We would like to share that since our last announcement, we’ve already re-enabled new deposits and the creation of new asset addresses. Here are other updates that we are able to share at this moment:
All users who hold stablecoins (USDC, BUSD, DAI, USDT, XSGD, XIDR) will have a percentage of their individual stablecoin holdings reserved from withdrawal–but will be able to access their non-reserved portion.
The percentage of reserved stablecoin holdings is based on factors such as:
The user’s balance on 15 June 2022
The percentage of their asset contribution to the entire pool
The portion of that asset affected by illiquidity at this moment
To calculate the reserved percentage, we applied the following criteria:
Withdrawals initiated before the end of 15 June 2022 (23:59:59 UTC) that were not processed (failure or rejection) will be excluded from this reserve and are still available for withdrawal
Any assets deposited after 15 June 2022 (23:59:59 UTC) will be excluded from reserve and are still available for withdrawal according to the new limitations imposed
We are exploring options including restoring withdrawal limits to their former levels and enabling reward generation. We hope to have a timeframe available soon, as it depends on numerous factors, including market conditions and liquidity. Please note that non-stablecoins are not impacted and are available for withdrawals under current limits.
Reserved assets will not earn rewards until further notice.
The Finblox Team has been working hard in the background, and we will continue to work our hardest to resolve the situation and support you, our users.
Thank you for your understanding and patience.
The Finblox Team
For more information on Reserved Funds, click here.