The cryptocurrency derivatives platform CoinFLEX has demanded Blockchain.com return 3 million FLEX tokens (~$4.5 million), allegedly lent in 2022. Decrypt reports.
The exchange operator and wallet-services provider called the claim ‘completely false’.
The report cites a notice in its possession from the Singaporean law firm Nine Yards Chambers, which represents CoinFLEX’s interests.
According to the document, Blockchain.com must confirm by March 7, 2023 its readiness to settle the debt and, by March 21, to transfer the funds. Otherwise, the lawyers threatened to file suit seeking payment of the amount, interest, and costs.
The matter concerns four loans, allegedly issued from March to June last year.
As of this writing, the FLEX price is around $1.50. In May–June 2022, quotes neared $5.
Blockchain.com, for its part, stressed that CoinFLEX did not provide any evidence, documents, or on-chain data to support its claims.
\”CoinFLEX’s claim is a completely baseless fabrication by an insolvent company, which is currently facing lawsuits from its clients seeking to wind it up. In fact, it is they who owe us for the services provided, and we will soon demand payment,\” said the Luxembourg-registered firm.
In August 2022, CoinFLEX filed a restructuring request in the Seychelles Court. The platform aimed to raise $84 million to repay the debt.
Blockchain.com is among the creditors in the bankruptcy proceedings of hedge fund Three Arrows Capital. The company loaned the fund $270 million.
Earlier, in June 2022, CoinFLEX sent a default notice to Roger Ver, founder of Bitcoin.com, who owed the platform $47 million. In July, the company turned to a Hong Kong arbitration to recover from ‘Bitcoin Jesus’ the amended amount of the claim for $84 million.