Cryptocurrency platform Juno has advised customers to use self-custody techniques due to “uncertainty” with its custodian partner.
Due to “uncertainty” with its partner, the cryptocurrency company Juno encouraged customers to withdraw their funds and deposit them in self-custody wallets or sell their holdings for cash.
The company intends to resolve the issues by hiring a new associate.
Juno stated that its custody partner has been having some issues in a recent Twitter conversation. As a result, the organization temporarily stopped allowing users to buy cryptocurrencies on its site and changed the stablecoins USDC, USDT, and mUSDC to USD automatically.
Additionally, as a safety precaution, it advised clients to remove their assets and place them in self-custody wallets. The company also said that if customers didn’t want to rely on non-custodial wallets, they could sell their hoard for fiat.
To prepare for a potential rush in transactions, Juno has boosted daily cryptocurrency withdrawal limits by five times for all “metal users” while announcing that other banking and card-related services continue to run smoothly.
Since the company informed clients of its proposal, the value of the crypto assets kept on the site has decreased to $1.25 million.
“We are actively reaching out to customers and asking them to self-custody,” Juno stated.
The organization is trying to work with a new custody partner in order to quickly resume its operations. Additionally, it promised to stick to its crypto course and “develop and ship like we always have.”
JUNO’s fall in recent months
JUNO, the platform’s native token, saw strong performance in the first quarter of 2022, reaching a record high of more than $45 in March. But the escalating bear market had a part, and the asset began to decline.
In just two months, it lost about 90% of its USD value, and it continued to decline through the end of the previous year.
JUNO, which presently trades at roughly $1.13 (a 97% decrease from the high level), has also been harmed by the unsettling news regarding the company’s custody partner and the restricted crypto purchases.
