CoinFlex said it has taken legal action to recover $84 million in losses from a single customer and is in talks to sign a joint venture with another crypto exchange in a bid to revive its fortunes.
The crypto exchange paused withdrawals on its platform last month after a counterparty, which it later identified as longtime crypto investor Roger Ver, failed to repay $47 million from a margin call.
CoinFlex said in a blog post on Saturday the total owed by the investor had since risen after calculating a final tally of losses from “significant” positions in the exchange’s native FLEX token. The blog post didn’t mention Ver by name.
“The individual first asked us to liquidate his account, but then continued to tell us for some considerable time afterwards that he wanted to send significant funds to the exchange to take physical delivery of the futures positions,” CoinFlex Co-Founders Sudhu Arumugam and Mark Lamb wrote in the post on Saturday. “It is clear to us now that he was wasting...
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