CoinFlex CEO: Recovering withdrawals may take longer than expected
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Answer CoinFlex CEO: Recovering withdrawals may take longer than expected
Crypto derivatives trading platform CoinFlex is unlikely to restore its withdrawal services any time soon, which was confirmed by CEO Mark Lamb on Thursday.
Speaking to CNBCLamb explained that the company will need more time to fix the liquidity crisis arising from negative equity of $47 million for user Roger Ver, whose news we previously talked about earlier on Arab Bitcoin.
On June 23, CoinFlex temporarily suspended withdrawals and trading of the FLEX Coin cryptocurrency.
As for the suspension of its services, CoinFlex explained the reason for this with the following clarification:
Harsh market conditions and uncertainty involving third parties cause us to suspend withdrawals until further notice.
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Launch of the digital currency “rvUSD”:
In an update on June 27, Lamb detailed the issues facing the CoinFlex exchange and steps being taken to address the situation.
He declared:
As a solution to re-enable withdrawals, CoinFLEX plans to monetize this personal guarantee by creating a corresponding liability in the form of a digital token called Recovery Value USD (“rvUSD”).
As we have already mentioned, the user concerned with default is the famous “Roger Ver” in the crypto community, who is behind the promotion of the Bitcoin Cash project.
Roger Ver denied the accusations, but the CoinFlex CEO responded with a series of tweets in which he explained that the trading platform had a written contract with Roger Ver, and had informed him of the default notice earlier.
CoinFlex focuses on solving the problem:
In an interview with CNBC, Lamb explained that his focus now is to raise funds and recover withdrawals.
Lamb added:
The good news is that the number of players who have reached out to those interested in this debt offer is doing very well.
Read:Grayscale Ethereum investment fund resumes and 12 more funds are registered
The new rvUSD stablecoin redemption scheme is available to high-income and high-net-income investors from non-US jurisdictions, and promises an interest rate of 20%.
Expressing confidence that recovery will take place, Lamb said CoinFlex will benefit from the refund from Roger Ver on top of the funding fees charged to him to pay the interest on rvUSD.
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