CoinFLEX outlines plan to recover $84 million, raise capital from new investors

Quick Take

  • The company is looking to raise capital from new investors and to resume client withdrawals.
  • CoinFLEX estimates it will take about 12 months to get a judgement in Hong Kong that can be enforced against the client’s worldwide assets.

Crypto exchange CoinFLEX has begun arbitration proceedings in Hong Kong to recover $84 million in losses from a client, it said in a blog post today.

The company paused withdrawals last month after CoinFLEX CEO Mark Lamb said that investor Roger Ver had defaulted on a loan agreement worth $47 million in USDC. Lamb said on Twitter at the time that the contract required Ver to "guarantee any negative equity" and that he had been served a notice of default.

Seemingly in response, Ver wrote on Twitter that rumors that he had defaulted on a loan were false.

According to CoinFlex, t