24 Nov 2022

Here's why Coinlist reportedly can't withdraw coins

The official explanation, according to Coinlist, is that the custody partner is undergoing maintenance, but it has gone on for more than a week.

By: Flagship Team

Coinlist, the most popular cryptocurrency crowdsourcing website, is unable to withdraw its coins.

Some members of the Coinlist community recently reported that the cryptocurrency crowdfunding platform, Coinlist, cannot withdraw its coins, according to the WuBlockchain tweet.

Show Tweet from <blockquote class="twitter-tweet"><p lang="en" dir="ltr">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</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1595751967581933570?ref_src=twsrc%5Etfw">November 24, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The platform states that the custody partner is undergoing maintenance, per the official explanation, but the issue has been present for over a week.

Notably, the 3AC crash costs Coinlist $35 million in losses.

On November 15, last week, Coinlist revealed its position to its users and claimed that the previous week had been a nightmare for cryptocurrencies.

Show Tweet from <blockquote class="twitter-tweet"><p lang="en" dir="ltr">1/ The past week has been harrowing for crypto. We wanted to reach out to let you know how CoinList is weathering the storm, and reiterate how our business is different. Most importantly, your assets are safe at CoinList.</p>— CoinList (@CoinList) <a href="https://twitter.com/CoinList/status/1592276402203922434?ref_src=twsrc%5Etfw">November 14, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>

The top cryptocurrency crowdfunding platform reassured its users that their assets were secure.

The crowdfunding platform also confirmed that CoinList has no material exposure to FTX, FTT, Alameda, or affiliates.

According to the tweet, the platform never spends a user's money without that user's express consent.

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