CoinFLEX Opened Limited Withdrawals Despite Roger Ver Dispute

CoinFlex opened limited withdrawals despite the Roger Ver dispute and the users can take out 10% of their funds so let’s read more today in our latest cryptocurrency news.

The trading platform CoinFlex opened limited withdrawals for customers after it froze them last month amid the dispute with the crypto investor Roger Ver. The company said in a blog post that the users can take out 10% of their funds but not in the platform’s stablecoin FlexUSD. The company said:

“We will enable limited withdrawals for all users this week and continue to work with a laser focus on our recovery plans.”

CoinFlex said it will enter an arbitration phase in Hong Kong to recover $84 million in losses that it blamed on the large individual customer and the company also previously identified that individual as the famed BTC evangelist Roger VEr, but didn’t name him in the arbitration announcement. The platform froze withdrawals and joined a list of companies hammered by their business practices and financial uncertainty because of a brutal bear market.

However, CoinFLEX’s story is a little different. The company claims Ver as an early BTC investor turned Bitcoin Cash proponent and one of the crypto’s most recognizable names, owes them $47 million. The CEO Mark Lamb said that Ver is in default on the agreement to pay back CoinFlex cash that he owes in the form of the USDC stablecoin and this is why the platform has a hard time and stopped the withdrawals. Ver denied the allegation and claimed that CoinFlex owes him money which Lamb denied. Ver became known as the “Bitcoin Jesus” during the crypto’s early days when he spent time preaching the BTC gospel and invested in early BTC Startups.

Bitcoin experienced a hard fork when the blockchain network split in two and the new crypto was created and Bitcoin Cash was born. Vern supports Bitcoin Cash over the original Bitcoin and also is the CEO of the education website Bitcoin.com.

As recently reported, Trading platform CoinFLEX starts the arbitration process to combat the company’s liqudity crisis which prevented users from withdrawing funds for three weeks. Co-founder Sudhu Arumugam and Mark Lamb announced that the company entered arbitration to recover $84 million in losses from the larger individual customer who was previously claimed to be a prominent BTC evangelist Roger Ver.