Withdrawal Freeze – Ƀitsell X

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

July 21, 2024

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

April 7, 2024

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

March 20, 2024

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

February 27, 2024

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

January 7, 2024

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 believes an “outright” prohibition of cash withdrawals from VASPs operated accounts may “be in conflict with the CBN’s own cashless policy.” ‘Fraudulent…
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Seychelles-Based Crypto Exchange MEXC Rejects ‘Baseless’ User Asset Freeze Claims

December 25, 2023

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 action. Baseless Claims The Seychelles-based cryptocurrency exchange, MEXC, has described allegations that it is unilaterally freezing users’ accounts…
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Aave V2 Ethereum Market and Several Assets Paused — Team Says ‘No Funds Are at Risk’

November 7, 2023

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 issued, Aave said an analysis of what happened would be made available when the issue is resolved.…
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South African Crypto Platform Pins Hope on ‘Phased Asset Recovery’ Proposal

October 30, 2023

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 regulators whom it hopes will help expedite resolution of the matter. No Timeline Given The South African cryptocurrency…
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Nigerian Crypto Trading Platform Unilaterally Converts User Funds to New Stablecoin — Move Sparks Exit Scam Fears

August 23, 2023

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 platform’s unilateral decision to convert customer funds. Some critics have characterized the conversion of user funds as the Patrica team’s attempt…
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Binance US Arbitrage: Social Media Users Say BTC Discount Not Indication of an Opportunity

July 10, 2023

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 paired with USD on Binance US has fueled speculation about the affiliate’s future…
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