BlocksInform
The cryptocurrency company – juno – has advised its users to withdraw their assets and store them in own-consumption portfolios or sell their assets for cash because of the "uncertainty" with their partner.
It is the intention of the company to resolve the issues by finding a new partner.
A Warning Before the Storm?
In a recent Twitter account, juno revealed that his custodial partner had run into some issues. As a result, the entity temporarily stopped buying cryptocurrencies on its platform and automatically converted the stablecoins – usdc, usdt, musdc – into US dollars.
He also encouraged clients to remove their assets and move them into own-consumption portfolios as a safeguard. The company added that customers could sell their fiat hiding place in the event they do not want to rely on non-custodial portfolios.
2/ juno as a platform will not hold crypto assets.
Due to uncertainty with our crypto partner, we have taken preemptive action in the interest of our customers.
— Juno (@JunoFinanceHQ) January 4, 2023
Juno has increased daily cryptocurrency withdrawal limits by five times for all “metal users” to cope with the potential surge of transactions and asserted that all banking and card-related services continue to function effortlessly.
The value of crypto assets stored on the platform decreased to $1.25 million after the company shared its referral with clients.
"We actively engage clients and ask them to have confidence in them," said Juno.
The agency seeks to re-establish all operations as quickly as possible and seeks to work with a new custodial partner. He also promised to stay on his cryptography class, keep on "building and shipping as we always have."
It's been a JUNO crash for the last few months.
The Platform Native Token Award – JUNO – performed very well in Q1 2022, hitting a historic high of more than $45 in March. The intensification of the bear market, however, played its part, and assets began to slide.
It lost almost 90% of its USD valuation within two months and continued its downward trend through the end of last year.
The troubling news about the company’s custody partner and the disabled crypto purchases have also negatively affected JUNO, which currently trades at around $1.13 (a 97% decline compared to the peak level).
