Coinlist affects withdrawals due to "technical issues"! CEO: Fully solvent

Coinlist, a token sale platform known for its strict standards, has previously launched many tokens that have seen gains of several multiples. However, during the sensitive period when FTX's bankruptcy led to liquidity issues on many exchanges, Coinlist also experienced instances where withdrawals for some tokens were temporarily suspended.

1/ There is a lot of FUD going around that we would like to address head on.

CoinList is not insolvent, illiquid, or near bankruptcy. We are experiencing technical issues that are affecting deposits and withdrawals.

— CoinList (@CoinList) November 24, 2022

Coinlist Encounters Technical Issues Affecting Withdrawals

Following FTX's application for bankruptcy protection, some Coinlist users have reported issues in the community, such as withdrawals not being credited and assets not being able to be converted.

In response to these incidents, Coinlist stated on Twitter today that the platform does not have liquidity or bankruptcy issues, but is facing technical problems affecting deposits and withdrawals.

Currently, Coinlist is upgrading its internal ledger system and transferring wallet addresses involving multiple custodians. Coinlist mentioned that custody issues may result in longer transfer times than expected for certain tokens, including ROSE, CFG, FLOW, and MINA.

Coinlist's General Manager, raghav, has been attempting to mitigate FUD sentiments in the community in recent days. He stated that Coinlist has full solvency capabilities and will introduce a zero-knowledge proof solvency system.

Potential Crisis for Coinlist

According to a report by Bitcoinist, Coinlist is also implicated in the 3AC bankruptcy case, resulting in bad debts of up to $35 million. Additionally, Genesis, the parent company of the currently suspended lending business, DCG, is also an investor in Coinlist. However, DCG is only a seed round investor, and it is uncertain if Coinlist's funds are affected by Genesis.