Some of the members of the community took out their funds from the lending platform way before the imposed limitations.
Following the crypto staking platform Finblox’s decision to limit daily withdrawals to $500 and monthly withdrawals to $1.5K, members of the community expressed their opinions about the initiative.
On June 16, apart from tightening withdrawal limits, Finblox also paused reward distributions and delayed its referral program, as well as deposit rewards. On top of that, from now on, new users on the platform won’t have the ability to open up new addresses.
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IMPORTANT UPDATE FROM FINBLOX! pic.twitter.com/VjclRMMiSe
— Finblox (@finblox) June 16, 2022
Terence Lee, the chief editor at Singapore and Jakarta-based news website Tech in Asia, has stated that he took all of his funds from the crypto staking platform when Luna firstly started crashing.
Furthermore, Arthur Hayes, ex-BitMEX CEO, stated that initiatives of such type are considered “floaters,” meaning that they were considered industry titans in their respective fields before slowly falling into bankruptcy. He added that “unsustainable business models and trading strategies” are nothing more than an unavoidable disaster.
I withdrew my funds from @Finblox around the time Luna was collapsing. It’s become clearer now that crypto lenders offering outsized returns were taking too much risk. https://t.co/tsi1E6XueQ
— Terence Lee (@terenceleejx) June 17, 2022
Another Twitter user mentioned that Finblox and other lending platforms should be more transparent about such decisions. On top of that, the company’s official website dictates that the crypto yield generator should provide custody and insurance of all the users’ assets. Thus, a number of members in the community expect Finblox to refer to its initial policy and allow its users to make withdrawals of their own free will.
Finblox, founded in 2011, is one of the leading crypto yield generators in the market that assists traders in buying and earning high yields on crypto assets, such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Avalanche (AVAX), and others.
