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Following the collapse of FTX, Bitfront is the most struggling cryptocurrency exchange to shut down.

2022/11/30 (Nov 30th, 2022 2:35 am)
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Bitfront, a cryptocurrency exchange, has closed its doors due to “challenges in the rapidly-evolving industry.”

According to Bitfront, its shutdown has nothing to do with “certain exchanges that have been accused of misconduct.”

The LINE Corp.-founded cryptocurrency exchange Bitfront is closing down as losses mount amid extreme volatility in the market for digital assets. LINE Corp. is a major social media company with headquarters in Tokyo.

We regretfully decided that we must shut down Bitfront in order to continue expanding the LINE blockchain ecosystem and LINK token economy, according to an announcement, despite our efforts to overcome the difficulties in this quickly evolving sector.

The company stated that customers would have until March 31 to withdraw their money, but new sign-ups and credit card payments were immediately stopped on Monday. Only three years after its debut, Bitfront is ending its services, but it claims to be shifting its attention to other blockchain projects. Due to regulatory worries, the exchange stopped operating in South Korea in 2021.

The announcement comes amid months of unrest in the cryptocurrency markets, which began with widespread fallout from the failure of the algorithmic stablecoin TerraUSD and the now-defunct overleveraged hedge fund Three Arrows Capital earlier this year. Again this month, the collapse of FTX, the Sam Bankman-Fried-founded crypto empire, sent the markets into a tailspin. This implosion caused a market-wide chain reaction that caused further market instability.

However, Bitfront claims that “certain exchanges that have been accused of misconduct” have nothing to do with the company’s closure.

According to data released by Messari on Tuesday, cryptocurrency has lost more than two-thirds of its market value since reaching record highs in November 2021, with bitcoin and ethereum falling by more than 75% during that time.

Bitcoin

19,157.7
-13.2
25.65%
13:00:30 - Real-time Data
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