Chinese crypto investors are facing problems withdrawing their funds as well as service interruptions in crypto exchanges. Some activists have even called for the withdrawal of all their funds stored on these platforms as well as the closure of their accounts, Chinese journalist Colin Wu has reported.
Based on the data provided by Cryptoquant, Wu believes a large number of users have taken advantage of the collapse in the price of Ethereum in order to buy the crypto and transfer it to decentralized exchanges (DEXs) for use in token farming. It looks like the amount of Ethereum funds stored in decentralized exchanges is decreasing significantly.
The expert also says centralized exchanges have responded to this campaign of withdrawing funds and closing accounts by listing DeFi tokens.
On January 3 last year, a global campaign was carried out in which users were asked to withdraw their funds from crypto exchanges. As a result, a number of problems were identified on many important trading platforms.
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