The company refers to negotiations with investors interested in buying the Recovery Value USD (rvUSD) token

Crypto exchange CoinFLEX postponed the resumption of withdrawals

01.07.2022 - 13:20

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1 min

What’s new? Cryptocurrency exchange CoinFLEX has postponed the resumption of customer withdrawals from the platform. The company cites ongoing negotiations with investors interested in buying the Recovery Value USD (rvUSD) token. CoinFLEX CEO Mark Lamb said that the company will present a plan to withdraw assets once the token sale is completed.

CoinFLEX’s blog

CoinFLEX situation. The exchange suspended withdrawals on June 24, citing “extreme market conditions” and problems with an unnamed counterparty. CoinFLEX later unveiled a plan to restore the platform, involving the issuance of new tokens, rvUSD, with a 20% annual return. A total of 47 million tokens will be issued at $1 USDC — Mark Lamb previously said that one of CoinFLEX’s investors, Roger Ver, owed the exchange exactly that amount.

Lamb promised to keep customers informed as updates are made and added that the platform would do everything possible to avoid losing their funds. He noted that he remained confident in the company’s ability to resolve the problem.

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