The company then posted an announcement that they would be "pausing all withdrawals" due to "extreme market conditions last week & continued uncertainty involving a counterparty". They were cagey about the identity of the counterparty, though the announcement explicitly stated it was not the underwater hedge fund Three Arrows Capital, which has been causing a domino effect throughout the crypto industry.
CoinFLEX stops withdrawals due to "continued uncertainty involving a counterparty"
Yield farming platform CoinFLEX is the latest crypto platform to stop allowing customers to withdraw their money. Customers had raised concerns about withdrawals not processing, to which a team member repeatedly replied that "we haven't stopped withdrawals" and urged chatters to "please stop spreading FUD".
- "Update on withdrawals", CoinFLEX