Coinflex takes legal steps to recover $ 84 million from a single customer

Coinflex takes legal steps to recover $ 84 million from a single customer

The Coinflex crypto exchange tries to reclaim $ 84 million from a single customer, and is in conversations with a different US exchange to recover a joint venture to revive your business.

According to the calculation of the final "significant" losses of the investor in the flex token of the stock exchange, the total amount owed by the investor has now almost doubled, the co-founders Sudhu Arumuguam and Mark Lamb in A Blog entry on Saturday.

"The person first asked us to liquidate his account for some time afterwards that he wanted to send considerable means to the stock exchange in order to accept the physical delivery of the futures positions," they wrote. "It is now clear to us that he wasted time and hoped for a market recovery that has never occurred."

The investor had cooperated and promised to pay or increase collateral to cover the shortfall, but that did not work, they added.

Coinflex has initiated an arbitration procedure in Hong Kong to reclaim the $ 84 million, "since the person was legally obliged to pay according to the agreement," they wrote. The legal proceedings are expected to take about a year before a judgment is made.

ver, who became known as the " Bitcoin Jesus "for his evangelization of the cryptoasset, he went into speculations on June 28 Debt towards a counterparty was in arrears Twitter claims that the company owes him something instead. He did not answer the request from Blockworks for comment until the editorial deadline. Last month he announced block works by telegram that he was standing behind his tweet and that his lawyers would soon make an explanation.

During the court procedure, Coinflex plans to obtain funds from investors in the form of stablecoin USDC. Inslets are also asked whether they want to help the company by "converting some of their deposits into equity".

The new token of the stock exchange - Recovery Value USD (RVUSD) - is used to improve liquidity in the original or modified format, said the co -founder. They also try to make 10 % of the credit available for lifting within a week.

The future value of the new token is based on the company's successful recovery of funds from ver three-page WhitePaper .

Coinflex, registered in 2019 on the Seychelles, is one derivate exchange that enables users to earn interest by holding their stablecoin flexus.

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The Coinflex contribution takes legal action to receive $ 84 million back from a single customer, is not a financial advice.