Media report the inability to withdraw funds from the Coinlist platform

The platform’s representatives declare maintenance

24.11.2022 - 12:45

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2 min

What’s new? Coinlist, the largest cryptocurrency crowdfunding platform, is not processing withdrawal requests. This was reported on Twitter by analyst Colin Wu, citing numerous user complaints.

Some community members reported that Coinlist, the largest cryptocurrency crowdfunding platform, was unable to withdraw coins. The official reason is that the custody partner is undergoing maintenance, but it has lasted for more than a week. Coinlist incurs $35M loss in 3AC crash — Wu Blockchain (@WuBlockchain) November 24, 2022

What else is known? The official reason for the inability to withdraw funds is that the exchange is undergoing maintenance, which lasts more than a week. Coinlist’s support team assured users on November 23 that their funds are safe, but the maintenance is taking longer than planned. FLOW, MINA, and CFG tokens cannot be withdrawn during this period.

Monitoring:Our custody partner is undergoing maintenance that is taking longer than expected. During this time period deposits and withdrawals for FLOW, MINA and CFG are unavailable.Rest assured your funds are safe. Thank you for your patience! — CoinList Support (@CoinListSupport) November 23, 2022

Coinlist, a platform to support crypto startups, launched in 2020 with more than 10 million users. Coinlist Seed projects include the DeFi platform Acala, the Biconomy protocol, and blockchain monitoring platform Parsiq. In December, the platform’s co-founder Brian Tubergen entered the Forbes “30 Under 30” list among 15 leaders in the crypto industry.

Coinlist previously suffered significant losses of $35 million as a result of the bankruptcy of hedge fund Three Arrows Capital (3AC). 3AC owed a total of $3,5 billion to the 27 companies that invested in it.

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