CoinFLEX has suspended withdrawals from the platform – Bits Media

Cryptocurrency derivatives platform CoinFLEX notified users that it was suspending withdrawals amid "extreme market conditions".

Information that initially appeared on Twitter about the suspension of withdrawals from the CoinFLEX platform due to “uncertainty in regarding the counterparty and extreme market conditions" was confirmed on the official website of the project.

"Due to extreme market conditions, flowing since last week, and ongoing uncertainty, related to the counterparty, we announce, that we are suspending withdrawals. We hope, that full recovery and restoration of function will occur in the near future. We will update you as new information becomes available.", - says in the statement.

CoinFLEX has also suspended trading of its own FLEX Coin token on the spot market and under perpetual swap contracts. Company CEO Mark Lamb (Mark Lamb) drew the attention of users, that the unnamed counterparty, about which there is "uncertainty", is not affiliated in any way with cryptocurrency lending platforms or hedge funds, experiencing liquidity problems.

According to Lamb, he's waiting, that CoinFLEX will restore all platform functions by the end of June, when he finds himself in a “better position”.

The other day Solend, cryptocurrency lending platform on the Solana blockchain, introduced lending limits due to fears of a possible liquidity crisis amid the collapse of SOL prices and huge margin requirements on whale accounts.