Users have 10% of the assets on their balances available except for flexUSD

CoinFLEX exchange resumes withdrawals in limited mode

15.07.2022 - 11:00

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What’s new? On July 15, cryptocurrency exchange CoinFLEX resumed the withdrawal function for customers in a limited mode. Users have 10% of the assets on their balances available to withdraw except for flexUSD stablecoins, which will be frozen until further notice. The remaining 90% will not be available for withdrawal, trading, or use as collateral. Herewith, the assets will be displayed on users’ accounts, the exchange’s representatives said in a blog post.

CoinFLEX’s blog

CoinFLEX situation. On June 24, the exchange suspended withdrawals, citing “extreme market conditions.” CoinFLEX CEO Mark Lamb said that investor Roger Ver owed the platform 47 million in USDC stablecoins. The exchange later unveiled a recovery plan, under which it was supposed to issue rvUSD tokens for a similar amount.

However, on July 9, CoinFLEX appealed to the Hong Kong International Arbitration Center (HKIAC) to recover $84 million from Vera. The exchange’s co-founders pointed to an initially incorrect damage estimate that does not take FLEX tokens into account.

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