The storm over cryptocurrencies does not cease. Despite the fact that the bitcoin price has remained stagnant around 16,000 dollars for a few days, distrust has gripped investors and the problems of those who are in the brokerage business, the most obvious example of which is the recent broken FTX, multiply.
Now, after days of relative calm, it is the turn of Bitfront, a cryptocurrency exchange backed by Japan's social media giant Line Corporation, which has announced it will shut down amid challenges in an industry that "evolves rapidly."
The company has "determined with regret that we need to shut down Bitfront to continue to grow the Line blockchain ecosystem and the Link token economy," it said in a statement posted on its website. The US-based firm has noted that the move is not related to the collapse of Sam Bankman-Fried's FTX exchange and that its move has nothing to do with "certain exchanges that have been accused of misconduct."
Bitfront had six coins and 13 sets of pairs — the investment strategy of looking for highly correlated stocks to take long and short positions — with nearly $94 million in 24-hour volume, according to CoinGecko. That is a small fraction of the total trade volumes in the crypto sector of almost $57 billion during the same period.
