CoinFLEX to begin arbitration for $84 million recovery and open limited withd...
CoinFLEX is moving quickly to retrieve as much liquidity as it can from a debacle that has left it $84 million short due to a delinquent account held by an unnamed whale. Crypto investment platform CoinFLEX is moving forward with its plan to reclaim $84 million in funds by starting arbitration procedures in Hong Kong against an individual account holder.Co-Founders Sudhu Arumugam and Mark Lamb acknowledged in their July 9 announcement that the judgment would provide access to the individual’s “worldwide assets” and that their lawyers were “very confident” they could enforce the award. “We....
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PRESS RELEASE. Since early August, CoinFLEX has seen a tremendous increase in trading activity, climbing to a staggering high of $3 billion USD daily trading volume with Open Interest over $200 million dollars. The increase in trading volumes and market liquidity are indications of CoinFLEX’s rapid adoption. CoinFLEX’s repo volume has also seen a significant increase, with total trading volumes surpassing $120 billion. The repo market is vital to the CoinFLEX ecosystem as its profits fuel flexUSD’s competitive APRs. On CoinFLEX and other futures exchanges, futures....
The crypto lender issued a no-liquidation account to an unnamed whale on the condition that the account would never go negative, but that plan has backfired. Crypto investment platform CoinFLEX aims to rectify its liquidity shortage and restart user withdrawals by selling off bad debt through a new $47 million token offering.The new token is known as Recovery Value USD (rvUSD) and will be worth $1 each. It is designed to help CoinFLEX recover $47 million in losses incurred by an account that was allowed to reach negative equity without being liquidated. It will be issued from June 28....
Not mentioning CoinFLEX by name, Roger Ver said he had not “defaulted on a debt to a counter-party,” and alleged the platform owed him “a substantial sum of money.” Roger Ver, an early Bitcoin investor and Bitcoin Cash proponent, has pushed against claims from crypto investment platform CoinFLEX regarding an alleged $47-million debt.In a Tuesday tweet, Ver — not mentioning CoinFLEX by name — said he had not “defaulted on a debt to a counter-party,” and alleged the crypto firm owed him “a substantial sum of money.” The denial followed rumors on social media that the BCH proponent was....
In a revelation brought to light by an account on X (formerly Twitter) under the name “CoinFLEX Real,” allegations have emerged indicating that the founder of CoinFLEX, a derivatives exchange based in Hong Kong, along with their partners at Three Arrows Capital (3AC), have allegedly engaged in the misappropriation of creditor assets for personal gain. […]
“The intention is to remain right-sized for any entity considering a potential acquisition of or partnership opportunity with CoinFLEX,” said the exchange. Cryptocurrency exchange CoinFLEX said it had downsized a “significant number” of team members in an effort to cut operating costs.According to a Friday blog post, CoinFLEX said it had cut some staff across “all departments and geographies” as part of measures to reduce the company’s costs by 50% to 60%. The majority of the remaining team members will focus on product and technology, and the exchange said it would consider scaling as....