crypto bankruptcy Nuri

Crypto bank Nuri to shut down, asks customers to withdraw funds

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German crypto bank Nuri (formerly known as Bitwala) has asked customers to withdraw their funds by Dec. 18 so that the “business can be terminated and liquidated.”

See related article: 3 reasons crypto will spring back after Crypto Winter

Fast facts

  • Trading will be open until the end of November.
  • “During the preliminary insolvency proceedings, we have worked very closely with our insolvency administrators on a restructuring plan in the past three months and tried to find a potential acquirer to continue our story. Unfortunately, we have not been able to find investors,” Chief Executive Officer Kristina Walcker-Mayer said in a blog post.  
  • Several bankruptcy headlines represented the crypto industry after the multibillion-dollar collapse of the Terra-LUNA stablecoin project in May. 
  • Nasdaq-listed Eqonex Ltd. shut its crypto exchange in Singapore while major exchanges like Coinbase reduced headcounts. 

See related article: Crypto winter may be just what DeFi needs to grow and thrive

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