Court Order Forces CoinLoan to Suspend Services
The Estonian Financial Authority recently issued a court order against the European crypto-lending platform CoinLoan. As a result, the company has been forced to halt all its operations, including withdrawals, until further notice.
CoinLoan’s Compliance with the Order
CoinLoan has announced its compliance with the court order, which took effect immediately. The company is working diligently to resolve the issue and has appointed Mr. Martin Yen as interim administrator, as per the regulator’s directive.
Impact on CoinLoan’s Debtor Assets
The court order also dictates that CoinLoan suspends any enforcement of debtor assets. Debtors are prohibited from disposing of any assets without prior consent from the liquidator. However, they can appeal the decision within 15 days at the Tallinn Court of Appeal.
CoinLoan’s Legal Team in Action
The company’s legal team is reportedly working hard to demonstrate that CoinLoan can fulfill its obligations. The decision to pause all activities and withdrawals is complex, and the company acknowledges the difficulties this may cause for users.
CoinLoan Bankruptcy Speculations
There are speculations that CoinLoan has filed for bankruptcy, but this information has not been officially confirmed by the platform.
CoinLoan’s CLT Token Performance
CoinLoan’s native token, CLT, is used for daily business operations. Despite the recent events, CLT has experienced a positive market reaction. In the last 24 hours, the token gained $1.37 and is currently trading at around $8.54.
Comparisons with Celsius and FTX
Some observers have drawn parallels between CoinLoan’s current situation and past events involving Celsius and FTX. One tweet highlighted potential similarities in market price movements of CoinLoan’s CLT token and FTT on Binance.
CoinLoan’s Founder Allegedly Profiting from CLT Sales
Alex, one of the platform’s founders, has been accused of profiting significantly from selling CLT tokens in recent years. However, these allegations have not been officially confirmed.
