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Finance

Finblox Imposes $1.5K Monthly Withdrawal Limit Amid Three Arrows Capital Uncertainty

Finblox said it intends to evaluate the impact of Three Arrow Capital on liquidity.

By Oliver Knight
AccessTimeIconJun 16, 2022 at 3:22 p.m. UTC
Updated May 11, 2023 at 6:48 p.m. UTC
Three Arrows Capital co-founder Su Zhu speaks at Crypto Bahamas. (Tracy Wang/CoinDesk)
Three Arrows Capital co-founder Su Zhu speaks at Crypto Bahamas. (Tracy Wang/CoinDesk)

Crypto staking and yield generation platform Finblox has imposed a $1,500 monthly withdrawal limit and paused rewards in light of uncertainty surrounding crypto hedge fund Three Arrows Capital, which made a $3.6 million investment in the Hong Kong-based platform last December.

  • According to a statement shared on Twitter, Finblox has made the changes as it evaluates the impact of Three Arrow Capital's reported issues.
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    • It was reported on Wednesday that Three Arrows Capital is facing possible insolvency after incurring at least $400 million in liquidations.
    • "We have been cooperating with over eight partners and protocols, including Three Arrows Capital, to generate yields and spread the risk as evenly as possible," the Finblox statement read.
    • "Finblox will do everything in its power to protect users' funds and reinstate our services in full," it added.
    • The Finblox website states that it offers "peace of mind with $45M insurance on assets."
    • Rival interest-earning platform Celsius recently paused withdrawals, citing extreme market conditions.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Oliver Knight
    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Follow @OKnightCrypto on Twitter
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