CoinFLEX recovery plan includes tokenized bad debt and more yields

Under normal circumstances, the crypto lender liquidates accounts before they reach zero equity. However, Lamb explained that in this instance, CoinFLEX opened a one-of-a-kind “non-liquidation recourse account” wherein it agreed to not liquidate the account, and the borrower agreed to keep it filled with plenty of equity.

Things did not go according to plan as the account went negative, allegedly causing a liquidity crunch at the firm. Lamb added that this account was the only one on CoinFLEX with negative equity. rvUSD will be issued to non-US resident “Sophisticated Investors” at a minimum subscription of $100,000 per investor. Investments come with a 20% annual percentage rate paid in rvUSD.

A Sophisticated Investor is one who has an annual income of at least $200,000, a total net worth of at least $1 million, and has performed the Know Your Customer procedure on CoinFLEX. In order to prevent this from happening again, Lamb stated that he would not issue that type of account anymore. His firm will also expand its transparency by making public the notional USD value of every account’s futures positions through an external auditing firm.

Source: News Formal (newsformal.com)

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