Gopax temporarily suspends redemption of ‘GoFi’ investment… “Normal within 6 weeks”

Redemption of investment in the ‘GoFi’ deposit service from the virtual asset exchange GoPax has been temporarily suspended.

Gopax announced on the 23rd that interest payments on the 128th, 131st, 133rd, and 135th GoFi products will be delayed. This is because virtual asset financial service company Genesis, a GoFi service partner, has temporarily stopped withdrawing funds due to financial losses following the FTX bankruptcy.

As Genesis stopped withdrawals on the 16th, among the GoFi products, the ‘free type’, which allows deposits and withdrawals without a recruitment and deposit period, was already affected and the investment was not repaid. In addition, a ‘fixed type’ product where the principal and interest income is paid on the maturity date is also being provided in collaboration with Genesis, so it will be difficult to repay the investment for the time being even after for the maturity date to arrive. in the future.

Gopax announced that it is in ongoing communication with Genesis and its parent company, Digital Currency Group (DCG), for a full refund of GoFi investors’ assets.

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He also added that the world’s largest blockchain infrastructure company has signed a letter of intent for investment as part of a collaboration including liquidity supply. Both companies are conducting due diligence on Gopax with the aim of normalizing the GoFi service within six weeks.

Apart from the suspension of GoFi investment redemptions, it was clarified that Gopax users’ deposits are not affected by this situation as they are stored separately. Gopax holds 101.5% of user deposit assets and adds that deposits and withdrawals are possible at any time.

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