CoinFLEX to resume withdrawals in restricted mode

On July 15, the cryptocurrency derivatives platform CoinFLEX resume withdrawals, implementing a limit on the relevant operations at 10% of total deposits.

“We will make 10% of assets on user balances available for withdrawal, with the exception of flexUSD, which cannot be withdrawn until further notice,” the company said.

The remaining 90% of assets will be blocked on clients’ accounts. These funds will appear on the balance, but remain unavailable for any operations with them.

On June 24, 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, platform head Mark Lamb said that the mentioned counterparty is the founder of Bitcoin.com, Roger Ver, who owed CoinFLEX $47 million. Since “Bitcoin Jesus” failed to meet his obligations, the company sent him a notice of default.

Earlier, in July CoinFLEX approached the Hong Kong International Arbitration Centre to recover the debt from Vera.

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