5 Crypto Companies Hit By The Recent Crash

In this article, we will be taking a look at 5 crypto companies hit by the recent crash. To read our detailed analysis of the crypto industry, you can go directly to see the 10 Crypto Companies Hit By The Recent Crash.

5. CoinFLEX

CoinFLEX was founded in 2019 as the world’s first physically delivered futures exchange. However, in light of the recent crypto winter, it temporarily halted all withdrawals in June because of its financial troubles.

While CoinFLEX halted all withdrawals less than a month ago in June, it has since announced that it plans to reclaim $84 million in owed funds. It is also partially reopening user withdrawals capped at 10%, leaving the remaining 90% of user balances as locked funds that still cannot be withdrawn or traded. This situation highlights how CoinFLEX has only become one of the companies hit by the recent crypto winter.

The move to halt all user withdrawals came after a counterparty defaulted on a $47 million margin call. CoinFLEX’s shortfall has also been estimated to stand at $84 million.