Local crypto exchange Luno is shutting down its interest-bearing"savings wallets", literally overnight.
In an email to customers on Wednesday afternoon, Luno said it would be moving the bitcoin and ether held in such savings wallets to less risky"primary wallets" starting less than 12 hours later. It expects the process to be completed by 10AM on Thursday, 1 December. The interest paid to customers came out of returns Luno generated by lending out their crypto assets. Last week its partner in that scheme, Genesis, reportedly warned it could face bankruptcy if it failed to secure new funding.Genesis and Luno share a parent company in Digital Currency Group .
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