Crypto exchange CoinFlex, which has halted user withdrawals since June 23, will not lift the freeze on Thursday as originally planned, Mark Lamb, the company’s chief executive, told MarketWatch.
The crypto exchange has engaged in talks with distressed debt funds, existing customers and investors about the token sale, and is “making significant progress,” Lamb told MarketWatch. He declined to reveal how many tokens have been subscribed, but said tens of millions of dollars “in soft commitments” have emerged.
On Tuesday, Lamb tweeted that the Roger Ver, an early crypto investor, founder of bitcoin.com and a vocal supporter of Bitcoin cash BCHUSD, -2.09%, had defaulted on financial commitments to CoinFlex, alleging that Ver owes the exchange $47 million USDC. Ver also is an investor in CoinFlex. When asked Wednesday about Lamb’s claims about his default, Ver said: “I stand by my original tweet,” in an email to MarketWatch. “I’ll make more information public as soon as possible,” he wrote.
The white paper also stated that token holders have the option to be repaid directly through CoinFlex, if the company could not fully recover the liabilities in 15 months. When asked if it would bring more risks to the exchange, Lamb said the company is still finalizing the final terms with token buyers, while they are also “very confident in being able to recover these assets.”
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