Bitcoin News and Price | Bitcoin.News

OPNX’s 7-Day Trade Volume Average Hits $80 Million ATH, 69% of Minted $OX Staked

by Blockchain NewsAugust 7, 2023

OPNX, a platform that combines crypto and real-world assets (RWAs), has released key statistics on August 7, 2023, highlighting several significant milestones in its recent performance.

According to the tweet, the 7-day trade volume average for OPNX has reached an all-time high (ATH) of $80 million. This figure represents a notable increase, though the exact percentage of growth was not specified in the announcement.

Furthermore, 69% of the minted $OX, the native token of the OPNX platform, is now locked in staking. Staking is a process where users lock their tokens to receive rewards, and this high percentage indicates a strong commitment from the community to the platform’s ecosystem.

The tweet also mentioned an ATH for $OX and increased trading volume across liquidity pools. However, specific details regarding the ATH price or the exact increase in trading volume were not provided.

An additional highlight from the announcement is the conversion of 34.3 million $FLEX to $OX, with a time-sensitive 25% conversion bonus. The tweet did not elaborate on the deadline for this bonus or the reason behind the conversion.

OPNX’s official Twitter account shared this information on “Statistics Sunday,” a possible regular update from the platform. The tweet garnered attention, with 8,677 views, 14 retweets, 3 quotes, and 71 likes as of the date of the announcement.

OPNX is expanding the influence of its native tokens: $FLEX to $OX.

On August 6, 2023, according to Bloomberg, OPNX offered to inject $30 million in FLEX digital tokens into Hodlnaut to fund partial creditor payouts and finalize claims. FLEX, associated with CoinFLEX exchange and valued at $729 million, climbed 15% to $7.39 in the past 24 hours. The court-submitted offer, if approved, would result in OPNX owning 75% of Hodlnaut, with creditors receiving up to 95% of the total available corporate asset pool in FLEX and other tokens.

In March 2023, Coinflex rebranded to OPNX with Leslie Lamb as CEO and 3AC founders as actual controllers. OPNX reserved Coinflex’s native token $FLEX while issuing it is native token $OX.

On May 8, 2023, Coinflex published an announcement giving “all eligible CoinFLEX users the opportunity to migrate their account balances and KYC information from CoinFLEX to OPNX for a seamless transition.”

Image source: Shutterstock

Source

OPNX Reveals Venture Capital Backers

by Blockchain NewsApril 22, 2023

OPNX, a new exchange founded jointly by members of the Three Arrows Capital (3AC) and Coinflex teams, has revealed the venture capital firms that are backing the project. The announcement came in the form of a video posted by the company on April 21, in which CEO Leslie Lamb thanked some of the major backers of the project, including AppWorks, Susquehanna (SIG), DRW, MIAX Group, China Merchant Bank International, and Token Bay Capital.

Despite the announcement, OPNX has faced criticism in the crypto community due to its association with the bankrupt 3AC hedge fund. Some firms have claimed they may refuse to associate with anyone who helps fund the new exchange. However, the company behind the project has defended itself, arguing that it will help make customers of failed crypto ventures whole again.

According to early fundraising documents, OPNX will allow traders to buy and sell claims against bankrupt firms such as 3AC and FTX. The exchange aims to create a secondary market for these claims, allowing investors to potentially profit from them.

The backers of OPNX have previously funded various tech and financial projects. For example, SIG was one of the early backers of TikTok, and MIAX Group owns a U.S.-regulated equities and options exchange. AppWorks is also listed on Crunchbase as a partial owner of Uber.

However, at least one of the firms mentioned in the video has denied funding the project. DeFi trading firm Nascent stated that it bought Coinflex tokens issued by the company’s previous incarnation but did not participate in a funding round for OPNX.

Three Arrows Capital was a crypto hedge fund founded in 2012. In June, it was issued a notice of default by Voyager Digital after allegedly failing to pay 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC) that had been loaned to it. The hedge fund filed for bankruptcy on July 1, and some creditors have accused the founders of being “on the run” or hiding from the bankruptcy court.

Despite these controversies, OPNX seems determined to move forward with its plans. By creating a secondary market for claims against bankrupt firms, the exchange aims to provide a new avenue for investors to potentially profit from these types of investments. However, it remains to be seen how successful the venture will be, especially given the backlash it has received from some corners of the crypto community.

Overall, the emergence of OPNX highlights the growing interest in crypto-related investment opportunities, as well as the potential risks and rewards of these types of investments. As the crypto market continues to evolve, it is likely that we will see more projects like OPNX emerge, each with their own unique opportunities and challenges.

Source

Tagged : Bankruptcy / COINFLEX / News / OPNX / Three Arrows Capital / Venture-Capital

CoinFlex Creditors Backs Company’s Restructuring Plans

by Blockchain NewsSeptember 26, 2022

With the embattled cryptocurrency trading platform, CoinFlex may be getting headway with its restructuring plans as most of its creditors are backing the idea, as revealed in early voting.

According to the snapshot of the voters supporting the restructuring plan, as many as 46 million CFV tokens had been committed to backing the idea against 20,000 tokens saying No. Based on this trajectory, the terms of the proposal may eventually be accepted and implemented by the exchange.

