Decentralized exchange CryptoBridge to shut down operations

CryptoBridge, a decentralized cryptocurrency exchange, has announced its plans to shut down its operations.

Founded in 2017, CryptoBridge aimed to provide a gateway to decentralized crypto trading. Now after nearly two years, the U.S. based firm will terminate all services and servers after December 15, including its social media accounts.

In an announcement published on its website, the exchange said:

“We put in a lot of hard work and did everything in our power to make the outcome different, but market conditions, increasing regulation, inability to fund further development and maintain operations forced us to make a difficult decision:

With great regret, we’re announcing that CryptoBridge is shutting down.”

It said that all deposit services will be discontinued after Dec. 03 and withdrawals will be stopped after Dec. 15.

“All users have to withdraw their funds in the meantime. Please note that user verification is required by EU law for all withdrawals. We highly recommend that you start the process as early as possible as verification can take a few days,” the notice reads.

Just recently, International Digital Asset Exchange (or IDAX) announced that it is halting its services after its CEO allegedly disappeared without a trace, restricting the exchange’s access to its cold wallet. Crypto analytics firm CipherTrace has estimated that the crypto industry has lost around $4.4 billion in thefts and scams so far this year.

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