A multifunctional platform that combines the functions of a crypto wallet and an investment portfolio with the possibility of passive earnings. CoinFLEX suspended its services and filed for restructuring after halting withdrawals in June 2022. The suspension was due to a customer's account going into negative equity during market volatility, leading to a significant loss for the exchange. CoinFLEX sought to recover $84 million from this customer, identified as prominent investor Roger Ver, and subsequently laid off a significant number of its employees in a cost-cutting measure. The exchange also announced plans to raise funds through a new coin and reorganization in Seychelles as part of its restructuring efforts.
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