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Crypto Exchange CoinFlex Won’t Resume Withdrawals as Planned

  • CEO says a distressed debt fund committed to buying new token
  • Halted withdrawals, citing large client’s failure to pay debt
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Cryptocurrency exchange CoinFlex won’t resume withdrawals Thursday as it had planned as it continues to raise funds to make up for the shortfall of $47 million triggered by a client’s default.

In an effort to resume withdrawals, CoinFlex issued a new token that will offer a 20% annual return. CoinFlex Chief Executive Officer Mark Lamb declined to share how much money has been raised.