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Jul 23, 2022
by Usha Yadav
CoinFLEX Offers Plan to Restructure Business and Reimburse Depositors
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CoinFLEX, a cryptocurrency trading platform, is attempting to recover over $84 million in debt from a "big individual customer" and has put up a strategy to make amends to depositors and strengthen its financial position. After the individual's account experienced a loss during June's market volatility, which impacted the balances of the exchange's customers, CoinFLEX banned withdrawals last month. Later, CEO Mark Lamb revealed that the person was well-known cryptocurrency investor Roger Ver, a claim Ver later refuted on social media.
CoinFLEX Outlined Four Solutions
In a blog post published on Friday, CoinFLEX outlined four solutions to address the imbalance between their "accessible assets and liabilities" caused by the individual who breached his contract with them. The exchange's proposition, as stated in a post, is as follows:
The exchange said it would hold a video session the following week to address queries from its users. Sudhu Arumugam and Mark Lamb, the company's co-founders, also mentioned that they might talk about their plans to revive the platform next week on YouTube or a podcast.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.