Crypto Trading Platform Shuts Down: Users Urged to Withdraw Funds

Another trading platform has announced that it is closing its operations, closing all open positions.

ZKX, a trading platform built on Starknet, has announced its closure and is urging users to withdraw their funds before the end of August.

The platform has delisted all markets, closed open positions, and is facilitating the return of funds to users’ accounts. Users can transfer their assets from their self-custodial wallets on Starknet back to Layer 1 through a provided bridge.

Founder Eduard Jubany Tur cited financial difficulties and low user engagement as primary reasons for the shutdown. The platform’s trading volume had dwindled, and its token’s value plummeted by 97% from its peak.

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ZKX had previously raised $7.6 million from high-profile investors, but economic pressures and a lack of sustained interest led to its demise.

As part of the wind-down process, users are advised to claim any pending STRK rewards and withdraw their funds before the platform’s final day of operation.

The closure highlights the volatile nature of the crypto market, where even well-funded projects can struggle to maintain momentum and financial stability. The ZKX experience underscores the challenges faced by new crypto ventures in balancing growth, user engagement, and economic sustainability.

Alexander Stefanov