Cryptocurrency derivatives platform CoinFLEX announced layoffs of a “significant number” of employeesfrom different departments around the world. This is stated in the company's blog.
“The staff cuts we made andnon-state expenses will reduce costs by about 50-60%. Most of the remaining team is focused on products and technologies that remain the backbone of our business,” CoinFLEX noted.
Platform representatives said they plan to track costs to operate efficiently and scale as volumes return.
On June 4, 2022, CoinFLEX suspendedwithdrawal of user funds due to “extreme market conditions” and “uncertainty regarding the counterparty.” To solve the problems that arose, the company announced the launch of the Recovery Value USD (rvUSD) token.
Later, the head of the platform, Mark Lamb, said thatthe counterparty in question is Bitcoin.com founder Roger Ver, who owes CoinFLEX $47 million. Since Bitcoin Jesus failed to fulfill its obligations, the company sent him a notice of default.
In July, the firm turned to the Hong Kong International Arbitration Center to collect the debt from Vera.
Recall that on July 15, CoinFLEX announced the resumption of the withdrawal of user funds in a limited mode.
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