Uncertainty Surrounds South African Crypto Platform’s Hopes For Fund Recovery
The trouble began in June 2023 when Revix restricted users’ access to 24% of their funds, attributing the decision to the abrupt withdrawal suspension by their South Korea-based custody partner.
By Anna B Kiwanuka
Revix, the South African cryptocurrency investment platform, is clinging to optimism as its custody partner, Haru Invest, proposes a phased asset recovery plan, potentially enabling users to regain access to their blocked funds. Despite this glimmer of hope, Sean Sanders, Revix’s CEO, remains cautious, stating that the completion timeline for this process remains uncertain.
The trouble began in June 2023 when Revix restricted users’ access to 24% of their funds, attributing the decision to the abrupt withdrawal suspension by their South Korea-based custody partner. While some have drawn parallels between Haru Invest and previous incidents like Celsius, Sanders emphasized that it’s premature to make such comparisons. He highlighted that details about what occurred at Haru Invest have yet to surface, although Haru’s public communication implies the intention to distribute held assets, suggesting potential value for users.
Sanders assured Revix’s commitment to closely monitoring the recovery efforts, prioritizing users’ interests by aiming for the highest possible value during the process. Additionally, the company has proactively engaged regulators, hoping that regulatory involvement will expedite the resolution of this complex situation. The fate of users’ funds remains uncertain, underscoring the challenges faced by both Revix and its customers in this ongoing crisis.