Tuesday, November 29, 2022
HomeCryptoWhat are the solutions in the event of a withdrawal freeze?

What are the solutions in the event of a withdrawal freeze?

Last week, nearly 2 million holders of cryptoassets on the American platform Celsius found themselves unable to complete fund transfers. DADO RUVIC / REUTERS

OUR ADVICES – The major exchange platforms, affected by the drop in prices, are suspending transfers and withdrawals. There are ways to avoid this situation.

The episode looks like a “bank run”, these rushes of customers at bank counters that have marked the greatest financial crises. Last Monday, in the midst of turmoil on the cryptocurrency markets, the American platform Celsius, which in principle offers its customers very attractive returns on their cryptocurrencies, announced the freezing of its operations. Nearly 2 million asset holders found themselves unable to transfer funds. Withdrawals have been purely and simply blocked, until further notice.

This situation is not anecdotal. With $11.8 billion under management, Celsius is one of the big names in the industry. The very popular Binance cryptocurrency exchange platform has since cut short its operations. Impossible for its customers to withdraw their bitcoins, whose price is at its lowest for 18 months. This pause, initially planned for about thirty minutes, extended to long hours, leaving 120 million users in anguish.

Platform or physical wallet?

The situation is dramatic for those who will probably not see the color of their money again. And yet, there are solutions to avoid getting stuck. First of all you have to…

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