CoinFLEX has entered arbitration in the Hong Kong International Arbitration Centre (HKIAC) to recover US$84 million from a “large individual customer,” according to a blog post published by the crypto trading platform’s cofounders Sudhu Arumugam and Mark Lamb on Saturday.
See related article: Roger Ver says he will issue statement on default dispute with CoinFLEX
Fast facts
- CoinFLEX said its deficit increased from US$47 million to US$84 million after liquidating the customer’s FLEX coin positions.
- Last month, Lamb claimed Roger Ver owes the firm US$47 million in USDC, to which the Bitcoin Cash proponent argued it is actually CoinFLEX that is indebted to him.
- CoinFLEX froze all customer transactions on the platform since mid-June, citing a single large customer defaulting on a loan and extreme market conditions.
- The firm said in the blog post it hopes to make 10% of customer balances available for withdrawal within this week.
- The arbitration is expected to take 12 months, and CoinFLEX claims to be confident in the outcome as the individual’s liability is a personal one which is more easily enforced.
- FLEX has fallen over 93% in price since late June to trade at US$0.2848 at press time, as per CoinMarketCap.
See related article: Roger Ver denies defaulting on US$47 mln loan from CoinFLEX