The liquidity crisis in the cryptocurrency circle continues to spread, and more and more platforms are freezing withdrawals

Some people are in the midst of turmoil, and some people want to take advantage of the situation to buy at the bottom.

Once the drama of liquidity depletion begins, anyone may become the protagonist of the next scene.

From the "cryptocurrency bank" Celsius, to the largest hedge fund in the cryptocurrency circle Three Arrows Capital, to the "cryptocurrency brokerage" Voyager Digital, now part of the stage light has been allocated to the cryptocurrency exchange CoinFlex.

According to the media, CoinFlex said that due to "extreme market conditions" last week and "continued uncertainty involving counterparties", the company has suspended all withdrawal transactions on its platform, and the expected withdrawal time is June 30.

CoinFlex did not name the specific counterparty and said it was not Three Arrows Capital or any lending platform.

Founded in 2019, CoinFlex is a small cryptocurrency exchange focused on derivatives trading, whose investors include well-known Bitcoin advocate Roger Ver.

In addition, Voyager Digital, the protagonist of the previous scene, received an olive branch from SBF, the "central bank of the cryptocurrency circle", after being involved in the liquidity crisis of Three Arrows Capital. However, it is still actively seeking self-help and has now also begun to restrict withdrawals.

Voyager said it would reduce the maximum amount customers can withdraw from $25,000 to $10,000 and cap the number of transactions at 20 in a 24-hour period.

It is worth mentioning that the crypto lending platform Nexo is trying to "lend a helping hand" to its peers.

Currently, Nexo says it has a strong balance sheet and can provide liquidity in turbulent markets by acquiring troubled crypto companies.

Nexo announced in a blog post that it has hired Citigroup to advise on potential acquisitions, including how to better acquire insolvent crypto companies so that investors can regain access to frozen funds.

Citigroup said Nexo was seeking "best-in-class advice" from it, including "restructuring transactions involving liquidity."

Nexo had previously proposed to acquire competitor Celsius on June 13, but a Nexo spokesperson said in an email that the proposal "did not materialize."