Crypto Exchange CoinFlex Now Seeking to Recover $84 Million
— Exchange, Total, Coinflex, Withdrawals, Million, Bloomberg, Seeking, Crypto, Recover, Sudhu — 1 min read
CoinFlex said it has taken legal action to recover $84 million in losses from a single customer. The crypto exchange paused withdrawals on its platform last month after a counterparty failed to repay $47 million from a margin call. 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.CoinFlex is in talks to sign a joint venture with another crypto exchange in a bid to revive its fortunes. The exchange is one of several crypto platforms struggling to operate amid a major market downturn that's wiped around $2 trillion off the total value of cryptocurrencies. The crisis has exposed a web of contagion across the sector, where one firm's failure Source