Explained: Why is crypto exchange Bitfront shutting down?
Crypto exchange Bitfront is shutting down! The exchange has set March 31, 2023, as the deadline to clear all the deposits and withdrawals of investors. The current challenging market pushed Bitfront into making a choice. They chose to close their services in order to continue growing the LINE blockchain ecosystem and LINK token economy. Bitfront is backed by Japan-based LINE Corporation. Bitfront is facing its downfall less than 3 years of its launch.
In a notification, Bitfront said, "despite our efforts to overcome the challenges in this rapidly-evolving industry, we have regretfully determined that we need to shut down BITFRONT in order to continue growing the LINE blockchain ecosystem and LINK token economy."
Currently, crypto market struggles with the illiquidity crunch which began from the Terra sisters' collapse in May, followed by liquidation of Three Capital Arrows. Terra's crisis wiped out billions of dollars of wealth, forcing many crypto exchanges to halt their services and eventually opt for bankruptcy. The latest case to send shockwaves across crypto investors would be Sam Bankman-Fried's FTX Group which has filed for voluntary bankruptcy --- exposing many other exchanges along with it. The crypto markets have turned extremely volatile since May.
Bitfront said, "from the beginning, we have done our best to be a leader in the blockchain industry."
The exchange was launched in February 2020, to enable users to safely store and freely trade their digital assets.
Bitfront reteriated that "this decision was made for the best interest of the LINE blockchain ecosystem and is unrelated to recent issues related to certain exchanges that have been accused of misconduct."
Hence, Bitfront services have already closed
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