{"id":63566,"date":"2022-06-28T10:21:43","date_gmt":"2022-06-28T07:21:43","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=63566"},"modified":"2025-09-06T09:41:59","modified_gmt":"2025-09-06T06:41:59","slug":"coinflex-to-launch-47-million-token-sale-to-resume-customer-withdrawals","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/coinflex-to-launch-47-million-token-sale-to-resume-customer-withdrawals\/","title":{"rendered":"CoinFLEX to launch $47 million token sale to resume customer withdrawals"},"content":{"rendered":"<p>The cryptocurrency derivatives platform CoinFLEX will launch the Recovery Value USD (rvUSD) token. With it, the company aims to settle the debt of a certain affluent private client and resume user withdrawals.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">Hi everyone, we\u2019re sharing our latest update on plans for re-enabling withdrawals on the platform \ud83d\udc47<a href=\\\"https:\/\/t.co\/34brwoDYuL\\\">https:\/\/t.co\/34brwoDYuL<\/a><\/p>\n<p>\u2014 CoinFLEX (@CoinFLEXdotcom) <a href=\\\"https:\/\/twitter.com\/CoinFLEXdotcom\/status\/1541543358581116931?ref_src=twsrc%5Etfw\\\">June 27, 2022<\/a><\/p><\/blockquote>\n<p> <script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201crvUSD \u2014 a token issued by Liquidity Technologies Ltd. (\u2018CoinFLEX\u2019). It is linked to an outstanding debt of a certain affluent individual to CoinFLEX,\u201d says the company\u2019s published technical document.<\/p>\n<\/blockquote>\n<p>On June 24 the platform <a href=\"https:\/\/forklog.com\/en\/news\/coinflex-suspends-withdrawals-and-trading-of-its-own-token\">suspended<\/a> withdrawals due to \u201cextreme market conditions\u201d and \u201cuncertainty regarding the counterparty.\u201d At that time, the head of the company Mark Lamb stressed that the latter is not a hedge fund Three Arrows Capital (3AC) or \u201cany lending firm\u201d.<\/p>\n<p>On June 27, Lamb said the company had run into trouble due to a \u201clongstanding\u201d client to whom it had issued a loan on unusual terms. There is no liquidation price on his position \u2014 in return he provides liquidity to the platform. However, amid the crisis his position has become unprofitable.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p>\u201cWe want to emphasise that this person is a highly intelligent individual with substantial means, experiencing temporary liquidity problems due to the credit (and price) crisis in crypto and traditional markets. This person holds significant stakes in several private \u2018unicorns\u2019 and a large portfolio of securities,\u201d Lamb wrote.<\/p>\n<\/blockquote>\n<p>Through the issue of rvUSD the platform intends to cover the client\u2019s debt obligations and resume withdrawals. The company will issue 47 million tokens at a price of 1 USDC.<\/p>\n<p>Experienced investors may participate in the token sale, except US residents. Applicants must have an annual income of at least $200 000 and a net worth of $1 million.<\/p>\n<p>The minimum subscription size will be 100 000 USDC.\u00a0<\/p>\n<p>To attract participants to the token sale, the platform set an annual yield on the instrument at 20%. CoinFLEX\u2019s treasury also allocated 2.5 million FLEX (~$2.67 million at the rate at the time of writing) \u2014 after repaying the whale\u2019s debt, the coins will be distributed among rvUSD holders.<\/p>\n<p>The company plans to resume withdrawals on June 30.<\/p>\n<p>Voyager Digital, the crypto broker, sent a <a href=\"https:\/\/forklog.com\/en\/news\/voyager-digital-issues-default-notice-to-3ac\">default notice<\/a> to hedge fund 3AC over a missed loan payment.<\/p>\n<p>Read ForkLog\u2019s Bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency derivatives platform CoinFLEX will launch the Recovery Value USD (rvUSD) token. With it, the company aims to settle the debt of a certain affluent private client and resume user withdrawals.<\/p>\n","protected":false},"author":1,"featured_media":63567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[2318,596],"class_list":["post-63566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-coinflex","tag-tokens"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=63566"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63566\/revisions"}],"predecessor-version":[{"id":63568,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/63566\/revisions\/63568"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/63567"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=63566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=63566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=63566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}