The European crypto lending platform has limited customers to maximum withdrawal limit of $5,000 per 24-hour period.
The crypto lender says funds are safe and that it had no exposure to Luna or embattled companies like Three Arrows Capital.
“The interest we pay on the Interest Accounts is yielded by issuing overcollateralized loans to other platform users. Hence in some instances, the estimated date of a complete withdrawal of assets from the Interest Accounts comes before, not after, loan closure,” CoinLoan stated in the announcement.
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