German crypto bank Nuri (formerly known as Bitwala) has asked customers to withdraw their funds by Dec. 18 so that the “business can be terminated and liquidated.”
See related article: 3 reasons crypto will spring back after Crypto Winter
Fast facts
- Trading will be open until the end of November.
- Nuri filed for insolvency in August due to the prolonged crypto bear market and macroeconomic events.
- “During the preliminary insolvency proceedings, we have worked very closely with our insolvency administrators on a restructuring plan in the past three months and tried to find a potential acquirer to continue our story. Unfortunately, we have not been able to find investors,” Chief Executive Officer Kristina Walcker-Mayer said in a blog post.
- Several bankruptcy headlines represented the crypto industry after the multibillion-dollar collapse of the Terra-LUNA stablecoin project in May.
- Nasdaq-listed Eqonex Ltd. shut its crypto exchange in Singapore while major exchanges like Coinbase reduced headcounts.
- The total capitalization of the cryptocurrency market has plunged almost 70% from a record high of US$2.9 trillion in November.
See related article: Crypto winter may be just what DeFi needs to grow and thrive
