CoinFLEX Withdrawals Remain Halted as Recovery Token Talks Continue

The company had initially hoped to resume withdrawals on Thursday.

AccessTimeIconJun 30, 2022 at 7:46 p.m. UTC
Updated Jun 30, 2022 at 7:55 p.m. UTC

Michael Bellusci is CoinDesk's crypto payments reporter.

Withdrawals from crypto futures exchange CoinFLEX will remain suspended as the company continues to hold discussions with investors about a recovery token.

“We continue to talk with investors interested in rvUSD and commitments are growing,” CEO Mark Lamb said in a blog post Thursday. “Once the token sale is fully committed, we will be able to communicate a clear path towards enabling withdrawals, but until then they will remain suspended.”

CoinFLEX said earlier this week it was hoping to raise $47 million via a token sale after a certain individual’s account – Roger Ver, according to Lamb – went into negative equity during recent market volatility. The fundraising process at that time was hoped to be completed by July 1 (Friday).

"The goal is to do everything possible to avoid haircuts to customer funds," said Lamb in his note today.

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Michael Bellusci is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

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