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CoinFLEX: A tale of suspension, struggles, and a fierce attempt at revival

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Extreme market conditions and “continued uncertainty involving a counterparty” forced CoinFLEX to pause its operations on 23 June.

However, the exchange, in a recent announcement, offered a peak into what it was up to. Several attempts to save the ailing cryptocurrency exchange have been made the last three months.

CoinFLEX launched a recovery token called Recovery Value USD (rvUSD), through which it intended to monetize the personal collateral of the “counterparty.” It also faced arbitration proceedings in Hong Kong launched against it by some of its users.Furthermore, the exchange had to go through with staff cuts and non-staff cuts and the launch of composite products.

All this and more to raise more money from creditors and users alike. As per the recent announcement, major stakeholders in the cryptocurrency exchange have all taken part in the restructuring attempts.

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