Special Report: CoinFLEX Fallout

Published on
July 1st, 2022
43 minutes

Special Report: CoinFLEX Fallout

Crypto Seismic ·
Featuring Mark Lamb and Ash Bennington

Published on: July 1st, 2022 • Duration: 43 minutes

When CoinFLEX halted customer redemptions on June 23, it became the latest casualty of a crypto correction that’s dragged multiple companies into fights for survival. Unlike many that fell before it, CoinFLEX says it wasn’t a direct victim of liquidity issues at Celsius or the default by Three Arrows Capital. Rather, according to CEO Mark Lamb, “extreme market conditions” and a single account holder – identified by Lamb on Twitter as early Bitcoin investor Roger Ver – brought CoinFlex down. Lamb said Ver owes CoinFLEX $47 million worth of USDC and that his account had gone into default. Lamb’s tweets followed shortly after Ver tweeted that "rumors…I have defaulted on a debt to a counterparty...are false," without naming CoinFLEX. Now, CoinFLEX is struggling to stay afloat, hoping a new token release will buoy the ship. The planned resumption of customer withdrawals, scheduled for June 30, still hasn’t taken place. In this special Crypto Seismic, CoinFLEX CEO Mark Lamb joins Real Vision's Ash Bennington LIVE to discuss the state of the company, what went wrong, and whether there’s a way back.