CoinFLEX plans to issue a recovery token in a bid to resume withdrawals
Physical futures crypto exchange CoinFLEX will launch a Recovery Value USD Token after recently halting withdrawals stemming from an outstanding debt that a high-net-worth customer owes the exchange.
CoinFLEX's issuance of $47 million in tokens comes after a certain individual’s account went into negative equity during recent market volatility. The issuance will begin tomorrow and likely run until July 1, CoinFLEX"In normal circumstances, we would auto-liquidate a position that runs low on equity at prices that are prior to the zero-equity price," the company wrote.
CoinFLEX described the customer as"high integrity" individual with liquidity issues tied to the recent crash in crypto and noncrypto markets who has"significant shareholdings in several unicorn private companies and a large portfolio.
When asked of a potential bank run on Bloomberg TV Monday evening, CEO Mark Lamb said he’s unconcerned this scenario would occur as customers can withdraw their funds once the new token fundraise is complete. Lamb also said CoinFLEX plans to boost transparency for future positions, notional value of accounts, margin, and will use an external auditing firm to do so.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Maria Shriver and Patrick Schwarzenegger launch brain health brandMaria Shriver and Patrick Schwarzenegger are on a mission to educate you on your brain health.
Read more »
Apple reported to launch new HomePod next year with a bunch of improvementsApple is reportedly gearing up to launch a new full-sized HomePod with an updated screen as early as next year...
Read more »
Chinese firm Aiways plans 2023 UK launch with U5 SUV | AutocarFive-year-old EV brand due to land in UK next year with £33,500, Enyaq-rivalling U5
Read more »
NASA carries out its first-ever rocket launch outside of USNASA's first-ever launch from a commercial site outside of the US blasts off from Australia's Outback in a 'historic' moment for the country's space industry
Read more »
NASA's CAPSTONE cubesat launch to the moon delayed again for systems checksThe small CAPSTONE moon cubesat's next launch opportunity is Tuesday, June 28, NASA says.
Read more »
NASA Says It's Satisfied With Rehearsal for SLS Moon Rocket LaunchNASA says it’s finished with having to do full-scale dress rehearsals for the first liftoff of its moon-bound Space Launch System rocket. But it’s not finished with having to make fixes. “At this point we’ve determined that we’ve successfully completed the evaluations and the work that we intended to complete for the dress rehearsal,” Thomas … Continue reading 'NASA Says It’s Satisfied With Rehearsal for SLS Moon Rocket Launch'
Read more »