CoinFLEX to Launch a $47M Recovery Token to Solve Withdrawal Issues

CoinFLEX said last week it was halting withdrawals amid market declines and counterparty uncertainty.

Physical futures crypto exchange CoinFLEX will launch a Recovery Value USD (rvUSD) Token after recently halting withdrawals stemming from an outstanding debt that a high-net-worth customer owes the exchange.

CoinFLEX's issuance of $47 million in tokens comes after a certain individual’s account went into negative equity during recent market volatility. The issuance will begin tomorrow and likely run until July 1.

"In normal circumstances, we would auto-liquidate a position that runs low on equity at prices that are prior to the zero-equity price," the company wrote.

Source: https://www.coindesk.com/business/2022/06/27/coinflex-to-launch-a-47m-recovery-token-to-solve-withdrawal-issues/

CoinFlex is reportedly planning to raise funds by issuing a $47M Recovery Token with a 20% APR. CoinFlex paused all withdrawals 4 days ago due to ‘extreme market conditions.’

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