Crypto trading platform CoinFLEX, which halted withdrawals on June 24, will enable limited customer withdrawals starting 5 am UTC on July 15, the exchange said in a July 14 statement. At the mentioned time, CoinFLEX will cancel all pending withdrawal requests and shut down trading and system access before enabling withdrawals. However, CoinFLEX users will…
CNBC reported Wednesday night that Celsius has informed: “state regulators that it’s filing for bankruptcy ‘imminently.” The company will move toward chapter 11 bankruptcy as it struggles to deal with its liquidity issues. Early Thursday morning, Celsius announced that they had, in fact, “initiated voluntary Chapter 11 proceedings.” In the press release, Celsius revealed it…
Cryptocurrency lender Celsius Network, which had to halt withdrawals on June 13 due to liquidity issues, has fully paid off its debt of over $50 million worth of DAI to decentralized finance (DeFi) protocol Compound on July 13, according to on-chain data. The repayment was made in two transactions. In the first transaction, Celsius transferred…
Vermont has opened investigations into Celsius Network while warning residents to be wary of investing in more CEL tokens. Vermont’s Department of Financial Regulation (DFR) said Celsius is “deeply insolvent” and accused it of mismanaging its customers’ funds. “Celsius is deeply insolvent and lacks the assets and liquidity to honor its obligations to account holders…
Troubled crypto exchange CoinFLEX confirmed it had filed legal action in Hong Kong to recover $84 million from Bitcoin Cash (BCH) proponent Roger Ver. On June 24, the company announced it had paused withdrawals and halted perpetual and spot trading due to “extreme market conditions” and “continued uncertainty involving a counterparty.” The notice failed to…
KeyFi Inc, a DeFi staking software developing firm, has filed a lawsuit against embattled crypto lending company Celsius Network over allegations of fraud while also alleging that the firm operated in a Ponzi-like manner. Jason Stone, the CEO of KeyFi, revealed this in a long Twitter thread on July 7. KeyFI and Celsius agreement According…
It’s approaching four weeks since Celsius Network implemented a pause on withdrawals, swaps, and transfers between accounts, citing “extreme market conditions.” During this time, senior staff has drawn heavy criticism for mismanagement of the company. In particular, the lax approach employed over risk management. Nonetheless, since the start of July, the company has taken proactive…
Voyager users might not get all of their funds back because the crypto lending company has declared bankruptcy, Bloomberg News reported. According to the filing, Voyager expects its users’ funds to be impaired during bankruptcy. Account holders are unlikely to get a full refund of their deposits because the company could be restructured or sold….
BlockFi appears to be managing damage control as it sent out an email to users Wednesday evening for investors “looking for reassurance in this crypto bear market.” The email confirmed that BlockFi continues to put risk management first while navigating market volatility. Battle-tested and leadership Interestingly, the company that just received a $400 million credit…
Vauld announced July 4 that it will immediately suspend withdrawals, trading, and deposits on the platform due to volatile market conditions and the impact on key business partners. The statement also mentioned that users had withdrawn $197.7 million since June 12 due to mounting fears over CeFi lenders the same day Celsius announced similar actions…