Surprise. CoinFlex CEO Mark Lamb says it's not looking like they’re going to be able to resume user withdrawals as they had originally planned for on Thursday.
Crypto exchange CoinFlex is “unlikely” to resume withdrawals on Thursday, June 30 as it had originally hoped, according to its CEO Mark Lamb, as the company continues to search for buyers of its $47 million bad debt.more time was needed before it could reopen the platform for withdrawals, stating:The crypto exchange had been banking on alaunched on Tuesday, June 28 which is known as Recovery Value USD .
In a statement on Tuesday, the company said it hoped withdrawals could restart as previously planned for Thursday, June 30, but admitted it would be subject to the token issuance being fully subscribed. The company has not given any updates as to how many tokens have been subscribed to date, but Lamb noted on Wednesday that CoinFlex is in talks with several large funds to buy up the $47 million debt.to MarketWatch, Lamb said it has been making “significant progress” on its token sale amongst distressed debt funds, existing customers and investors, adding that tens of millions of dollars in “soft commitments” have emerged.
The crypto investment platform halted user withdrawals on Thursday, June 23 citing “extreme market conditions” and “uncertainty around a certain counterparty,” which was later revealed to be the result of a long-time customer of CoinFlex’s account that went into negative equity.the finger at “Bitcoin Jesus” Roger Ver on Twitter, claiming that Ver owes the company $47 million USDC after allowing his account to go into negative equity.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Roger Ver Owes CoinFLEX $47 Million: CEOProminent Bitcoin entrepreneur and convinced felon Roger Ver has been served with a notice of default by CoinFLEX
Read more »
CoinFLEX CEO accuses investor Roger Ver of defaulting on $47 million loanThe CEO of CoinFLEX has accused one of the company's investors, Roger Ver, of defaulting on a $47 million loan. Ver denies it.
Read more »
Crypto exchange CoinFlex won't lift withdrawal freeze yet, despite ‘significant progress’ in rescue token fundraising, CEO saysCrypto exchange CoinFlex, which has halted user withdrawals since June 23, will not lift the freeze on Thursday as originally planned, CEO Mark Lamb says.
Read more »
Exclusive: BitDegree CEO says traditional finance ‘won’t exist’ without cryptocurrencyIn an exclusive interview with Finbold, Danielius Stasiulis, the CEO of BitDegree, outlined how the cryptocurrency sector and the financial... Continue reading
Read more »
Elon Musk & Tesla Have Influenced Soaring CEO PayThis article describes how Tesla CEO Elon Musk's personal pay negotiations have served as a trend for global CEO pay.
Read more »
Exxon CEO: All New Cars Electric by 2040 — What That Actually MeansOnce upon a time, all new car sales being electric by 2040 was a bold prediction. In fact, many countries still have a much more pessimistic target. However, anybody following the sector somewhat closely knows
Read more »