Crypto Exchange CoinFLEX Limits Withdrawals to the Tune of 10%

Three weeks after ceasing withdrawals, the troubled cryptocurrency exchange CoinFLEX announced on Thursday that it has chosen to resume withdrawals from its platform, albeit with rigorous conditions. Except for flexUSD, the exchange’s interest-bearing stablecoin, which cannot be removed until further notice, users can now withdraw cash worth 10%, according to a blog post by the crypto exchange. CoinFLEX Withdrawals Suspended Last month, CoinFLEX ended all withdrawals from its system, blaming them on “extreme market conditions” and ongoing ambiguity around an unnamed counterparty. Late last month, CoinFLEX CEO Mark Lamb owed the exchange $47 million. After calculating Ver’s final “substantial” losses in the exchange’s native FLEX token, Lamb claimed that Ver owed more than $84 million. Ver has repeatedly refuted these assertions. CoinFLEX CEO stated he was trying to turn a “problem into an opportunity” by releasing a new token to recover the $47 million deficiencies before concluding Ver’s alleged unfulfilled margin call. In its update to users, CoinFLEX stated that it would cancel any outstanding withdrawals and return all cash to each user’s account balances before lifting limitations. Additionally, subaccounts utilized by users for trading futures and other activities will be merged into their primary accounts. The exchange stated that a portion of these accounts would experience negative equity due to the need to liquidate ...