Luno is shutting down crypto 'savings' wallets – at less than 12 hours' notice
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Local crypto exchange Luno is shutting down its interest-bearing "savings wallets", literally overnight.
On Wednesday afternoon, it told customers it would move crypto assets in such savings wallets to safer "primary wallets" in the early hours of the morning.
When customers put bitcoin or ether in savings wallets, Luno lent it out to generate a return – with the risk of loss.
Last week its lending partner Genesis reportedly warned it could go bankrupt.
There "is no longer a sufficiently significant or stable market" in crypto to generate returns in a way it is comfortable with, Luno told customers.
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