According to the company, it has taken legal action to recover $84 million in losses from one customer and is in talks to sign a joint venture with another exchange.
After Roger Ver failed to repay $47 million from a margin call, the exchange halted withdrawals on its platform.
After calculating a final tally of losses from the exchange's native FLEX token, the total owed by the investor had risen. Ver wasn't mentioned in the post.
The individual first asked us to liquidate his account, but then continued to tell us that he wanted to send significant funds to the exchange to take physical delivery of the futures positions. He was wasting time and hoping for a bounce in the market that didn't happen.
According to the pair, the process of recovering $84 million could take about a year before a judgement is reached.
Ver declined to comment on the case. He said last month that he didn't have any debt with the company. He said that he was owed a large amount of money.
Several players have suspended withdrawals or filed for bankruptcy due to a major market downturn that has wiped $2 trillion off the total value of Cryptocurrencies. A domino effect is caused by one firm's failure and has been exposed by the crisis.
Bankman- Fried's firm is called Alameda.
There is a plan to raise enough outside funding to cover the missing cash in theUSDC stable coin. Some customers may be asked to roll some of their deposits into equity.
They said that they are in talks with a US exchange about entering a joint venture. The other exchange would use CoinFlex's platform to offer repo access to the US equity market, initially through offshore licenses before moving to the US.
10% of customer balances will be available for withdrawal in a week.
They wrote in the post that they never imagined they'd be in this position.
The exchange focuses on derivatives trading. The total value was locked on the platform on Saturday.
The assistance was given by Immanual John Milton.
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