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

Jun 16, 2022 at 3:22 p.m. UTC

Updated Jun 16, 2022 at 3:43 p.m. UTC

Three Arrows Capital co-founder Su Zhu speaks at Crypto Bahamas. (Tracy Wang/CoinDesk)

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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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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.

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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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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Oliver Knight

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

Follow @OKnightCrypto on Twitter