Hull Invest, South Korea’s lucrative cryptocurrency platform, June 13th It has suspended user deposits and withdrawals.
User’s access to funds is suspended
Hull said trading had to be halted to protect investors following the operational error. He did not specify when deposits and withdrawals will resume.
The company explained that it decided to suspend the service after the information provided by its partners, specifically the outsourced operators, was found to be false. The company said it is currently investigating the operator and will “take necessary action.”
Hull tried to reassure users that rumors, such as those of company members committing rag-pull fraud, were inaccurate.
Community members have pointed out that the company has removed their YouTube and LinkedIn profiles, which Hull declined to confirm in his statement.
Other companies will stop service in 2022
Several other cryptocurrency platforms that offer loans or interest-bearing features have stopped users from withdrawing money from the summer of 2022. Celsius, Voyager Digital, Babel Finance, Coinflex and BlockFi were among the companies that stopped withdrawals around that time. Many of those companies later filed for bankruptcy.
Hull did not provide an explanation for the outage.reported by the company less than $1 billion among assets under management.
Hull’s post of suspending withdrawals and deposits first appeared on CryptoSlate.
