TechFlow news — UK-based cryptocurrency trading platform CoinFlex plans to raise funds this Tuesday by issuing a new token, aiming to resume withdrawals after clients failed to repay $47 million in debt. According to CoinFlex, whether the previously announced resumption of withdrawals on June 30 can proceed as scheduled will depend on the demand for the new token.
Previously, on June 24, UK cryptocurrency exchange CoinFLEX announced it would suspend all withdrawals due to extreme market conditions and ongoing counterparty uncertainty from the previous week: "We hope to resume withdrawals as soon as possible, and will halt all FLEX Coin perpetual and spot trading in the short term. It should be noted that the counterparty is not Three Arrows Capital or any lending company. The expected date to resume withdrawals is June 30, 2022."
