CoinFLEX Claims Deficit Climbed to $84 Million in Fresh Update

CoinFLEX Allows Limited Withdrawal Option For Customers
  • Recently, the exchange halted withdrawals on its platform.
  • An arbitration proceeding in Hong Kong is underway against this person.

In response to Roger Ver, CoinFLEX has issued a fresh update. According to the latest statement, the exchange’s deficit has now climbed to $84 million due to the loss in liquidating his huge FLEX coin stakes. Recently, the exchange halted withdrawals on its platform.

Arbitration Proceeding is Underway

For CoinFLEX, this resulted from an account facing liquidation due to an arrangement with a high net worth individual client to have a grace period “to send more collateral”.

The trade has been a tremendous loss because of the individual’s refusal to respect this arrangement. An arbitration proceeding in Hong Kong is underway against this person, which may take up to a year to complete as per CoinFLEX.

Per the statement:

“We have commenced arbitration in HKIAC for the recovery of this $84m as the individual had a legal obligation under the agreement to pay and has refused to do so. His liability to pay is a personal liability which means the individual is personally liable to pay the total amount, so our lawyers are very confident that we can enforce the award against him.”

When asked about the present state of affairs, CoinFLEX said “a position we ever envisioned we would be in” and apologized to its users. It has been discovered that Roger Ver, the “Bitcoin Jesus,” is the “large individual customer” of CoinFLEX.

On the other hand, Roger Ver is certain that he owes the exchange nothing and that the company owes him. On July 3rd, Ver claimed on Twitter that CoinFLEX owed him money. He further claimed that he is enlisting the help of legal counsel in his efforts to reclaim the monies.

Recommended For You:

CoinFLEX CEO Confirms Twitter Users Claim of Roger Ver Owing $47M

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.