CoinFLEX Offers Plan to Restructure Business and Reimburse Depositors

CoinFLEX, a cryptocurrency trading platform, is attempting to recover over $84 million in debt from a “big individual customer” and has put up a strategy to make amends to depositors and strengthen its financial position. After the individual’s account experienced a loss during June’s market volatility, which impacted the balances of the exchange’s customers, CoinFLEX banned withdrawals last month. Later, CEO Mark Lamb revealed that the person was well-known cryptocurrency investor Roger Ver, a claim Ver later refuted on social media. CoinFLEX Outlined Four Solutions In a blog post published on Friday, CoinFLEX outlined four solutions to address the imbalance between their “accessible assets and liabilities” caused by the individual who breached his contract with them. The exchange’s proposition, as stated in a post, is as follows: CoinFLEX will issue depositors’ recovery value USD (rvUSD) tokens, equity, and locked FLEX coins on a pro-rata basis. Depositors have the opportunity to endorse the new CoinFLEX structure and direction. There will be more distribution of the current balances accessible. Next week, “locked balances” marketplaces will be established and be open for trading. The exchange said it would hold a video session the following week to address queries from its users. Sudhu Arumugam and Mark Lamb, the company’s co-founders, also mentioned that they might talk about their plans to revive the platform next week on...