CoinFLEX still hasn’t resumed withdrawals

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Cryptocurrency derivatives platform CoinFLEX has not resumed withdrawals as planned. In company referred on 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 clarified that the latter is not a Three Arrows Capital hedge fund or “any lending firm.”

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CoinFLEX has also temporarily suspended trading of its own FLEX Coin token in the spot market and perpetual swap contracts. The company 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 intends to raise $47 million to pay off the debt of the “wealthy person”.

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That client turned out to be Bitcoin.com founder Roger Ver. The company sent “Bitcoin-Jesus” notice of default.

On June 30, Lamb announced that CoinFLEX would only be able to determine a “clear path to withdrawals” after the rvUSD token sale. According to him, negotiations with investors are ongoing and “commitments are growing.”

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

On June 13, the major crypto lending platform Celsius suspended the withdrawal. The company came up with several avenues to solve the problem, with BnkToTheFuture co-founder Simon Dixon coming up with a token bailout plan.

However, Georgetown University law professor Adam Levitin called the bankruptcy of Celsius almost inevitable.

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Source: Cryptocurrency

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