Crypto

Crypto Exchange Coinflex Halts Withdrawals, Citing Volatility

Coinflex CEO Mark Lamb said the counterparty in question was not Three Arrows Capital, the crypto-oriented hedge fund recently reported to be considering a sale of assets or a bailout by another company. Photo: Coinflex.

Another crypto futures exchange has temporarily halted withdrawals due to volatility in the digital assets market.

Coinflex chief executive Mark Lamb blamed “extreme market conditions” for the move.

The Seychelles-based company said the decision was also prompted by “continued uncertainty involving a counterparty”.

Lamb said the counterparty in question was not Three Arrows Capital, the crypto-oriented hedge fund recently reported to be considering a sale of assets or a bailout by another company.

“We fully expect to resume withdrawals in a better position as soon as possible,” Lamb said, adding that Coinflex would update its customers on its status next Monday.

“We are confident that this situation can be repaired fully with a restoration of all functionality, namely withdrawals,” he wrote, adding that he expected withdrawals to resume on June 30.

Coinflex is behind flexUSD, which was touted by the company as the world’s first interest-earning stablecoin

George Russell

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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.