February 7, 2023

According to the most recent announcement sent to the community on June 30, crypto exchange CoinFLEX has stated that it will not carry out plans to reopen the withdrawal function for customers as originally planned, following its blocking and suspension last week.

Instead, customer funds deposited on the exchange will remain frozen as the exchange continues to provide solutions to the problem of a large debt of $47 million a whale, which the exchange announced would be converted into rvUSD debt tokens and sold to interested investors.

CEO Mark Lamb confirmed that after the rvUSD token sale event, CoinFLEX will announce how to properly resolve withdrawal:

“We will need more time. And it’s unlikely that withdrawals will be re-enabled tomorrow.”

The initial suspension letter merely stated an approximate return date of June 30 for withdrawals. The company previously disclosed plans to generate money by launching a new cryptocurrency called rvUSD, which offers up to 20% yearly returns, as a remedy for the liquidity crisis.

Summited by HotQA