CoinFlex, a popular Cryptocurrency exchange based in Seychelles, recently filed for restructuring in a local Court. This development manifested in line with the exchange’s effort to settle the debts incurred due to a counterparty’s failure to make a margin call. As reported, customers received an email containing information on its restructuring process from the exchange. The email revealed that CoinFlex intend to seek the approval of the court and depositors to further with its plan to provide depositors with rvUSD tokens, stock, and locked FLEX Coin.
The Chief Executive Officer of the exchange, Mark Lamb, revealed his excitement to welcome a group of new shareholders on board. According to Mark, CoinFlex remained pleased to emerge in a position whereby issues become resolved as soon as possible. This, according to him, tends to accelerates the refund of customers.
Worthy of note, CoinFlex runs one of the crypto firms affected by the persistent crypto winter. Last June, CoinFlex announced the suspension of withdrawals after a counterparty known as Bitcoin.Com, CEO of Roger Ver, refused to pay a margin call. The bear market affected several crypto firms, including lending service providers.
According to CoinFlex CEO, Ver maintains a long record of quick margin top-ups and fulfilling margin requirements. Mark noted that Ver was well aware of the situation. However, Ver has denied defaulting on any amount owed to CoinFlex. According to Ver, he owed the firm nothing.
Furthermore, as a measure to reduce expenditures, CoinFlex authorized a limited percentage of withdrawals. The exchange further dismissed a significant number of its employees in July. The exchange says the 60% cut down on expenditure fees remains important to focus and maintain its primary operation.
CoinFlex unveiled rvUSD
Similarly, CoinFlex disclosed the plan to unveil the recovery value USD, known as rvUSD, later in June. This manifests as a step toward resolving the difficulties as regards withdrawal. Additionally, the recent restructuring process filed by the firm is another step for it to safely overcome the crisis it is presently experiencing. CoinFlex filed the process to recover about $84 million from Roger Ver for failing a margin call. Also, relying on the result of a vote to be conducted, CoinFlex will put more portions available for withdrawal.
Additionally, the recent restructuring process filed by the firm is another step for it to safely overcome the crisis it is presently experiencing. CoinFlex filed the process to recover about $84 million from Roger Ver for failing a margin call. Also, relying on the result of a vote to be conducted, CoinFlex aims to put more portions available in place for withdrawal.
Roger Ver runs as a cryptocurrency investor who has been in the industry for over a decade. He invests in Bitcoin and also a promoter of Bitcoin-related startups. Ver is usually referred to as “Bitcoin Jesus.” He remains the founder of Bitcoin com and Blockchain.com. Ver net worth stands at $350millon.