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Usha Yadav
Jul 15, 2022
by Usha Yadav

Crypto Exchange CoinFLEX Limits Withdrawals to the Tune of 10%

CoinFLEX Withdrawals

Table of contents

  1. CoinFLEX Withdrawals Suspended
Three weeks after ceasing withdrawals, the troubled cryptocurrency exchange CoinFLEX announced on Thursday that it has chosen to resume withdrawals from its platform, albeit with rigorous conditions. Except for flexUSD, the exchange's interest-bearing stablecoin, which cannot be removed until further notice, users can now withdraw cash worth 10%, according to a blog post by the crypto exchange.

CoinFLEX Withdrawals Suspended

Last month, CoinFLEX ended all withdrawals from its system, blaming them on "extreme market conditions" and ongoing ambiguity around an unnamed counterparty. Late last month, CoinFLEX CEO Mark Lamb owed the exchange $47 million. After calculating Ver's final "substantial" losses in the exchange's native FLEX token, Lamb claimed that Ver owed more than $84 million. Ver has repeatedly refuted these assertions.

CoinFLEX CEO stated he was trying to turn a "problem into an opportunity" by releasing a new token to recover the $47 million deficiencies before concluding Ver's alleged unfulfilled margin call. In its update to users, CoinFLEX stated that it would cancel any outstanding withdrawals and return all cash to each user's account balances before lifting limitations.

Additionally, subaccounts utilized by users for trading futures and other activities will be merged into their primary accounts. The exchange stated that a portion of these accounts would experience negative equity due to the need to liquidate some open perpetual contract holdings when the FLEX/PERP price is revised. The exchange added that it was looking for a possible takeover from equity investors while working to find a solution to its problems with the prospect of facilitating future withdrawals. We can expect more information regarding its future move by the end of the following week.

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CoinFLEX Mark Lamb CoinFlex Withdrawals
Crypto Exchange CoinFLEX Limits Withdrawals to the Tune of 10%
Usha Yadav
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.

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