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Cryptocurrency derivatives platform CoinFLEX has announced that a “significant number” of employees from various departments around the world have been laid off. This is stated on the company’s
Cryptocurrency derivatives platform CoinFLEX has announced that a “significant number” of employees from various departments around the world have been laid off. This is stated on the company’s blog.
“The personnel and non-personnel cuts we make will reduce costs by approximately 50-60%. “Most of the remaining team is focused on the products and technologies that form the backbone of our business.”
Platform representatives said they plan to monitor costs to operate efficiently and scale as volumes return.
On June 4, 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 launch 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.
In July, the firm applied to the Hong Kong International Arbitration Center to recover the debt from Vera.
Recall that on July 15, CoinFLEX announced the resumption of withdrawal of user funds in a limited mode.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
