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Dutch Cryptocurrency Exchange Bitvavo Unable to Access 280M Euros Held at DCG

Dutch cryptocurrency exchange Bitvavo said it can’t access 280 million euros ($297 million) held at Digital Currency Group, according to a company blog post. Bitvavo also said the U.S.-based Digital Currency Group, or DCG, is “experiencing liquidity problems” and has therefore “suspended repayments” until the issue is resolved. The Dutch firm had been using DCG to “offer off-chain staking services to its clients,” but the company said the frozen funds would not impact its platform.

The announcement counts as one more ripple effect caused by the catastrophic collapse of FTX, a cryptocurrency exchange now undergoing bankruptcy proceedings and under investigation by U.S. authorities. 

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