Express
CEO of CoinFLEX Cancels Plans to Resume Withdrawals
Summary: Mark Lamb of CoinFLEX had previously announced that withdrawals would be initiated this Thursday, but that is now not the case. This update follows a suspension of all liquidations on the platform about a week ago. The withdrawal suspension was caused in the wake of CoinFLEX pausing amid "extreme market conditions" due to one insolvent ...
Mark Lamb of CoinFLEX had previously announced that withdrawals would be initiated this Thursday, but that is now not the case. This update follows a suspension of all liquidations on the platform about a week ago.
The withdrawal suspension was caused in the wake of CoinFLEX pausing amid "extreme market conditions" due to one insolvent $47 million account, and Lamb Tweeted that Rodger Ver owned this account.
Regarding unlocking users' funds, yesterday, Lamb said, "We will need more time. And it's unlikely that withdrawals will be re-enabled tomorrow."
To recover the $47 million lost, CoinFLEX plans to issue a token called Recovery Value USD, or rvUSD, which plans to lure investors with a 20% interest rate for holding to the token. Lamb said CoinFLEX's ability to pay that interest rate would come from recouping funds from Ver plus a "financing charge" that they have imposed on him.
Lamb said, "we don't know what's going to happen after if he doesn't repay or if he does repay. Our focus right now is on ... getting ... these funds raised."
In the meantime, until CoinFLEX or Ver can raise the cash, the investor's money will be stuck.
Author: Garrett Meifert
Tags: Bitcoin,Coinflex,mark lamb,Rodger ver
Link: CEO of CoinFLEX Cancels Plans to Resume Withdrawals [Copy]
