CoinFlex is “Unlikely” to Resume Withdrawals on Thursday, June 30

According to CEO Mark Lamb, CoinFlex is “unlikely” to resume withdrawals on Thursday, June 30, as initially planned because it is still looking for buyers for its $47 million in bad debt. In an interview with CNBC on Wednesday, Lamb stated that they required more time to use the platform for withdrawals. “We will need more time. And it’s unlikely that withdrawals will be re-enabled tomorrow.“ Cryptocurrency Exchange Recovery The cryptocurrency exchange had been counting on Recovery Value USD (rvUSD), a $47 million token offering that went live on Tuesday, June 28. After one of its accounts reached negative equity, the company decided to launch a token sale to dispose of its bad debt. The business expressed hope that withdrawals would resume as scheduled on Thursday, June 30 but acknowledged that it would depend on the token release being wholly subscribed. The company has not updated the amounts of subscribed tokens, although Lamb reported on Wednesday that CoinFlex is in talks with several sizable funds to settle the $47 million debt. CoinFlex Paused Withdrawals On June 23, the cryptocurrency investment platform stopped accepting withdrawals from users, citing “extreme market conditions” and “uncertainty regarding a certain counterparty.” It was later discovered that this resulted from a long-time CoinFlex customer’s account going into negative equity. Days later, “Bitcoin Jesus” Roger Ver was publicly accused by CoinFlex CEO...