A broad-based selloff in digital assets and the collapse of high-profile tokens TerraUSD and Luna have caused ripple effects across the crypto industry.
A wave of liquidations triggered fear of contagion risks. Major lenders Celsius Network and Babel Finance have frozen withdrawals, and Three Arrows Capital, a major crypto hedge fund, is facing liquidity troubles that rattled investors.
Total market value of cryptocurrencies, which topped $3 trillion in November, has dropped to $957 billion, according to data from CoinGecko.
Below are the latest developments from the crypto fallout.
Crypto Yield Firm CoinFlex Pauses Withdrawals
Crypto physical futures exchange CoinFlex said it paused all withdrawals on its platform, citing “extreme market conditions” last week and “continued uncertainty involving a counterparty,” without disclosing the name. The firm said that the counterparty isn’t Three Arrows Capital or any lending firm.
Founded in 2019, CoinFlex is a smaller crypto exchange focusing on derivatives trading. CoinGecko shows that it currently supports 34 crypto pairs for derivatives. The exchange’s investors include Roger Ver, one of the most vocal Bitcoin Cash advocates.
CoinFlex provided an estimated time for withdrawals of June 30. A company representative didn’t immediately respond to requests for comment.
Voyager Digital Sets Limits on Withdrawals
Voyager Digital Sets Limits on Withdrawals
Crypto brokerage and exchange Voyager Digital Ltd. is limiting customer withdrawals from its platform to $10,000 and to 20 transactions during a 24-hour period.