{"id":63394,"date":"2022-06-24T09:49:05","date_gmt":"2022-06-24T06:49:05","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63394"},"modified":"2025-09-06T08:48:00","modified_gmt":"2025-09-06T05:48:00","slug":"coinflex-suspends-withdrawals-and-trading-of-its-own-token","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/coinflex-suspends-withdrawals-and-trading-of-its-own-token\/","title":{"rendered":"CoinFLEX suspends withdrawals and trading of its own token"},"content":{"rendered":"<p>The cryptocurrency derivatives platform CoinFLEX has paused user withdrawals due to &#8216;extreme market conditions&#8217; and &#8216;uncertainty regarding counterparties&#8217;, according to chief executive Mark Lamb.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">We have temporarily paused withdrawals on <a href=\"https:\/\/twitter.com\/CoinFLEXdotcom?ref_src=twsrc%5Etfw\">@CoinFLEXdotcom<\/a> as a protective measure. We are working to resume withdrawals as soon as possible. Please find our announcement here with more details. Thank you for your support.<a href=\"https:\/\/t.co\/4jqjLx1PVA\">https:\/\/t.co\/4jqjLx1PVA<\/a><\/p>\n<p>\u2014 CoinFLEX (@CoinFLEXdotcom) <a href=\"https:\/\/twitter.com\/CoinFLEXdotcom\/status\/1540132881552781312?ref_src=twsrc%5Etfw\">June 24, 2022<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Lamb stressed that the counterparty in question is not the hedge fund Three Arrows Capital (3AC) or &#8216;any credit firm&#8217;.<\/p>\n<p>Among the latter are BlockFi and Celsius. The former, according to reports, is troubled by the debt of 3AC and has already liquidated at least part of its positions. The latter \u2014 <a href=\"https:\/\/u1f987.com\/en\/news\/law-professor-says-celsius-bankruptcy-is-almost-inevitable\">is on the verge of bankruptcy<\/a> due to insufficient liquidity to pay clients.<\/p>\n<p>CoinFLEX also temporarily halted trading of its own token, FLEX Coin, on the spot market and in perpetual swap contracts.<\/p>\n<p>According to Lamb, the company intends to resume withdrawals when it is &#8216;in a better position&#8217;. CoinFLEX expects to restore all platform functions by June 30.<\/p>\n<p>Earlier, Voyager Digital reduced its daily withdrawal limit to $10,000. The crypto broker <a href=\"https:\/\/u1f987.com\/en\/news\/voyager-digital-trims-daily-withdrawal-limit-amid-3ac-troubles\">faced difficulties repaying the 3AC loan<\/a> \u2014 the company warned it may send the hedge fund a default notice if the latter fails to settle the debt.<\/p>\n<p>As reported, co-founder Kyle Davies said that the hedge fund <a href=\"https:\/\/u1f987.com\/en\/news\/3ac-considers-asset-sales-to-rescue-the-company\">is considering selling a portion of its assets<\/a> to rescue itself.<\/p>\n<p>Follow ForkLog&#8217;s Bitcoin news on our Telegram \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency derivatives platform CoinFLEX has paused user withdrawals due to &#8216;extreme market conditions&#8217; and &#8216;uncertainty regarding counterparties&#8217;.<\/p>\n","protected":false},"author":1,"featured_media":63395,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2318,1352],"class_list":["post-63394","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinflex","tag-three-arrows-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63394","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=63394"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63394\/revisions"}],"predecessor-version":[{"id":63396,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/63394\/revisions\/63396"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/63395"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=63394"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=63394"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=63394"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}