The implosion of 2022 is starting to look like a classic run on the bank.
On Thursday, Coinflex shocked users by announcing that it would stop all withdrawals due to extreme market conditions and uncertainty. Users can't withdraw money from their accounts at the moment. One week after similar sudden withdrawal freezes at Celsius and Binance, there is a flurry of activity.
Mark Lamb said in his post that he was confident that the situation would be fixed. The market is not looking good. The price of digital currency dipped to its lowest point in 18 months and caused a lot of people to swim. Lamb said that withdrawals would be allowed again on June 30.
The estimates are based on our understanding of the situation. The situation will be given more clarity as soon as possible. A request for comment was not responded to by coinflex.
The heat was felt by many people this week. The daily withdrawal limit was slashed from $25,000 to $10,000. After it said it was considering issuing a notice of default to Three Arrows Capital, it tightened its belt. Three Arrows Capital owes it a large sum of money, according to Voyager. According to reports, the hedge fund failed to meet its margin calls. A request for comment was not responded to by the company.
Last week, the horrorshow began with Celsius. Babel Finance followed suit days later due to what it described as "major fluctuations" in the market.
Concerns have been raised about whether the holders will ever see their money. Last week, Celsius announced it was pausing its regular Ask Me Anything sessions as it was dealing with "unprecedented challenges"