CoinEx Shuts Down Leaving $253.6M in User Funds Amid Regulatory Pressures
CoinEx, a cryptocurrency exchange, has announced its closure amidst significant fund movements. A staggering $253.6 million is still held in its wallets, with over half of this amount tied up in Bitcoin, totaling $134.4 million.
The remaining funds are deployed in various other assets, including $27.6 million in Aave, and more than $50 million in both USDT and ETH. The exchange has confirmed that withdrawals will remain open until December 22.
The news has raised concerns among traders about their funds and the potential market volatility as users rush to withdraw their assets before the deadline. The substantial amount of Bitcoin held by CoinEx could lead to significant price movements in the coming weeks, especially as traders adjust their positions.