As announced today, Estonia-based crypto platform CoinLoan has suspended all user withdrawals and activity. April 25th blog post.
The company said it had received a limited disposition notice requiring it to stop all user actions, including unsubscribing users.
The notice in question states that CoinLoan cannot dispose of assets without the provisional liquidator’s consent. It also suggests that bankruptcy proceedings are ongoing, although CoinLoan itself has not confirmed that it has filed for bankruptcy.
Instead, CoinLoan called the notification “unexpected.” The company said the changes would take effect immediately and said it had “no choice but to comply.”
CoinLoan previously restricted user withdrawals to July 2022. This was at a time of widespread failure in the cryptocurrency lending market. He also lowered withdrawal limits in November 2022 around the time FTX collapsed. The company justified these cuts based on higher-than-usual withdrawals rather than its exposure to affected companies.
In both cases, CoinLoan set a daily withdrawal limit of $5,000. It is unknown if they have revoked these withdrawal limits at other times.
User services first appeared on CryptoSlate after CoinLoan stopped all withdrawals.
