The platform, headquartered in the Seychelles, has become one of the latest victims of the crisis that has engulfed the sector over the past year.

This is bad news that the cryptocurrency industry could have done without.

The latest episode suggests that the very difficult period that the young blockchain-based financial services industry is going through is far from over.

Cryptocurrency exchange Huobi has just announced a 20 percent reduction in its workforce as part of an overall cost-cutting move to cope with falling cryptocurrency prices.

Given the current state of the bear market, there will be a very weak team going forward.