Coinlist That Suffered from 3AC Crash Halts Withdrawals, Here's What Is Known

Nov 25,2022
Coinlist That Suffered from 3AC Crash Halts Withdrawals, Here's What Is Known
  • That's why Coinlist freezes withdrawals
  • Is Coinlist facing bankruptcy?

Colin Wu, a digital currency journalist and fashion blogger in China, spread the news that another digital currency service platform stopped saving and withdrawing money.

Coinlist, the largest crowdfunding project data encryption service platform, said that customer funds were very secure and listed the reasons. Wu suggested that this should be false.

That's why Coinlist freezes withdrawals

Wu Zaiti cited the tweets encouraged by Coinlist customers, saying that the reason for suspending data encryption withdrawal was that one of his escrow partners was carrying out routine maintenance at this stage. This partner is not named.

However, Wu Biaolu, this should be one of Coinlist's escrow partners: Anchorage, Bitgo, Gemini escrow or Silvergate Bank. Gemini has encountered inconvenience recently. Due to the lack of Gemini Earth service and its partner Genesis Global Capital (a branch of Barry Silbert's digital currency company), cash withdrawal has been frozen.

The reporter also mentioned that Coinlist was one of the companies that failed in the stock fund of Sanjian Assets (3AC) earlier this year. According to him, Coinlist lost $35 million in the data encryption stock fund that was going bankrupt.

The "maintenance" time of the secret name Coinlist partner has exceeded one week. The company's Twitter account was marked as requesting comment during the evaluation process, but there was no reply.

Is Coinlist facing bankruptcy?

According to one of the above tweets, as early as 2018, Digital Currency Group had participated in the investment of Coinlist's A series product project. However, Wu indicated that it is not clear whether Genesis is related to Coinlist when it is on the verge of bankruptcy.

In a tweet, Coinlist customer application indicated that only the savings and withdrawals of FLOW, MINA and CFG could not be used.