The cryptocurrency derivatives platform CoinFLEX announced layoffs of a “significant number” of employees across various departments worldwide. говорится in the company’s blog.
“The staff reductions and non-salary-related cost cuts we have made will reduce expenses by about 50-60%. The majority of the remaining team is focused on products and technologies that remain the core of our business,” CoinFLEX said.
Representatives said the platform plans to monitor costs to operate efficiently and scale as volumes return.
On 24 June 2022, CoinFLEX suspended user withdrawals due to “extreme market conditions” and “uncertainty regarding the counterparty.” To address the issues, the company announced the launch of the Recovery Value USD (rvUSD) token.
Later, Chief Executive Mark Lamb said that the mentioned counterparty is Bitcoin.com founder Roger Ver, who owes CoinFLEX $47 million. Since the “Bitcoin Jesus” failed to meet his obligations, the company sent him a notice of default.
In July, the firm approached the Hong Kong International Arbitration Centre to recover the debt from Ver.
Back on July 15, CoinFLEX CoinFLEX announced the resumption of withdrawals of user funds in a restricted mode.
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