Crypto investment platform CoinFLEX is moving forward with its plan to reclaim $84 million in funds by starting arbitration procedures in Hong Kong against an individual account holder.<\/p>\n
Co-Founders Sudhu Arumugam and Mark Lamb acknowledged in their July 9 announcement that the judgment would provide access to the individual\u2019s \u201cworldwide assets\u201d and that their lawyers were \u201cvery confident\u201d they could enforce the award. <\/p>\n
\u201cWe 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.\u201d<\/p><\/blockquote>\n
The firm, however, noted the process could take 12 months to get a judgment in Hong Kong. <\/p>\n
\u201cThereafter, we will be able to enforce that judgment against his worldwide assets,\u201d it added.<\/p>\n
Though the \u201clarge individual customer\u201d was not named in the Saturday announcement, Lamb has previously publicly stated that Bitcoin Cash (BCH) proponent Roger Ver was the defaulting customer in question. <\/p>\n
Ver, however, has denied that he owes any money to the firm. He fired back at the rumors by stating that an unnamed counterparty owes him \u201ca substantial sum of money.\u201d<\/p>\n
In the most recent update, Arumugam and Lamb said that the individual was \u201cwasting time\u201d by promising to replenish his account with funds that never arrived. <\/p>\n
They added that liquidating his positions created significant slippage, which has increased the sum the firm says he owes. Initial estimates put the outstanding sum at $47 million, but that amount was increased to $84 million after liquidating his FLEX token positions. <\/p>\n
FLEX is the native token of the CoinFLEX platform. <\/p>\n
\u201cUnfortunately, this customer failed to honor his obligations pursuant to this written agreement. Our lawyers believe that we have a very strong case and have commenced legal actions to recover debts owed to us pursuant to this agreement.\u201d<\/p><\/blockquote>\n
Limited withdrawals soon? <\/h3>\n
Amid the drama between CoinFLEX and the individual whale depositor, withdrawals have been suspended since June 23. Lamb said he hoped to have them back up for users by the beginning of July. <\/p>\n
Arumugam and Lamb stated that they now have plans to create \u201ctemporary liquidity for CoinFLEX depositors\u201d by initially making 10% of their account balances available for withdrawal. <\/p>\n
No date has been set for this to take place, but the duo expect withdrawals to take a week or less. <\/p>\n
CoinFLEX has been working on ways to make up for the shortfall in funds left by the whale investor\u2019s account. <\/p>\n
The firm indicated at the end of June that in addition to liquidating accounts and pursuing legal action, part of its funds recovery plan involved issuing 47 million Recovery Value USD (rvUSD) tokens which can be bought for $1 each. It may also offer some depositors the option to roll their deposits into equity in the company.<\/p>\n
The firm is in \u201cclose discussions\u201d with an unnamed large US exchange to enter into a partnership that could help boost CoinFLEX\u2019s viability.<\/p>\n
Related: <\/em><\/strong>Not all investments lose value equally: A recovery period for digital assets<\/em><\/strong><\/p>\nThe price of FLEX Coin fell 71% on July 9 following the announcement to $0.27. It is currently trading at $0.30, according to CoinGecko.<\/p>\n
Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Crypto investment platform CoinFLEX is moving forward<\/p>\n","protected":false},"author":3,"featured_media":160127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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