Another cryptocurrency exchange has suspended withdrawals for customers, claiming this time they simply ran out of funds. The brokerage CEO stated in an official statement that the company tried to survive but failed.
“I am reaching out to you with a crucial message. I regret to inform you that StakeCube will be pausing deposits, trades and withdrawals with immediate effect.”
The memo shared five days ago surprised even the brokerage team, as many were unaware of the company’s situation.
After the problems were made public, the little-known brokerage firm claimed to have removed the CEO from his position, and is seeking to resolve the problems.
What did the CEO of the cryptocurrency exchange that halted withdrawals say due to lack of funds?
During his public statement, Oleg N.V StakeClub (SC) Out of Moneyand worked as such for some time in the market.
Even without the funds, the brokerage continued operations, but the situation had become unsustainable, according to the former CEO.
“I’m not going to blame our competitors, because that’s just an easy excuse – and I want to make it clear that this message will also shock the team members, they heard this news now, like everyone else. Technically, SC has been and has been insolvent for some time now, but we’re still living longer than many others.”
According to the CEO, several drastic changes have been adopted by the company, such as the introduction of withdrawal fees. In addition, several workers agreed to volunteer services for the company, but nothing solved the problem.
According to him, all cryptocurrencies in the wallets should be made available to the team who should implement the brokerage recovery plans. Withdrawals and deposits are no longer possible for clients who are now waiting for news.
In early January 2023, the company released a roadmap and plans. The CEO himself tried to encourage social media investors, but it didn’t take long for his company’s problems to come to light.
are you ready?
– Oleg (@ow_stakecube) January 4, 2023
The team wants to create a cryptocurrency for infected clients
This past Monday (16), days after the previous CEO’s statement, the cryptocurrency brokerage that halted withdrawals released a survey to its clients.
The document awaits investors’ opinion on the possibility of creating a platform-specific cryptocurrency to help restore business. In addition, DAO is being studied so that all victims can participate in the process.
“While we wait to get a concrete account of the number of lost coins, we can already make some decisions about plans to compensate users for their losses.”
Because there are no deadlines or definitive solutions to solve the problem, StakeCube continues to leave customers in a state of despair.