Crypto exchange CoinFLEX has begun the process of recovering $84 million in customer losses in Hong Kong, according to the company.said in a blog post.
The company paused withdrawals last month after CoinFLEX CEO Mark Lamb said investor Roger Ver defaulted on a $47 million loan in USDC. Ver also wrote on Twitter. that the rumor that he defaulted on the loan was false.
According to CoinFlex, the deficit was larger than expected. This is due to the costs associated with the slippage cost of enforcing the sale of counterparty collateral tied to the company’s original token.
Lamb and Sudhu Arumugam, co-founders of CoinFLEX, said in a blog post today: after the sale of collateral “There is still a significant deficit of about $84 million, so we have taken steps to recover this amount of debt,” said the original estimate of $47 million that we communicated did not include the $47 million loss. important in closing his important FLEX coin position.”
meanwhile The company is looking to raise capital from new investors. to be able to withdraw money again The post added that CoinFLEX is looking to make 10% of the customer’s balance available for withdrawal within a week.
The post CoinFLEX Concludes $84 Million Recovery Plan, It Will Open Up Funding From New Investors Appears first on Bitcoin Addict.