Starting at 5 a.m. UTC on July 15, all CoinFLEX users will be able to withdraw up to 10% of their funds, the company said. All existing withdrawal requests will be canceled and returned to their respective accounts, giving users the ability to make new requests in line with the 10% limit.
The remaining 90% of user balances will be considered “locked funds” or funds that appear on their balance but cannot be withdrawn, traded, or used as collateral. The new guidelines apply to all assets except flexUSD, an interest-bearing stablecoin, which cannot be withdrawn until further notice, the company said.
CoinFLEX halted withdrawals on June 23 after a partner allegedly failed to meet a $47 million margin call. Crypto entrepreneur and Bitcoin Cash (BCH) proponent Roger Ver are rumored to be that partner, though he denies owing the company any money.
Subsequent estimates put CoinFLEX’s shortfall at $84 million — an amount the company hopes to obtain through arbitration in Hong Kong, its registered business jurisdiction.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
Visa's new metric finds that over 90% of stablecoin transaction volumes lack genuine user engagement.
Data from Coinglass has unveiled staggering figures of liquidated contracts, shaking both seasoned investors and…
Over 84% of the staked Sui token supply is controlled by the founders, raising centralization…
The Coinbase class action lawsuit, echoing a previous case against the exchange, accuses it of…
Tether's CEO, Paolo Ardoino, highlights discrepancies in the Bitfinex data breach, revealing that only a…
Bitfinex data leak allegedly by FSOCIETY includes 2.5TB of exchange data and 400K users' details.…
This website uses cookies.