Crypto exchange Bitvavo says 280 million euros 'locked' at DCG

ph1l

ph1l

Prolly nothing since locked means safe, right?;)
https://finance.yahoo.com/news/crypto-exchange-bitvavo-says-280-224505739.html
Fri, December 16, 2022 at 4:45 PM CST·1 min read
AMSTERDAM (Reuters) - Bitvavo, a Dutch cryptocurrency exchange, said on Friday it has 280 million euros ($296.30 million) locked at Digital Currency Group (DCG), a U.S.-based company.

"DCG is currently experiencing liquidity problems ... As a result, DCG has suspended repayments until this liquidity issue has been resolved," the Dutch firm said on its blog.


DCG operates several subsidiaries, including major cryptocurrency lender Genesis Global Capital, which froze withdrawals in November following the collapse of FTX.

Bitvavo said it expects to be reimbursed over time and that it has enough funds to "prefund any locked assets at DCG". It said its customers are not exposed and can withdraw all their funds at any time.


It said it had given the money to DCG to offer Bitvavo customers a product where they could earn interest on their cryptocurrency token deposits.

Bitvavo is registered with the Dutch central bank (DNB) as a digital assets services provider to prevent money laundering on its platform, but it is not subject to prudential supervision by either the DNB or the Netherlands' Financial Markets Authority (AFM).

($1 = 0.9450 euros)

(Reporting by Toby Sterling; Editing by Josie Kao)
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Prolly nothing.

locked means

- hackers wouldn't be able to steal the crypto thing

- you cannot withdraw the crypto thing as the Exchange has
liquidity problem
 
Nowadays, hackers have easier acces to other people's crypto's than the owners of the coins.

:D

And more and more "vaults of value" are opened and cleaned out by hackers.


ROFLMAO.
 
Here it is another one. It confirms that the major part of "investors" are just idiots that want to be rich quick. Tyical for the entire crypto world.

 
virtusa said:
It confirms that the major part of "investors" are just idiots that want to be rich quick.
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Recently wrote in another thread.

Sometimes visiting the bis section in the book store. It was a new book, in Lithuanian and the title literally said :
,,Crypto : easy way to get rich''
(Ofc. Could be a ,,clickbait" title. The irony as well. Releasing books about how bad is crypto at the bottom)

****************************************************************************

Damn. Now thinking. Got to buy that thing and frame it. Will look at it few decades latter, - will use it as a reminder for others.

***********

,,I lost $500k in crypto zoo"

Ok.

†
 
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