Today, the troubled cryptocurrency exchange Coin FLEX reopened withdrawals, allowing users to withdraw 10% of their balance.
Customers can now withdraw up to 10% of their balance, excluding flexUSD, according to Coin FLEX.
The company also mentioned possible recovery strategies such as additional withdrawals, new equity investors, and an acquisition.
The insolvency of Coin FLEX is the result of a dispute with Bitcoin advocate Roger Ver, who allegedly owes the company $47 million.
Customers can withdraw 10% of their balance
It will now allow deposit and withdraw a portion of their funds after three weeks of service suspension.
According to the company, it will “enable limited withdrawals for all users this week.” Customers will be able to withdraw 10% of their balances, excluding flexUSD, which will remain frozen. Coin FLEX also stated that it will “work with a laser focus on recovery plans” in order to reclaim its solvency.
It mentioned the possibility of additional withdrawals, new equity investors, and a company acquisition. These possibilities are in line with plans announced on July 9.
According to that update, Coin FLEX is attempting to raise funds from new investors by seeking depositors willing to convert their deposits into equity and raising funds through its Recovery USD (rvUSD) token.
Negotiation is sought by Coin FLEX
Due to issues with an unnamed counterparty, Coin FLEX suspended customer withdrawals on June 23. The firm had planned to reopen withdrawals by June 30.
That deadline passed, and the company did not reopen withdrawals. Rather, the company’s problems grew worse: on June 28, it claimed Bitcoin advocate Roger Ver owed it $47 million, which Ver denied.
Coin FLEX is one of several cryptocurrency companies that have suspended customer withdrawals in the last month. Celsius and Voyager Digital (both of which have declared bankruptcy), as well as Vauld and Babel Finance, are among the others.
To read our blog on “Roger Ver issues a ‘disappointing’ statement on the CoinFLEX saga,” click here