Withdrawal Resumption Plan Is Not Moving Forward, CoinFLEX Backs Down

Withdrawals will not be resumed as anticipated, following a halt last week, CoinFLEX announced.

As the withdrawal function remains halted, the company is continuing to engage with investors interested in the Recovery Value USD (rvUSD). After the token sale is completely carried out, CoinFLEX will disclose the process for permitting withdrawals, stated CEO Mark Lamb.

“Extreme market conditions and continued uncertainty involving a counterparty” led CoinFLEX to hit a pause on all withdrawals on June 23, according to the company.

The counterparty in question was not the embattled crypto hedge fund Three Arrows Capital, so the company confirmed.  Bitcoin (BTC) investor Roger Ver, apparently was the one that the company was embroiled in a legal fight. Withdrawals would resume on June 30 or so it was presumed at the time, right after the initial announcement.

On Tuesday, the company revealed a proposal to raise funds by creating a new cryptocurrency, rvUSD, which promised a 20% yearly return. The token was created in order to allow withdrawals on the site to restart.

“The goal is to do everything possible to avoid haircuts to customer funds”, and” we remain confident in our ability to bring this to resolution,” remarked Mark Lamb, the CEO of CoinFLEX.