Withdrawal Freeze

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Bitforex to Reopen Withdrawals Months After Team Members’ Detention Rendered Platform Inaccessible

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Digital asset platform Bitforex has announced that users will soon be able to withdraw their assets. However, all trading functions will remain suspended during this period. Additionally, the platform will cease all types of services and products and undergo a “comprehensive rectification.” Withdrawals to Be Directed to Designated Wallets Months after abruptly suspending withdrawals, digital … Read more

Bug in Discontinued Lido Staking Service Blocks User Access to Tokens Valued at $24.4 Million

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A bug in the smart contract of Lido’s discontinued Solana staking service is reportedly preventing users from withdrawing digital assets valued at more than $24 million. Lido attributes this issue to “a problem with the maintainer bot and the recent update of rent-exempt terms for Solana staking accounts.” Discontinued Solana Staking Service A suspected bug … Read more

Crypto Lender Genesis Requests US Bankruptcy Court to Approve ‘Settlement Principle’

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The insolvent cryptocurrency lender, Genesis, has petitioned a U.S. bankruptcy court to approve a proposed settlement principle announced on Feb. 28. According to an update, if the court approves the settlement, Genesis Earn users will receive all of their digital assets back in kind. The bankruptcy court is scheduled to consider Genesis’ request to approve … Read more

Crypto Exchange Bitforex Suspends Withdrawals Following $56.5M Drain From Hot Wallets

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Bitforex, a centralized cryptocurrency exchange, abruptly halted user withdrawals. This sudden action occurred just moments after a reported $56.5 million was removed from the platform’s hot wallets. According to online crypto investigator Zachxbt, the Bitforex team has ceased all communication with users. No Official Word From the Bitforex Team On Feb. 23, Bitforex, a cryptocurrency … Read more

Lebanon Financial Crisis: Banks Torched After Pound Taps New Low Versus the US Dollar

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The Lebanese pound’s fall to its lowest ever versus the U.S. dollar, 80,000 to 1, has piled more misery on residents whose local currency-denominated savings have been decimated by inflation. The ongoing strike by banks demanding the passage of capital control legislation has compounded matters for residents. Lebanese Pound Devaluation According to several local media … Read more

Report: Luno Africa Says Customers and Operations Not Affected by Turmoil at Genesis Capital

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Just days after reassuring concerned customers, Marius Reitz, the general manager of crypto exchange Luno Africa, recently reiterated the company has not been impacted by Genesis Capital’s decision to pause withdrawals. He added Luno customers still have access to funds in the savings wallet despite its lending partner’s decision to freeze withdrawals. Customers Retain Access … Read more

Zugacoin Controversy: Supposed Poverty Eradicating Cryptocurrency Criticized as Just Another Complex Nigerian Ponzi Scheme

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After reports that merchants and holders of “Zugacoin” cryptocurrency are unable to make withdrawals, the founder of the Nigerian crypto, Sam Zuga responded by accusing unnamed “ignorant people” of working to tarnish the project. One Nigerian expert has advised prospective zugacoin investors to prioritize learning finer details about the project before investing. A Financial System … Read more

Kenyans Lose Millions of Dollars to yet Another Cryptocurrency Scam: Bitstream Circle

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The masterminds behind the alleged cryptocurrency Ponzi scheme called Bitstream Circle are believed to have stolen more than $10 million in investor funds. The alleged theft became apparent on March 13, 2022, when some of the scheme’s investors encountered problems making withdrawals. Withdrawals Blocked Reports from Kenya have said investors in an alleged crypto Ponzi … Read more

South African Crypto Exchange Ceases Operations Less Than a Month After Suspending BTC Withdrawals

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A South African cryptocurrency exchange, Ice3x, announced on April 6, that it will permanently stop operations, less than a month after suspending bitcoin and litecoin withdrawals. Ice3x, which one of the oldest crypto exchange in that country, says it came to this decision after lawyers advised the firm to start liquidation proceedings. ‘Extreme Pressure’ In … Read more

P2P Trading Resumes on Okex While Withdrawals Freeze Still in Effect: Tron Foundation Announces Cashout Plan for TRX Holders

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Asian cryptocurrency exchange Okex says peer to peer trading is now open but the freeze on withdrawals remains in effect. In an update, Okex CEO Jay Hao reveals that buying cryptocurrency via the fiat gateway is now active as well but he fails to give a timeframe for the resumption of withdrawals. In an earlier … Read more