CoinFLEX, a Hong Kong-based physical futures crypto exchange, announced last Saturday that it has taken legal action to recover $84 million from a single long-term serving client.
Last month, the exchange suspended withdrawals after a counterparty later revealed as longtime crypto investor Roger Ver failed to repay $47 million from a margin call.
Last Saturday, the exchange further revealed that the total amount owed by the investor is $84 million. The exchange said so after it calculated a final amount of losses from significant positions in its native FLEX token.
CoinFLEX co-founders Sudhu Arumugam and Mark disclosed that the exchange has begun an arbitration proceeding in Hong Kong to recover the $84 million. Founders said that process could take about 12 months before a judgment is delivered.
CoinFLEX co-founders commented: "We have commenced arbitration in HKIAC (Hong Kong International Arbitration Centre) for the recovery of this $84 million as the individual had a legal...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...