Summary: CoinFLEX announces “significant” layoffs amid an $84 million dispute with “Bitcoin Jesus,” Rodger Ver. CoinFLEX is the home of Crypto Yield and is committed to providing institutions and retail investors with an easily accessible platform to earn and trade cryptocurrencies. "We will monitor costs to ensure we operate as efficiently as possible and scale as ...

CoinFLEX announces “significant” layoffs amid an $84 million dispute with “Bitcoin Jesus,” Rodger Ver.

CoinFLEX is the home of Crypto Yield and is committed to providing institutions and retail investors with an easily accessible platform to earn and trade cryptocurrencies.

"We will monitor costs to ensure we operate as efficiently as possible and scale as volumes come back. The intention is to remain right-sized for any entity considering a potential acquisition of or partnership opportunity with CoinFLEX," co-founders Sudhu Arumugam and Mark Lamb said in a blog post.

Troubled crypto exchange CoinFLEX said on Friday that it needs to lay off a "significant number" of employees across different departments and regions in order to cut costs by 50-60% and focus on its core business. The remaining employees will primarily focus on products and technology, CoinFLEX said in a blog post after Friday.

CoinFLEX's job cuts come after the firm proposed a plan to compensate depositors and shore up its financial situation as it seeks to recover over $84 million in debt from the single huge client through legal proceedings. CoinFLEX initially prepared to deal with the company's liquidity crisis through arbitration in Hong Kong to recover losses.

In retrospect, one can see how CoinFLEX lied about its liquidity situation all along. It all started on June 18th when users were taking an unusually long time to process withdrawals. They claimed that the delay in processing withdrawals was due to a delay resulting from the recent increase in market activity.

CoinFLEX intends to offer locked and unlocked balance trading next week, which the company described as a “difficult market to price.” Zipmex has joined with Celsius, Voyager, CoinFLEX, Vauld, and Babel Finance in the crypto markets in frozen client funds. The process relies on legal and accounting procedures.

Additionally, CEO Mark Lamb is hosting a live streaming session with crypto influencer Hayden Otto on July 30 at 6 am. UTC.

Author: Garrett Meifert