Cryptocurrency derivatives platform CoinFLEX did not proceed with withdrawals as planned. The company cited ongoing negotiations with investors.

On June 24, CoinFLEX temporarily closed asset withdrawals due to “extreme market conditions” and “counterparty uncertainty”. Then the company’s CEO, Mark Lamb, explained that the latter is not a Three Arrows Capital hedge fund or “any lender”.

CoinFLEX has also temporarily suspended trading of its own FLEX Coin token and perpetual swap contracts on the spot market. The company is expected to restore all functions on June 30.

The platform announced the Recovery Value USD (rvUSD) token with an annual yield of 20%. Through the sale of the asset, the firm plans to raise $47 million to pay off the “rich person’s” debt.

This customer turned out to be Roger Ver, the founder of Bitcoin.com. The company has sent a “Bitcoin-Jesus” default notice.

On June 30, Lamb announced that CoinFLEX will only be able to identify a “clear path for withdrawal” after the rvUSD token sale. According to him, talks with investors are ongoing and “commitments are increasing.”

“You will receive messages from us as updates become available. “The goal is to do everything we can to avoid withholding customer funds, and we are confident in our ability to resolve this issue.”

Recall that on June 13, major crypto lending platform Celsius suspended the withdrawal. The company came up with several ways to address the issue with a token recovery plan with BnkToTheFuture co-founder Simon Dixon.

But Georgetown University law professor Adam Levitin called Celsius’ bankruptcy almost inevitable.

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