Crypto bank Nuri to shut down, asks customers to withdraw funds
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
