Crypto company CoinFlex will allow customers to withdraw some of their funds. It makes me think that the company is gradually recovering from liquidity constraints caused by large customer defaults.
According to the company, all CoinFlex users can withdraw 10% of their funds, with all previously existing withdrawal requests canceled and returned to their accounts. Allows users to initiate new requests up to the 10% limit.
The balance of 90% of user funds is considered “Locked funds,” where money appears in the user’s balance but cannot be withdrawn, traded, or used as collateral.
“The new guidelines will apply to all assets except Flex USD, the interest-bearing stablecoin, which “cannot be withdrawn until further notice,” the company said
Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.
— Mark Lamb 💪 (@MarkDavidLamb) June 28, 2022
CoinFlex halted withdrawals on June 23 after counterparties failed to settle $47 million in collateral, with subsequent disclosures by Roger Ver as a counterparty, although he later refused.
“Not only I do not owe this contract, But this party owes me a lot, and now I am looking for a way to get my money back,” Ver tweeted on June 28.
