Cryptocurrencyexchange CoinFLEX said it has commenced arbitration in Hong Kong to recover $84 million from a single customer.<\/p>\n
What Happened: In a blog post on Saturday, the platform's foundersSudhu Arumugam and Mark Lamb said they were optimistic that they would recover the customers $84 million debt within 12 months.<\/p>\n
Last month, Lamb revealed that the customer in question was Roger Ver,a high-profile investor known in the community as Bitcoin BTC\/USD Jesus.<\/p>\n
At the time, CoinFLEX said that the debt associated with Vers account was $47 million worth of USDC. The exchange has now revised that figure to $84 million.<\/p>\n
The first estimate of [$47 million] which we communicated did not include the significant loss in liquidating his significant FLEX coin positions. Now that we have found a bid for that size, the liquidations have created a final deficit of [$84 million] for the account, said the CoinFLEX founders.<\/p>\n
Arumugam and Lamb believe that Ver has a legal obligation to pay the total amount of his personal liability. Ver has denied allegations of owingmoney toCoinFLEX instead, hesays CoinFLEX owes him \"a substantial sum of money.\"<\/p>\n
The exchange said it plans to make 10% of balances available for withdrawal in the days to come. In order to do so, the platform would have to sell all non-native assets locked into USDC.<\/p>\n
Price Action: CoinFLEXs native token FLEX FLEX\/USD dropped 66% after the exchange halted withdrawals. At press time, the token was trading at $0.28. BTC was trading at $20,617, down 3.93% over the last 24 hours.<\/p>\n
<\/p>\n
The rest is here: Cryptocurrencyexchange CoinFLEX said it has commenced arbitration in Hong Kong to recover $84 million from a single customer. Continue reading
\nCoinFLEX Begins Legal Action To Recover $84M From 'Bitcoin Jesus' - Benzinga<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"