CoinFLEX Exchange Blocks Withdrawals, Domino Effect From The Market

Cryptocurrency exchange CoinFLEX is the latest name to block withdrawals for reasons related to a third party but claims it is not Three Arrows Capital.

In the announcement posted on June 24, this exchange with a 24-hour volume of $2.1 billion wrote:

CoinFLEX said that the exchange will continue to update the situation on June 27 and expect to withdraw money on June 30.

As such, CoinFLEX is the next platform to experience “liquidity difficulties” since the crypto market’s deep correction in mid-June, sending BTC and ETH to lows not seen since December 2020.

Before the chain of “domino effect” above, many people fear that the crisis will spread further as more and more projects admit they are linked to Three Arrows Capital. These include Finblox, Babel Finance, DeFiance Capital, BlockFi lending platforms, and Voyager Digital investment applications.

The reaction of the crypto giants is also different. The CEO of FTX exchange, billionaire Sam Bankman-Fried, announced that he would come to the rescue of affected projects, as shown by lending money to BlockFi and Voyager.

Meanwhile, Binance CEO Changpeng Zhao, June 23 shared an article saying that there are many reasons for the failure of a project, but not all projects are worth rescuing.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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