CoinFlex backtracks on resuming withdrawals CoinFlex backtracks on resuming withdrawals
Mark Lamb revealed that the exchange is currently in talks with several investment funds to buy its new Recovery Value USD (rvUSD) token.
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Updated: Jun. 30, 2022 at 12:57 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
CoinFlex will likely not resume withdrawals for its users on June 30, CNBC reported, citing the exchange’s CEO Mark Lamb.
Lamb said that the crypto derivatives exchange would not be resuming withdrawals on June 30 and needs more time, according to the report.
According to Lamb,
We will need more time. And it’s unlikely that withdrawals will be re-enabled tomorrow.
He continued that the exchange is currently in talks with several investment funds that want to buy the new Recovery Value USD (rvUSD) token it is offering to clear its debt.
CryptoSlate reached out to Mark Lamb for comments but did not get a response as of press time.
CoinFlex had paused withdrawals due to liquidity issues, with its CEO revealing that a high net worth investor owes the exchange $47 million — the investor was later outed to be ‘Bitcoin Jesus’ Roger Ver.
According to Lamb, Ver failed to pay $47 million USDC as part of a margin call. While this should normally result in liquidating the investor’s account, CoinFlex claimed the investor had an agreement with the exchange that prevented such liquidation.
Meanwhile, Ver has denied owing the exchange and said it is the exchange that owes him — a claim rejected by the exchange.
CoinFlex has served Ver a notice of default.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Roger Keith Ver, born on 27 January 1979, stands out as an early Bitcoin investor and staunch promoter of Bitcoin-related startups.