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CoinList Breaks Silence, Assures Users it Is Not Near Bankruptcy

CoinList Breaks Silence, Assures Users it Is Not Near Bankruptcy

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Crypto exchange CoinList said it is not close to bankruptcy as it dealt with an ongoing FUD issue. It added that it is not insolvent or illiquid and only has technical problems affecting deposits and withdrawals.

Chassis abandoned rumors on Twitter after users reported problems with fund withdrawals for more than a week, saying the event was purely a technical issue and not a liquidity crunch.

CoinList official statement

CoinList, which also serves as the largest crypto platform for crowdfunding, revealed that it is updating its internal accounting systems and moving wallet addresses that involve multiple holdings. The change is expected to improve its product and service offerings while maintaining compliance.

Without naming names, CoinList further added that the delay in crypto withdrawals was due to maintenance by one of its custodial partners, which had to be suspended.

“As with any big business, there are bumps along the way. Storage issues mean some tokens take longer to transfer than expected (ROSE, CFG, FLOW, MINA). One of our custodians had an outage yesterday unrelated to the transfer, affecting many tokens on CoinList.”

It was Chinese crypto journalist Colin Wu was revealed earlier that “some community members using CoinList were unable to withdraw for over a week due to maintenance”. Over the past few weeks, the suspension of withdrawals has become an ominous sign of insolvency. Thus, the news was enough to scare users of another potential crash.

Crypto companies in trouble

The crypto industry’s focus remains on the collapse of FTX, and community members are now wondering what other companies could be left to perish. Many prominent companies appear to be on the cusp of Chapter 11.

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 world of crypto-finance, is reportedly facing insolvency as it owns a significant portion of the debt of the collapsed companies – FTX and Three Arrows Capital (3AC).

Crypto lending and trading platform BlockFi was yet another victim, suspending customer withdrawals earlier this month due to FTX exposure. As a result of the settlement, the platform was said to be investigating bankruptcy.

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