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Finblox Imposes $1.5K Monthly Withdrawal Limit Amid Three Arrows Capital Uncertainty
Finblox said it intends to evaluate the impact of Three Arrow Capital on liquidity.
Crypto staking and yield generation platform Finblox has imposed a $1,500 monthly withdrawal limit and paused rewards in light of uncertainty surrounding crypto hedge fund Three Arrows Capital, which made a $3.6 million investment in the Hong Kong-based platform last December.
- According to a statement shared on Twitter, Finblox has made the changes as it evaluates the impact of Three Arrow Capital's reported issues.
IMPORTANT UPDATE FROM FINBLOX! pic.twitter.com/VjclRMMiSe
— Finblox (@finblox) June 16, 2022
STORY CONTINUES BELOW
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- It was reported on Wednesday that Three Arrows Capital is facing possible insolvency after incurring at least $400 million in liquidations.
- "We have been cooperating with over eight partners and protocols, including Three Arrows Capital, to generate yields and spread the risk as evenly as possible," the Finblox statement read.
- "Finblox will do everything in its power to protect users' funds and reinstate our services in full," it added.
- The Finblox website states that it offers "peace of mind with $45M insurance on assets."
- Rival interest-earning platform Celsius recently paused withdrawals, citing extreme market conditions.
Oliver Knight
Oliver Knight is the co-leader of CoinDesk data tokens and data team. Before joining CoinDesk in 2022 Oliver spent three years as the chief reporter at Coin Rivet. He first started investing in bitcoin in 2013 and spent a period of his career working at a market making firm in the UK. He does not currently have any crypto holdings.
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