coinflex
CoinFLEX announces staff cuts as part of measures to reduce costs by up to 60%
Cryptocurrency exchange CoinFLEX said it had downsized a “significant number” of team members in an effort to cut operating costs. According to a Friday blog post, CoinFLEX said it had cut some staff across “all departments and geographies” as part of measures to reduce the company’s costs by 50% to 60%. The majority of the remaining team members will focus on product and technology, and the exchange said it would consider scaling as “volume comes back.” “The intention is to remain right-sized for any entity considering a potential acquisition of or partnership opportunity with CoinFLEX,” said the exchange. On Saturday, CoinFLEX halted withdrawals after an unnamed party reportedly failed to meet a $47 million margin call. CEO Mark Lamb later took to Twitter to confirm rumors that CoinFLEX ...
CoinFlex CEO says withdrawals unlikely to resume on Thursday
Crypto exchange CoinFlex is “unlikely” to resume withdrawals on Thursday, June 30 as it had originally hoped, according to its CEO Mark Lamb, as the company continues to search for buyers of its $47 million bad debt. Speaking to CNBC on Wednesday, Lamb said more time was needed before it could reopen the platform for withdrawals, stating: “We will need more time. And it’s unlikely that withdrawals will be re-enabled tomorrow.” The crypto exchange had been banking on a $47 million token offering launched on Tuesday, June 28 which is known as Recovery Value USD (rvUSD). The token offering was created in an attempt to sell off its bad debt after one of its accounts went into negative equity. In a statement on Tuesday, the company said it hoped withdrawals could restart as previously pla...
Roger Ver denies CoinFLEX CEO’s claims he owes firm $47M USDC
Roger Ver, an early Bitcoin investor and Bitcoin Cash proponent, has pushed against claims from crypto investment platform CoinFLEX regarding an alleged $47-million debt. In a Tuesday tweet, Ver — not mentioning CoinFLEX by name — said he had not “defaulted on a debt to a counter-party,” and alleged the crypto firm owed him “a substantial sum of money.” The denial followed rumors on social media that the BCH proponent was involved in the platform halting withdrawals due to “a high-networth client who has holdings in many large crypto firms” not covering their debts. CoinFLEX CEO Mark Lamb took to Twitter shortly after the statement to claim the company had a written contract with Ver “obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regul...
