Staking platform Finblox introduced a monthly withdrawal limit

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Finblox has set a cap of $1,500 for monthly withdrawals and suspended reward payments due to the uncertainty surrounding hedge fund Three Arrows Capital.

Crypto staking and yield generation platform Finblox invested about $3.6 million in crypto hedge fund Three Arrows Capital (3AC) in December 2021.Until mid-June, Finblox had no claims against Three Arrows for the fulfillment of contractual obligations.

However, against the backdrop of information about the possible financial trouble of Three Arrows Capital, the Finblox platform decided to suspend the payment of remuneration to all clients of the company.

The restrictions affected the Finblox referral program, deposit payouts, and the limitto perform transactions for newly registered users of the platform.

In a statement, Finblox said the company was "closely monitoring market conditions and numerous media reports on the situation at Three Arrows Capital.Based on the information received, the staking platform has made a forced decision to protect user funds and restore the full range of services."

It is assumed that 3AC's financial problems were the result of the suspension of operations and the possible insolvency of another crypto lender, Celsius.This company has managed billions of dollars in user funds, but may no longer have enough capital to pay outInvestors.