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

[Jul 20 1:30 PM] 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…

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

[Apr 7 1:36 AM] 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…

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

[Mar 20 2:30 PM] 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…

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

[Feb 27 3:30 AM] 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…

Prohibition of Cash Withdrawals From VASPs Operated Accounts May Contradict Central Bank’s Cashless Policy — Nigerian Lawyer

[Jan 7 12:30 AM] Nigerian fintech lawyer Senator Ihenyen said the new central bank guidelines which bar the withdrawal of cash from accounts operated by virtual asset service providers (VASPs) seem “reasonable and understandable.” The lawyer however…

Seychelles-Based Crypto Exchange MEXC Rejects ‘Baseless’ User Asset Freeze Claims

[Dec 25, 2023 8:30 AM] The Seychelles crypto exchange MEXC has rejected claims it is unilaterally freezing users’ accounts or “wiping” out their profits. The MEXC team said it opposes ongoing attempts to defame its name and may resort to taking legal…

Aave V2 Ethereum Market and Several Assets Paused — Team Says ‘No Funds Are at Risk’

[Nov 7, 2023 2:30 AM] The decentralized finance (defi) protocol Aave’s so-called guardian said on Nov. 4 it had paused the Aave V2 Ethereum Market and frozen “certain assets on Aave V3 on Polygon, Arbitrum, Optimism.” At the time when the update was…

South African Crypto Platform Pins Hope on ‘Phased Asset Recovery’ Proposal

[Oct 30, 2023 5:30 AM] A South African crypto investment platform has expressed hopes that an asset recovery proposal will result in users regaining access to funds blocked after its custody partner froze withdrawals. The crypto platform said it has also engaged…

Nigerian Crypto Trading Platform Unilaterally Converts User Funds to New Stablecoin — Move Sparks Exit Scam Fears

[Aug 23, 2023 1:30 AM] A Nigerian crypto trading platform, Patricia, announced on Aug. 18 that it had converted users’ outstanding funds to its U.S.-backed stablecoin known as “Patricia Token.” Some social media users have slammed the crypto trading…

Binance US Arbitrage: Social Media Users Say BTC Discount Not Indication of an Opportunity

[Jul 10, 2023 12:00 PM] For several days since Binance US announced the resumption of withdrawals, bitcoin (BTC) has changed hands at a discount and was trading at more than $2,500 below the prevailing market price on July 10. The emergence of a discount on crypto assets…

Haru Invest Fallout: South African Crypto Platform Says Customers Can Only Access 76% of Crypto Holdings

[Jun 30, 2023 3:00 AM] The South African crypto platform, Revix, said on June 28 that customers can now only access just over three-quarters (76%) of their crypto assets. Revix said the move to block customers’ access to 24% of their crypto assets was made after…

Crypto Payments Firm Wyre Shuts Down — Users Told to Remove Assets From Platform

[Jun 18, 2023 3:30 AM] Wyre, the San Francisco-based crypto payments firm, has said it is winding down operations “in order to protect the best interests” of its users and stakeholders. The firm urged users with assets on its platform “to continue to…

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

[Feb 22, 2023 12:30 AM] 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…

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

[Nov 25, 2022 3:30 AM] 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…