(MENAFN– Al-Anbaa)
A large number of cryptocurrency exchanges have been forced to suspend some withdrawals in recent days, after the bankruptcy of its competitor, FTX, the repercussions of which are still continuing.
The latest of these is French exchange Coinhouse, which confirmed to AFP that it has closed withdrawals from its cryptocurrency brochure, which is touted as a cryptocurrency savings product.
In a series of tweets, the platform announced that some of the partner sites that had borrowed money from the platform had stopped withdrawing money for their customers.
It seems that the sector is seeing a state of cross-platform contagion, as among the partners of “Coinhouse” is the platform “Genesis”, which lent crypto funds to “Alameda”, which is the speculative arm of “FTX ”, which he filed for bankruptcy last Friday.
Coinhouse noted “general jitters in the cryptocurrency market and liquidity pressure.”
The same goes for Gemini, founded by the Winklevoss brothers, who became famous thanks to Facebook and the film “Social Network”.
This group, hit by the “Genesis” flaw, was forced to freeze its Gemini Earn program, which allows you to deposit your cryptocurrency and then lend it to others for a fee.
“The past week has been a very difficult and stressful chapter for our industry,” Gemini wrote on Twitter.
And site CoinDesk said Gemini signed up before stopping withdrawals and within just 24 hours, withdrawing $600 million for a deposit of less than one hundred million, which is a major flaw due to the tension of users fearing the infection.
As for Blockfi, which is considered one of the major players, it completely froze its platform after having managed, at the end of June, about 3.9 billion dollars, distributed across more than 650,000 accounts.
“We were basically exposed to FTX,” the group said.
And US media have reported that it is considering filing for bankruptcy.
“It is very worrying because we have not yet seen the extent of the infection,” said Francesco Melpignano, general manager of Cadena eco, which specializes in recording all transactions on any blockchain platform.
And he believed that the earthquake “FTX” and its aftershocks exceeded in size what happened in the spring due to the internal collapse of the digital currency Tera, which damaged a large number of currency exchange sites, especially “Celsius”.
He compared the bankruptcy of ‘FTX’ to the bankruptcy of the banking group ‘Lehman Brothers’ which sparked panic across the markets and engulfed many banks.
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