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CoinFLEX says 3AC exposure is not behind decision to halt withdrawals

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CoinFLEX has become the latest crypto exchange to pause withdrawals on its platform but says that the problems at trouble Digital assets hedge fund Three Arrows Capital (not blame according to a report by CryptoPotato).

Writing in a blog post, CoinFLEX CEO Mark Lamb, said: “Due to extreme market conditions last week & continued uncertainty involving a counterparty, today we are announcing that we are pausing all withdrawals. We fully expect to resume withdrawals in a better position as soon as possible. We will fully communicate with you as we find out more.”

Lamb also clarified that the unnamed counterpart was not 3AC or any crypto lending platform. The ban on withdrawals is expected to be lifted on 30 June.

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