CoinFlex Starting an Arbitration Procedure to Reclaim $84 Million

12.07.2022 08:58
by Aleksandar Đurić
1 min read

CoinFlex, the well-known platform for crypto investments, is starting arbitration procedures against a whale account holder. The aim of the arbitrations is for CoinFlex to reclaim the $84 million that the whale account holder owes.

According to an official statement by CoinFlex, the individual in question is legally obligated to pay back the $84 million. This is because of a written agreement that exists between the two parties. However, he is refusing to do so.

The whale account holder was unnamed in the statement. However, CoinFlex’s co-founder Mark Lamb previously stated that Roger Ver, a known proponent of Bitcoin Cash (BCH), is the individual in question. Ver has since denied the allegation.

Roger Ver

The arbitration procedures will be taking place in Hong Kong. CoinFlex estimates that the entire process could last about 12 months.

Due to this issue, withdrawals on CoinFlex have been paused since June 23. This is expected to change in the following week. CoinFlex co-founders will enable the users to temporarily withdraw the funds from the co-founders’ accounts. In addition, they have issued 47 million rvUSD (Recovery Value) tokens, which are worth $1 each, as part of the recovery process.

Source: https://cointelegraph.com/news/coinflex-to-begin-arbitration-for-84-million-recovery-and-open-limited-withdrawals

Author

  • An experienced journalist working in the film and video-game industries for many years. An enthusiast busy with learning new things about the world of crypto every day. Majored in English Language and Literature. Has a shrine in his apartment dedicated to Hidetaka Miyazaki.

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