Institutional lockout — exchange custody (2025)

A mid-tier centralised exchange that had operated since 2020 and served primarily users in Latin America announced a suspension of all withdrawal services in March 2025, citing 'operational restructuring.' The platform had approximately 30,000 active users with an estimated $40 million in assets under custody. Social media accounts went largely silent after the initial announcement. The pattern—withdrawal suspension, communication gaps, and prolonged silence—was consistent with prior exit scenarios observed in earlier exchange collapses. Users who attempted to contact support received automated responses only. By mid-2025 there had been no regulatory filing or court proceeding to provide a formal recovery mechanism.