CoinFLEX to Start Arbitrage for $84M Recovery and Open Limited Withdrawals

CoinFLEX is moving quickly to recover as much cash as possible from a debacle that left it $84 million short due to an overdue account held by an unnamed whale.

Crypto investment platform CoinFLEX is moving forward with its plan to recover $84 million in funds by initiating arbitration proceedings in Hong Kong against an individual account holder.

Co-founders Sudhu Arumugam and Mark Lamb acknowledged in their July 9 announcement that the judgment would provide access to the individual's "global assets" and that their attorneys were "strongly confident" they could enforce the judgment. award.

"We initiated arbitration at the HKIAC for the recovery of this $84 million because the person had a legal obligation to pay under the agreement and refused to do so."

The firm noted, however, that the process could take 12 months to obtain a judgment in Hong Kong.

"Thereafter, we can enforce this judgment against its global assets," he added.

Although the “large individual client” was not named in Saturday's announcement, Lamb has previously publicly stated that Bitcoin Cash (BCH) promoter Roger Ver was the defaulting client in question.< /p>

Ver, however, denied owing the company any money. He responded to the rumors by stating that an anonymous counterparty owed him "a substantial amount of money".

In the latest update, Arumugam and Lamb said the individual was "wasting time" by promising to replenish his account with funds that never arrived.

They added that the liquidation of its positions created a significant slippage, which increased the amount the company said it owed. Initial estimates put the remaining sum at $47 million, but this was increased to $84 million after his FLEX token positions were liquidated.

FLEX is the native token of the CoinFLEX platform.

"Unfortunately, this client has not honored its obligations under the...