Their announcement began by saying, "We would like to inform you about an important development that does not affect our services, funds or investments with Nuri," and throughout the post they stressed that customer funds were safe.
Nuri blamed the insolvency on everything from "the ongoing after-effects of the Corona pandemic" to "the economic and political uncertainties in the markets after Russia's invasion of Ukraine" to the more recent crypto bear market.
On October 18, the company announced they would be shutting down after failing to find someone to acquire the company. They asked customers to withdraw their funds by December 18. Unlike many of the services that faced insolvency crises this summer, Nuri is closing without any loss of customer funds.