Withdrawals Reopen: A Glimmer of Hope
CoinFLEX has announced that as of 5 am UTC on Friday, users will be able to withdraw 10% of their funds, potentially bringing a small sigh of relief to many anxious investors. Although it feels a bit like being given a cookie when you really wanted a whole cake, every little bit helps, right?
The Withdrawal Process: What You Need to Know
All existing withdrawal requests have been effectively wiped off the board. Instead, users must initiate new requests based on the new 10% limit. It’s as if CoinFLEX is saying, “Sorry, no more buffet; we’re doing à la carte now.” There’s a catch, though—90% of user balances are classified as ‘locked funds.’ This means they are as useful as a chocolate teapot, appearing in your balance but wholly inaccessible.
Assets Affected by Withdrawal Limitations
While users can take out 10% of their funds, flexUSD, the company’s interest-bearing stablecoin, remains off-limits. CoinFLEX states that flexUSD “cannot be withdrawn until further notice,” which is as comforting as a pillow made of rocks.
The Roger Ver Saga: A Financial Fumble?
Things took a wild turn when Roger Ver found himself in this financial pickle, allegedly owing CoinFLEX a hefty $47 million in USDC. According to Mark Lamb, the company has a signed contract with Ver, who has since played the blame game, claiming he has no debt to CoinFLEX and that the company owes him a substantial amount. It’s like a messy divorce without the alimony issues, just financial drama all around.
Crisis in the Crypto World: The Ripple Effect
CoinFLEX isn’t the only one feeling the squeeze—we’re in a bear market, folks! The Terra (LUNA) collapse, compounded by the fallouts of Three Arrows Capital, Voyager Digital, and Celsius, has sent shockwaves through the crypto community. As the industry cops a beating, fingers are being pointed, and investors are sweating bullets.
+ There are no comments
Add yours