CoinFlex Mints $14 Million FLEX, Token Price Soars Over 90% After GTX News

Key Points:

• CoinFlex minted approximately $14 million in FLEX tokens since the announcement of the partnership with the two founders of Three Arrows Capital on the new project “GTX.”
• The GTX crypto exchange project could drive FLEX’s 93% increase in the past 24 hours.
• Currently, FLEX moves from SLP and SmartBCH to ERC20 for users withdrawing funds on ERC20.

Coinflex exchange token FLEX has been minted in recent days. As of January 26, approximately $14 million in FLEX have been minted. The exchange’s token has grown continuously by more than 90% since the news of the GTX project with the cooperation of CoinFlex and the two founders of Three Arrows Capital successfully raising $25 million.

According to the Wu Blockchain news site update, the Coinflex exchange FLEX token has been minted in recent days. Since January 26, about $14 million FLEX has been minted. It was then transferred to about 40 addresses, some of which sold these tokens on-chain.

Coinflex CEO Mark Lamb tweeted that this is similar to USDC-SOL’s on-chain exchange moving to USDC-ERC20. In this case, involved in user withdrawals on ERC20 is the transfer of FLEX from SLP and SmartBCH to ERC20.

In addition, FLEX is a SAFU (Safe Asset Fund for Users), and the supply is fixed at 100 million. The process is public and transparent on-chain, and FLEX tokens are not minted secretly.

As was updated in the article on the same day by Coincu News, the founder of Bitmex, Arthur Hayes, said that the new crypto exchange project GTX has the cooperation of CoinFlex and two founders of a non-existent crypto hedge fund, Three Arrows Capital, completed a $25 million fundraiser.

The GTX project is receiving mixed reviews from the crypto community because of the flaw in its original idea: “the idea is to allow people to trade on the platform by promising to fund from another platform that is in the process of bankruptcy?”

However, the completion of the funding may have become the driving force that caused the FLEX token to skyrocket more than 90% in the last 24 hours and increase 30 times since the announcement of the GTX project.

Is this project feasible while the two project developers are going through a challenging year? CoinFlex is currently restructuring the company, and while Three Arrows Capital is no longer present, the hedge fund founders are also accused of evading responsibility for the failure.

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