This Is Why CoinFlex May Not Resume Crypto Withdrawals This Thursday
Crypto exchange, CoinFLEX might not lift the ban on user withdrawals just yet. The exchange had put a halt to crypto withdrawals last month and was supposedly ready to resume the withdrawals this week, Thursday. CEO Mark Lamb clarified that it is now supposed to be pushed for a later date. CoinFLEX is currently wobbling […]
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CoinFlex CEO Mark Lamb said more time was needed before the exchange can reopen its platform for user withdrawals. Crypto exchange CoinFlex is “unlikely” to resume withdrawals on Thursday, June 30 as it had originally hoped, according to its CEO Mark Lamb, as the company continues to search for buyers of its $47 million bad debt. Speaking to CNBC on Wednesday, Lamb said more time was needed before it could reopen the platform for withdrawals, stating: “We will need more time. And it’s unlikely that withdrawals will be re-enabled tomorrow.” The crypto exchange had been banking on a $47....
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....
Crypto Broker, Voyager, has decided to resume its cash withdrawals on its app. Users shall be able to make cash withdrawals from the application, this news comes after Voyager suspended trading, deposits, withdrawals and loyalty rewards for over a month. The cryptocurrency lender has panned to restart the customer access to withdrawals from August 11, […]
Since halting user withdrawals three weeks ago, CoinFLEX has announced plans to reclaim up to $84 million in owed funds. Cryptocurrency exchange CoinFLEX is partially reopening user withdrawals, raising cautious optimism that the company was gradually recovering from liquidity constraints that were triggered by a high-profile client default. Beginning at 5 am UTC on Friday, all CoinFLEX users will be able to withdraw up to 10% of their funds, the company said. All existing withdrawal requests will be canceled and returned to their respective accounts, giving users the ability to initiate....
“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....