Finblox shuts down due to inability to honor deposits, over $45 million in funds may have been moved

Foresight News reports, according to DL News, that the crypto yield platform Finblox, launched in 2021, shut down on July 7. Some clients have accused the platform’s founders, Peter Hoang and Dmitriy Paunin, of fraud, shifting jurisdictions to evade regulators, and attempting to repay previous depositors by raising new funds through token sales. Previously, Finblox had issued unsecured loans to Three Arrows Capital, but the amount lost in Three Arrows Capital’s default has not been disclosed. The platform’s token, FBX, has also dropped 99% from its peak.