After the FTX Crisis…Another Cryptocurrency Exchange Stops Withdrawals!
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Answer After the FTX Crisis…Another Cryptocurrency Exchange Stops Withdrawals!
Crypto companies are falling like dominoes after the FTX crisis.
Recently, account Wu Blockchain posted that Hong Kong-based cryptocurrency exchange BitCoke has suspended withdrawals.
The problem started when its users reported having difficulty with withdrawals.
BitCoke made an announcement saying that the person in charge of the funding was cooperating with General Security in an investigation and could not provide authorization for the private key.
Read:In a week … spending a million dollars to buy virtual land and real estate based on the blockchain
Consequently, BitCoke suspended withdrawals on November 13, at 1pm HKST.
The BitCoke case is surprising, as it revealed in May this year that it had raised $20 million in a private round.
The financing deal was reached with a group of investors led by Huobi, which also includes other prominent institutions such as Redline DAO, Krypital, LD Capital, Hotbit and many others.
A month later, the company announced the launch of BitCoke Ventures, its investment arm, and a $300 million investment fund to boost outreach to the exchanges.
As everyone who follows the crypto market knows, last week was a chaotic week that saw the collapse of the FTX empire and the ouster of the company’s founder.
FTX stopped withdrawals earlier this week, though some clients in countries like Turkey, Japan and the Bahamas were still able to make withdrawals on Friday.
On Thursday, US subsidiary FTX informed users that it may suspend trading soon, but said withdrawals would not be affected.
Binance then deleted FTT trading pairs and announced that it would remove FTT from some of its products such as Simple Earn and its margin contracts and perpetual contracts to protect users.
Read:Some Terra users received less LUNA coins than expected
It also told Binance that it will stop trading FTT pairs with BUSD, USDT and BTC on margin platforms starting yesterday, November 13 at 11:30am UTC.
Read also:
Cryptocurrency exchange Huobi discloses its cryptocurrency reserves in hot and cold wallets
The resignation of an FTX investment fund team…details here
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