CoinFLEX will continue withdrawals in a limited mode
- July 14, 2022
- 0
On July 15, cryptocurrency derivatives platform CoinFLEX will continue to withdraw user funds and place a cap of 10% of total deposits on related transactions. “We will make
On July 15, cryptocurrency derivatives platform CoinFLEX will continue to withdraw user funds and place a cap of 10% of total deposits on related transactions.
“We will make 10% of the assets in user balances ready to be withdrawn, with the exception of flexUSD, which cannot be withdrawn until further notice,” the company said in a statement.
The remaining 90% of assets will be blocked in client accounts. These funds will be shown on the balance sheet but cannot be used for any transactions with them.
On June 24, 2022, CoinFLEX suspended the withdrawal of user funds due to “extreme market conditions” and “counterparty uncertainty”. To address the emerging issues, the company announced the release of the Recovery Value USD (rvUSD) token.
Later, the head of the platform, Mark Lamb, said that the counterparty in question was Roger Ver, the founder of Bitcoin.com, who owed $47 million to CoinFLEX. Because Bitcoin-Jesus did not fulfill its obligations, the company sent him a notice. default.
Recall that in July CoinFLEX applied to the Hong Kong International Arbitration Center to recover the debt from Ver.
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