CoinFlex CEO Mark Lamb has dropped a bombshell that traders with the crypto exchange platform will not take lightly. According to the update, the platform will no longer allow withdrawals on Thursday. As per an earlier statement, the platform promised to allow traders to access their funds and withdraw them at the set time. However, this new update comes off the back of moves by the company to get rid of its ravaging debt of over $70 million.
CoinFlex CEO urges users to be patient
In his interview with CNBC, the CoinFlex CEO noted that traders need to be patient as the company needs more time before it can open up withdrawals. If everything went on as scheduled earlier, a massive list of platform users would take their funds from the platform. CoinFlex has been anticipating the aid coin offering that was hosted yesterday.
According to the details of the offering, it offered investors the opportunity to buy off the company’s debts. Although the company noted yesterday that it was fully anticipating the start of withdrawals tomorrow, they also said they needed to put some things in place first. One such thing is the number of subscribed tokens that the platform has, which has not been made known to the general public since the token offering took place yesterday.
Bitcoin Jesus denies causing CoinFlex’s woes
The CoinFlex CEO has also mentioned that the company is currently in talks with several big wigs in the crypto market to convince them to buy off the debts. In another interview, the CEO also mentioned that there were making massive progress with the sales of the debt fund. This was buttressed by the responses from users and other parties, with the platform recording funds running into millions. CoinFlex announced that it had suspended withdrawals some days ago, blaming the issue on the recent market decline.
There was also news about one of its customer accounts entering negative equity. Days after the announcement, the CoinFlex CEO called out known Bitcoin proponent Bitcoin Jesus as the main culprit behind the negative equity issue. As the days rolled by, it led to a barrage of insults among both parties, with Bitcoin Jesus mentioning that the platform owed him a significant amount of money. CoinFlex is one of the few companies going through a tough time at this period in the market. Celsius is also fighting tooth and nail to eliminate the possibility of going bankrupt.