CoinFlex was among the trading platform that took a significant hit with the crypto winter that swept the entire industry this year. The exchange, founded in 2019, halted its withdrawals as it claimed a counterparty was unable to pay for a margin call. The trading platform later came out to accuse Roger Ver, the CEO of Bitcoin.com, of being the counterparty. The exchange announced plans to sue Roger for failing to pay back in July.

CoinFlex has done a lot to ease the pains of its creditors as the outfit issued a 20% annual return despite the withdrawal halt.

The proposed restructuring is what defined its final attempt to get back on its feet. Per the terms of the restructuring, the exchange proposed to grant 65% of its equity to its creditors, with 15% scheduled to vest over a period.

According to the terms of the proposal, the investors who participated in the company’s Series A will be squeezed out. Still, those who participated in Series B will be retained as shareholders.

The company’s approach to its restructuring is notably different from those of other beleaguered outfits such as Voyager Digital and Celsius Network. Unlike CoinFlex, which placed the decision in the hands of its creditors through voting, the other startups filed for bankruptcy with the courts taking over their restructuring processes.

From CoinFlex’s approach, the company’s restructuring process may be finalized faster than its peers.

Image source: Shutterstock

Source

Tagged : COINFLEX / Crypto / Exchange / Exchanges / RESTRUCTURING

CoinFLEX Files for Restructuring in Seychelles

by Blockchain NewsAugust 10, 2022

Crypto futures exchange CoinFLEX on Tuesday filed for restructuring in a Seychelles court as part of its efforts to address a shortfall caused by a counterparty who failed to make a margin call.

CoinFlex said it had sent a notice about its restructuring process to its clients via email. The firm further said it intends to get approval from depositors and the court on a proposal to issue depositors with recovery value USD (rvUSD) tokens, equity, and locked FLEX coins.

Mark Lamb, Chief Executive Officer of CoinFlex, commented: “We look forward to welcoming a new group of shareholders to CoinFLEX and are glad to be in a jurisdiction where we can quickly resolve this situation and return maximum value to depositors.”

On June 23^rd, CoinFLEX suspended customer withdrawals due to harsh market conditions. The exchange cited extreme market conditions and also pointed to uncertainty involving a counterparty as the reason for halting all withdrawals.

The company also suspended trading of its native token, FLEX Coin (FLEX), as well as both perpetual and spot trading.

On July 22, the firm proposed a plan to compensate depositors and bolster its financial situation amid efforts to recover more than $84 million in debt owed by a “large individual customer.”

In June, CoinFLEX halted withdrawals after the individual’s account suffered a loss during the recent market crash, which affected the balances of the exchange’s customers. The company later identified the individual as the prominent crypto investor Roger Ver. But Ver denied such claims on social media.

Mid-last month, CoinFLEX reopened limited withdrawals, allowing customers to withdraw 10% of their balance for a week and cutting “a significant number” of its workforce to lower costs.

The firm further disclosed its intent to work with a laser focus on recovery plans that would enable it to regain solvency. The company also talked about the possibility of further withdrawals, new equity investors, and acquisition of the firm.

Such possibilities followed plans mentioned in early July 9, which highlighted CoinFLEX’s plans to raise capital from new investors, raising funds through its Recovery USD (rvUSD) token, and seeking depositors willing to turn their deposits into equity.

In late June, CoinFLEX entered arbitration with the customer, Roger Ver, through the Hong Kong legal system. But the firm said it could take up to a year to receive a judgment and enforce it against Ver’s assets.

CoinFLEX was one of several firms that suspended customer withdrawals after crypto markets crashed in June.

Image source: Shutterstock

Source

Tagged : Blockchain / COINFLEX / Crypto / Cryptocurrency / News

CoinFLEX Cuts Down on Staff Strength Amid Stability Woes

by Blockchain NewsJuly 30, 2022

Updating its users on the latest for the week, cryptocurrency exchange CoinFLEX has announced that it is cutting down on its staff strength.

The retrenchment process will run across its various departments and geographic locations. This is all in a bid to reduce its running cost and focus its funds on its core business after the distribution of the CoinFLEX Composites.

The CoinFLEX Composite is inclusive of rvUSD, equity, and FLEX Coin. The exchange has been working on these CoinFLEX Composites for a while now. The process involved several lawyers and a significant creditor’s group putting up strategies for their distributions. The plans are yet to be perfected but will be in the near term.

After the distribution of these Composites, it is suspected that the business might not run smoothly for a lack of funds. Therefore, the need to become a leaner business staffing-wise. It’s quite unfortunate but necessary for the exchange to let go of a significant number of its employees. Estimated, the cut will reduce CoinFLEX’s cost base by almost 50-60%.

Key members of CoinFLEX’s staff will be retained on its team. The remaining staff will focus their research and outputs on products and technology. The firm will fix structures in place to monitor its cost and scaling process to ensure efficiency. CoinFLEX wishes to be prepared with the right workforce and economy size, in readiness for an acquisition or partnership with any entity.

