Crypto exchanges freeze updates as The ongoing “crypto winter” affects not only investors, but also trading platforms. The world’s most popular crypto exchange Coinbase and the Austrian platform Bitpanda have already had to lay off part of their workforce.
The stock exchange Celsius Network even stopped all transactions by its 1.7 million investors a few weeks ago.
The Singapore-based start-up Vauld and the Canadian crypto trader Voyager Digital. It has recently become impossible to trade cryptocurrencies on the platforms, such as Techcrunch and
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Customers cannot access their wallets indefinitely and Crypto exchanges freeze.
The move was necessary, according to Vauld, because a total of $197.7 million was sold in a veritable “bank run” last month had been lifted off the platform. The company states in a statement that it has halted all transactions to examine “possible restructuring options”. “We ask that customers of the Vauld Platform understand that we will not be able to process any new or additional requests or instructions in this regard,” continued Vauld.
The company actually wanted to expand. As recently as May, Vauld’s managing director Darshan Bathija let it be knownthat he wanted the fortune of the crypto exchange by a 5-fold.
Bankruptcy takes Voyager with it.
On the Voyager Digital platform, an investment is to blame for its demise. The company had lent 15,250 bitcoin and $350 million to crypto hedge fund Three Arrows Capital (3AC) to save the fund from bankruptcy . 3AC got into financial difficulties due to the falling prices in recent months. However, the rescue operation was in vain, because 3AC is already bankrupt.
Voyager attracted investors, mainly from the USA, with particularly high interest income when they lend their crypto tokens to others. In some cases, the borrowed assets ended up with the now failed crypto fund 3AC. It was considered the world’s largest crypto hedge fund and managed an amount of around 10 billion dollars in the meantime .