsius needs more time to stabilize its liquidity and operations, and it is currently working with regulators and officials to find a solution.
Also Read: How Celsius crashed Crypto Market
