CoinLoan reduced withdrawal limit on 99%

Crypto lending platform CoinLoan set this threshold to prevent a lack of liquidity. 

According to the company, the daily withdrawal limit was reduced from $500 000 to $5 000 (99%).  Restrictions were set for balancing cash flows and preventing issues with liquidity.  

CoinLoan said that probably only his company was unaffected by problems with Three Arrows Capital, Terra and stETH. But turmoil, caused by Voyager, Celsius and other crypto companies, affected the whole DeFi sphere. It triggered a wave of withdrawals of digital assets from CoinLoan. So starting on 4th July the company imposed restrictions: every account can withdraw $5 000 for 24 hours.   

Early in July two crypto platforms Voyager and Vauld already declared a halt to withdrawal, trading and deposit assets. Main cause is crypto winter. 

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