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Crypto's liquidity troubles spread to more platforms

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The Straits Times

Thu, Jun 23, 2022

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Major lenders Celsius Network and Babel Finance have frozen withdrawals, and Three Arrows Capital, a major crypto hedge fund, is facing liquidity troubles that rattled investors.

• Crypto yield firm CoinFlex pauses withdrawals Crypto physical futures exchange CoinFlex said it paused all withdrawals on its platform, citing "extreme market conditions" last week and "continued uncertainty involving a counterparty," without disclosing the name.

Founded in 2019, CoinFlex is a smaller crypto exchange focusing on derivatives trading.

• Voyager Digital sets limits on withdrawals Crypto brokerage and exchange Voyager Digital is limiting customer withdrawals from its platform to US$10,000 and to 20 transactions during a 24-hour period.

This week, it disclosed exposure of about US$660 million in loans to the troubled crypto hedge fund Three Arrows Capital, sending shares plunging as analysts raised the prospect of further damage.

• Crypto lender Nexo taps Citigroup for M&As Nexo, a crypto lender that has positioned itself as immune to the storms shaking decentralised finance, said it had hired Citigroup to advise on potential acquisitions.

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