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Troubled cryptocurrency derivatives exchange Coinflex has announced layoffs amid a legal battle with Bitcoin Jesus.
new blog post, CoinFLEX says it is laying off a significant number of employees across the board as a means of reducing overhead costs.
Unfortunately, we have had to let go of a significant number of the CoinFLEX team across all divisions and geographies. The majority of the remaining teams are dedicated to the products and technologies that are the core of our business.
Monitor costs so you can operate as efficiently as possible and grow as your volume recovers. It is intended to remain appropriately sized for entities considering potential acquisition or partnership opportunities for CoinFLEX. ”
According to CoinFLEX, have experienced One client, known as Bitcoin Jesus for being an early proponent of the kings cryptocurrency, was in financial trouble after failing to pay off a large amount of debt.
The cryptocurrency firm says it is currently arbitrating with a client in Hong Kong for possible recovery of funds after failing to liquidate a position.
We tried to carefully liquidate his account using our exchange counterparts, but the position was so critical that we experienced slippage that a large order or series of large orders would reasonably create. Did.
Throughout the process we kept the individual well informed and he promised to cooperate with us and pay or increase the collateral to cover the shortfall, but ultimately the promise was It turned out to be empty.
HKIAC initiated arbitration [Hong Kong International Arbitration Centre] This $84 million recovery was due to individuals having legal obligations under the payment agreements and refusing to pay. His liability to pay is a personal liability, meaning the individual is responsible for paying the full amount, so the attorneys are confident they can enforce the ruling against him. “
According to CoinFLEX CEO Mark Lamb, Roger Ver, aka Bitcoin Jesus, borrowed Crypto futures exchange $47 million in the stablecoin USD Coin (USDC) alone.
Roger Ver owes CoinFLEX $47 million USDC. We have a written agreement with him to personally guarantee the negative equity of the CoinFLEX account and to re-margin it periodically. He is in breach of this agreement and we have served notice of default.”
However, Ver Deny He denies the allegations and instead says CoinFLEX owes him money.
Recently there have been rumors circulating that I have defaulted on my debts to the other party. These rumors are false. We are now seeking the return of funds.
June, CoinFLEX stopped He cited market volatility and debt owed to them as reasons.
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