The announcement by the US-based exchange comes at a time when the market for digital assets is grappling with financial contagion unleashed by the spectacular collapse of another crypto exchange, FTX. Trading on Bitfront will be suspended by the end of the year and withdrawals on March 31, 2023, it said in a statement on its website Monday. The company said it had been unable “to overcome the challenges in this rapidly-evolving industry,” while distancing its decision from the implosion of FTX.
BlockFi, founded in 2017 by Zac Prince and Flori Marquez, made loans to customers using crypto assets as collateral. Unlike Bitfront, BlockFi’s problems were directly linked to FTX. The lender had announced earlier this month that it had halted withdrawals, citing “significant exposure” to FTX, as well as its sister hedge fund Alameda. FTX, Alameda and dozens of affiliates filed for bankruptcy on November 11.
The analog to this in the BEV marketplace is also quite interesting.
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