The updated details of the CoinFLEX Composite distribution will be published next week. So far, its delay is associated with significant legal and accounting procedures which need to be completed.

CoinFLEX Introduces New Token

In the thickness of the crypto winter, CoinFLEX had to halt withdrawals on its platform. Although there were suspicions that it was not only due to the extreme market conditions but also from issues involving a counterparty. Soon after, the withdrawal suspension, CoinFLEX revealed its plan to raise funds by issuing a new token.

The new token “Recovery Value USD” (rvUSD) which is one of the CoinFLEX Composite offers a 20% annual percentage rate (APR). Ultimately, this is a strategy to offset the $47 million debt owed by a high-profile investor known as Bitcoin (BTC) Jesus.

CoinFLEX plans to keep working to remain afloat in the current crypto economy.

Image source: Shutterstock

Source

Tagged : COINFLEX / Crypto Winter / News / RETRENCHMENT

CoinFlex to Allow Users to Withdraw up to 10% of their Balance

by Blockchain NewsJuly 16, 2022

According to Bloomberg News, CoinFlex will allow users to later withdraw 10% of their balance after suspending withdrawals last month.

On June 29, CoinFlex CEO Mark Lamb revealed on Twitter that cryptocurrency investor Roger Ver owes the company $47 million. The Bitcoin.com founder failed to repay CoinFlex, and the crypto exchange suspended withdrawals in June.

CoinFlex canceled pending withdrawals on July 15 and then closed trading on the platform. After that, users can only withdraw up to 10% of their balance, and the rest will be frozen.

CoinFlex says it has taken legal action to cover losses and is trading with another cryptocurrency after a counterparty to cryptocurrency investor Roger Ver failed to pay a $47 million margin call, negotiating the signing of the joint venture.

The cryptocurrency exchange platform was founded in 2019. The company is a smaller crypto exchange focusing on derivatives trading. CoinFlex’s halt in withdrawals has come at a time when the crypto industry has been experiencing liquidity problems and contagion.

Earlier, Ver had tweeted, “Recently some rumors have been spreading that I have defaulted on a debt to a counter-party. These rumors are false. Ver denies he defaulted on his debt to CoinFlex.

CoinFlex said in July 14: “We are continuing to work on all avenues to resolve this situation. This ranges from possible further withdrawals and potential new equity investors to the acquisition of CoinFLEX and combinations in between.”

The company said it will release its latest update on July 22.

CoinFlex announced in late June that it planned to raise funds by issuing a new token that would offer a 20% annual return. The cryptocurrency exchange plans to issue $47 million in “recovery dollar” tokens as a solution to re-enable withdrawals.

Image source: Shutterstock

Source

Tagged : Bitcoin / Blockchain / COINFLEX / News / Roger Ver

CoinFLEX to Sue Robert Ver to Recover $84m Outstanding Debt

by Blockchain NewsJuly 11, 2022

CoinFLEX, a Hong Kong-based physical futures crypto exchange, announced last Saturday that it has taken legal action to recover $84 million from a single long-term serving client.

Last month, the exchange suspended withdrawals after a counterparty later revealed as longtime crypto investor Roger Ver failed to repay $47 million from a margin call.

Last Saturday, the exchange further revealed that the total amount owed by the investor is $84 million. The exchange said so after it calculated a final amount of losses from significant positions in its native FLEX token.

CoinFLEX co-founders Sudhu Arumugam and Mark disclosed that the exchange has begun an arbitration proceeding in Hong Kong to recover the $84 million. Founders said that process could take about 12 months before a judgment is delivered.

CoinFLEX co-founders commented: “We have commenced arbitration in HKIAC (Hong Kong International Arbitration Centre) for the recovery of this $84 million as the individual had a legal obligation under the agreement to pay and has refused to do so. His liability to pay is a personal liability which means the individual is personally liable to pay the total amount, so our lawyers are very confident that we can enforce the award against him.”

The founders further disclosed that CoinFLEX has signed a joint venture with a certain US-based crypto exchange as part of efforts to revive its fortunes.

Meanwhile, CoinFlex is planning to allow temporary withdrawals from its platform, though with some limitations. On Saturday, the founders revealed a “Locked Funds Plan” for the withdrawals. They mentioned that CoinFlex has been engaging in discussions with creditors, investors, and others, and now the exchange is looking into creating some temporary liquidity for its depositors.

Ripple Effects of Current Market Crash

On 23rd June, CoinFLEX halted withdrawals citing “extreme market conditions” alongside uncertainty regarding a certain counterparty. During that time, CoinFlex CEO Mark Lamb clarified that the counterparty is not any lending firm nor Three Arrows Capital.

On 28th June, the exchange announced plans to raise $47 million via a token sale to resolve the withdrawal problem. The withdrawal issues came after a certain individual’s account associated with Roger Ver, went into negative equity during the recent market turbulence.

CoinFLEX described the client as a “high integrity” individual, with liquidity issues linked to the recent plunge in crypto and non-crypto markets, who has “significant shareholdings in several unicorn private companies and a large portfolio.”

Image source: Shutterstock

Source

Tagged : COINFLEX / Debt / Lawsuit / Legal / ROBERT VER