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CoinList breaks the silence and assures users that it is not on the verge of bankruptcy

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Crypto exchange CoinList said it is not close to bankruptcy as it tackles ongoing FUD. It said it is not insolvent or illiquid and only has technical issues with deposits and withdrawals.

Platform rejected The rumor spread on Twitter after users reported problems withdrawing funds for over a week, saying the incident was purely a technical issue and not a lack of liquidity.

CoinList official statement

CoinList, which also serves as the largest crowdfunding crypto platform, revealed that it is upgrading its internal ledger system and migrating wallet addresses to those with multiple custodians. The move is expected to improve product and service offerings while maintaining compliance.

Without naming names, CoinList further stated that the delay in cryptocurrency withdrawals was due to maintenance performed by one of its custodial partners, which had an outage.

“As with any great enterprise, there are hurdles along the way. Custody issues have resulted in some tokens taking longer than expected to migrate (ROSE, CFG, FLOW, MINA). One of our custodians had an outage unrelated to the migration that affected several coins on Coinlist.

It was Chinese crypto reporter Colin Wu who revealed Previously, “some community members” using CoinList were “unable to withdraw for more than a week due to maintenance.” The freezing of withdrawals in recent weeks has become an ominous sign of bankruptcy. Therefore, the news was enough to make users fear another possible collapse.

Crypto business in trouble

Attention in the crypto industry remains focused on the FTX boom, and community members are now speculating which other companies may be swept up in the fall. Many large companies are emerging on the eve of Chapter 11.

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First, the trading arm of crypto conglomerate Digital Currency Group (DCG) – Genesis – halted withdrawals. The company, which was one of the largest and most sophisticated players in the crypto finance world, is reportedly facing bankruptcy due to a significant portion of the debts of bankrupt companies – FTX and Three Arrows Capital (3AC).

Crypto lending and trading platform BlockFi was yet another victim that halted customer withdrawals earlier this month due to significant exposure to FTX. As a result of the fallout, the platform would be investigating bankruptcy.

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source: cryptopotato.com

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