Crypto Exchange CoinFlex

Crypto Exchange CoinFlex not likely to Resume Withdrawals on Thursday

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The bad news for cryptocurrency investors is that Bitcoin and others are in free fall.

Last week on 23rd June, the cryptocurrency exchange halted withdrawals by the customers due to extreme market conditions. The withdrawals were supposed to resume this week.

The authorities of cryptocurrency exchange CoinFlex also announced earlier that customers would be able to withdraw money again from Thursday. But now, it seems less likely.

The CEO, Mark Lamb, made the latest announcement in this regard on Wednesday. He said that the company needs some more time to resume withdrawal operations.

Lamb also added that the company is trying to sell out $47 million, which is in debt and owed by the investor Roger Ver, CEO of Bitcoin.com. This investor was once called ‘Bitcoin Jesus.’ Roger Ver denied the allegations and said that he did not owe CoinFlex any money. He also did a tweet on this issue.

To cover up the gap of $47 million, the company has issued a rescue token. This token is known as Recovery Value USD or rvUSD. CoinFlex is trying to attract investors by offering a 20% interest rate.

CEO Lamb also said that not only crypto-based investors but also traditional money investors are showing interest in the proposal. The fundraising efforts are likely to continue till Friday. But Lamb did not reveal the number of tokens subscribed to date.

CoinFlex has suffered a lot due to the cryptocurrency price crash. Even the strongest Bitcoin faced losses.

CoinFlex vs. Roger Ver:

The tussle between Lamb and Ver is the latest on the cards in the cryptocurrency market.

CoinFlex prefers to resolve the matter through talks. However, this week the company has sent a defaulter notice to Ver.

An agreement between the company and Ver says that Ver should meet the margin call. A margin call means that the investor has to deposit additional funds to cover up for the losses incurred in the trade he did with the borrowed money. In case Ver fails to do so, his position will not be liquidated automatically.

After the Ver’s matter, the company is planning not to have such agreements in the future.
CoinFlex will update the customers and the market about its fundraising status on Thursday.

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