How does CoinFLEX raise $47 million?

Crypto derivatives exchange and yield platform CoinFLEX aims to raise $47 million by tokenizing the debt of a client, in a bid to fund other customers’ withdrawals. A new token, dubbed Recovery Value USD (rvUSD), will offer a 20% annual return for holders as well as other perks.

When will CoinFLEX re-enable withdrawals?

CoinFlex said it hopes to resume withdrawals on June 30. If the rvUSD token issuance is fully subscribed, CoinFlex will re-enable withdrawals and restore the platform to full functionality, the company said. Many users were angry at Lamb.

How much does Ver owe CoinFLEX?

Lamb claimed that Ver owes CoinFLEX $47 million USDC, and that the company has a “written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.”

Why is CoinFLEX launching a recovery token?

The crypto exchange is launching a recovery token because of debt owed by a high-net-worth customer. CoinFLEX CEO Mark Lamb claims noted crypto investor Roger Ver owes the physical futures crypto exchange $47 million in USDC. Lamb made his allegation public Tuesday on Twitter, shortly after Ver denied "some rumors" he was involved with the default.