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CoinFLEX Proposes Plan to Compensate Depositors
Summary: According to a blog post published on Friday by CoinFLEX, the crypto exchange plans to offer compensation to depositors in the form of equity in the company and newly issued FLEX Coins. CoinFLEX suspended withdrawals last month amid a period of "extreme volatility" for the markets. The company seeks to recover more than $84M in ...
According to a blog post published on Friday by CoinFLEX, the crypto exchange plans to offer compensation to depositors in the form of equity in the company and newly issued FLEX Coins. CoinFLEX suspended withdrawals last month amid a period of "extreme volatility" for the markets. The company seeks to recover more than $84M in debt from a "large individual customer."
CoinFLEX's CEO Mark Lamb has said that the "individual" cause was Bitcoin Cash investor Roger Ver, but Ver denied that claim on social media.
The plan posted by CoinFLEX includes giving depositors rights to approve different decisions made by the exchange, the creation of "locked markets" (next week), and the company issuing recovery value USD (rvUSD) tokens to compensate users. CoinFLEX's plan isn't yet finalized, as it needs voting from depositors.
Co-founders of the platform (Sudhu Arumugam and Mark Lamb) also announced they would discuss their vision for CoinFLEX in a YouTube podcast that will take place next week.
Author: Garrett Meifert
Tags: Bitcoin Cash,Coinflex,FLEXcoin,mark lamb,Rodger ver
Link: CoinFLEX Proposes Plan to Compensate Depositors [Copy]
