Finblox doubles withdrawal limit after dropping it amid exposure to 3AC

Finblox announced that it is increasing its withdrawal limit from today, two weeks after lowering it.  

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The daily withdrawal limit has been doubled to $3,000, for a maximum of $30,000 a month, and reward functions have been restored for select assets including bitcoin, ether, USDC and USDT among others. Finblox said it will look to gradually increase yields available to clients, based on market and platform conditions.  

The crypto savings platform, which gives users the opportunity to earn rewards on digital assets, dropped its withdrawal limit to $1,500 on June 16 following news that crypto hedge fund Three Arrows Capital (3AC) was facing liquidity issues.  

At the time, it also froze reward functions on the platform, the referral and deposit program and disabled the creation of crypto addresses for new users.  

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On June 24, Finblox said it had sent “multiple demands” to 3AC requesting repayment of its outstanding loan balance, to which the hedge fund has yet to respond. Meanwhile, Finblox has consulted external legal counsel to provide specialist support.  

Several companies offering high-yield reward programs have come under significant pressure amid the recent market downturn. Crypto lending platform Celsius, which offered up to 17% on some of its earn products, halted withdrawals on June 12 and has yet to re-enable them. 

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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