CoinFLEX restarts withdrawals, limiting users to up to 10%

All CoinFLEX customers will be able to withdraw up to 10% of their assets starting at 5 am UTC on Friday, according to the business.

The remaining 90% of user balances shall be deemed "locked funds," or funds that are reflected on a user's balance but which may not be withdrawn, exchanged, or pledged as security.

Except for flexUSD, an interest-bearing stablecoin, which "cannot be withdrawn until further notice, the new rules apply to all assets," the company said.

After a counterparty reportedly failed to meet a $47 million margin call, CoinFLEX stopped accepting withdrawals on June 23.

Roger Ver, a proponent of Bitcoin Cash (BCH) and a cryptocurrency entrepreneur, was later identified as the counterparty, despite his denials that he owed the company any money.

On June 28, Ver tweeted, "Not only do I not owe this counter-party any money, but this counter-party owes me a sizeable quantity of money, and I am actively demanding the recovery of my funds."

Later calculations revealed that CoinFLEX's shortfall could have been as much as $84 million; this was the amount the business intended to recover through arbitration in Hong Kong, its country of origin.

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