Crypto Exchange Coinflex limited payments and holds most assets closed

Crypto Exchange Coinflex limited payments and holds most assets closed

The competitive Coinflex crypto exchange said on Thursday that she decided to open withdrawal from her platform, albeit under greatly restricted conditions, three weeks after the possibility was set.

users can now withdraw their funds up to a height of 10 %, with the exception of FlexusD - the interest -bearing stable coin of the stock exchange - which cannot be withdrawn until further notice. said Coinflex .

The stock exchange is followed by a large number of other battered crypto companies, including lenders and stock exchanges, in their attempts to wade by the consequences of a liquidity crisis and extreme market volatility.

Last month, Coinflex suspended all payments from its platform, citing "extreme market conditions" and persistent uncertainty in relation to an unnamed counterparty for its reasoning. This counterparty was later referred to by the head of Coinflex as Roger Ver, formerly Bitcoin user and CEO of Bitcoin.com.

ver, sometimes also referred to as "Bitcoin Jesus", was accused by Mark Lamb, CEO of Coinflex, to have owed $ 47 million to the stock exchange at the end of the last month. Ver, who contested the claims to more than one account, was accused by Lamb about $ 84 million about $ 84 million after calculations by verse final "significant" losses in the native flex token of the stock exchange.

Before the final calculations of allegedly not fulfilled Margin Call were made, Lamb claimed that he had tried to transform a "problem into an opportunity" by issuing a new token in the hope of compensating for the short amount of $ 47 million.

Before the limits were lifted, Coinflex said in his update for the users that it would cancel all outstanding payments and repay all funds to their respective accounting stands.

"We sincerely apologize for the trauma that this situation of the Coinflex community has inflicted", according to the founders of the stock exchange wrote last week. "It is understandable that you will miss your frustration with us and continue to do so if you feel that we were not communicative enough. One of the main reasons for our lack of reaction in the past two weeks is that we have been looking for companies/partners who invest in Coinflex."

The sub -accounts of the users used to trade with derivatives and other activities are also transferred to their main accounts. Certain open permanent contractual items must be liquidated if the Flex/PerP price is updated, which means that a subset of these accounts falls into a negative equity, according to the stock exchange.

"In order to protect other creditors on the platform, we have to bring the balances and positions together in all sub -accounts with their respective main accounts," wrote Coinflex. Flexusd will no longer hold permanent short positions and therefore the owners will not “earn interest”.

The stock exchange also said that it will try to solve your problems with the future option, to enable further withdrawals, while looking for a possible takeover by equity investors. Further updates for how to proceed will be expected by the end of next week.

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The article Crypto Exchange Coinflex limits with -drawals, Keeps Most Assets Locked is not a financial advice.