South African Crypto Platform Hopes for Asset Recovery Proposal
A South African crypto investment platform, Revix, is optimistic that an asset recovery proposal from its custody partner, Haru Invest, will lead to users regaining access to their blocked funds. The platform has also reached out to regulators in the hopes of expediting the resolution process. However, Revix CEO Sean Sanders admits that there is no timeline for when this process will be completed.
Restricted Access to Funds
In June, Revix restricted users’ access to 24% of their funds after its custody partner in South Korea froze withdrawals. The decision was made due to the sudden suspension of withdrawals by Haru Invest. While some have drawn comparisons between this situation and the recent issues with Celsius, Sanders argues that it is too early to make such conclusions.
Monitoring Recovery Efforts
Sanders states that it is premature to compare Haru Invest to Celsius as the details of what happened at Haru are still unknown. However, Haru has indicated its intention to distribute the assets it holds, suggesting that there is value to be returned. Revix will continue monitoring the recovery efforts and ensure that users receive the highest possible value for their funds. The platform has also engaged regulators in order to speed up the resolution process.
Hot Take: Hope for Resolution
A positive outlook for Revix users as the crypto investment platform expresses hopes for an asset recovery proposal from its custody partner, Haru Invest. While a timeline remains uncertain, Revix is actively monitoring the situation and engaging regulators to expedite a resolution. Restricted access to funds prompted comparisons with Celsius, but CEO Sean Sanders emphasizes the need for more information before drawing conclusions. Revix aims to ensure users regain access to their blocked funds and obtain the highest possible value. With ongoing efforts, there is optimism that a satisfactory outcome will be reached.
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