CoinFLEX warns to return $4.3M or face legal actions – NameCoinNews

CoinFLEX warns to return $4.3M or face legal actions – NameCoinNews

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CoinFLEX, which happens to be a crypto exchange, happens to be seeking a return of the amount of $4.3 million, in the form of FLEX coins, from, or it will be compelled to take the legal route. According to the disclosure made to Decrypt, the entity claims that it had lent the amount to the financial services company in Luxembourg., on its own part, denies this allegation completely. 

The notice, which was duly issued on the 24th of February 2023, mentions the fact that has been given till the 7th of March 2023 to comply with the order and do the needful, maximum by the 21st of March 2023. If the order is not followed, legal proceedings will ensue. There also happens to be a further mention that failing to comply will bring about a maximum amount of interest and legal costs, as per the law. 

This claim happens to stem from an AMM+ (automated market maker) Participation Agreement that was supposedly agreed upon on the 12th of April, 2022. This happened to have been the period when Bitcoin was finding it extremely difficult at $40,000. 

However, the very existence of the agreement happens to be absolutely uncertain. According to sources from the camp of, CoinFLEX seemingly has no proof of any such agreement, and in their opinion, the entire claim holds no value whatsoever. 

Incidentally, the notice happened to have been issued by a law firm situated in Singapore by the name of Nine Yards Chambers LLC and also mentions the fact that CoinFLEX happens to be a client of theirs, on whose behalf the notice has been forwarded.

In response to that, not only does completely deny every factor, but it also happens to disclose the fact that it is CoinFLEX that happens to be owing it for certain services and which has not been paid up. They, too, claim that they will also be filing a suit for the same.

However, it also remains a fact that, at the present moment in time, happens to be in damage control mode and attempting to make a sale of a part of its assets in order to rectify a $270 million discrepancy in its accounting.     

Aarav Ghosh

Aarav Ghosh

Aarav Ghosh is a sub editor and contributor to NameCoinNews who specializes in covering latest stories and headlines of cryptocurrencies and blockchain. Additionally, he also covers latest news related to FinTech industry. He is a firm believer of next big transformation of world economy in terms of digitalization.


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