CoinFLEX files for arbitration in Hong Kong to recover $84M
CoinFLEX is among the crypto firms affected by the bearish conditions across the market. The crypto investment firm is looking into how it can reclaim $84 million worth of funds from the whale account. CoinFLEX to arbitrate on $84M deficit The CoinFLEX arbitration process with the unnamed whale account is expected to happen in Hong Kong. The co-founders of the platform, Mark Lamb and Sudhu Arumugam, said that the process would grant access to the whale’s assets, adding that their legal team was confident that a solution would be met. The two executives said that the whale account had a legal obligation to make these payments but had failed to do so. The firm also added that the arbitration process could take a year to realize a judgment. The judgment is expected to give CoinFLEX access to the whale’s “ worldwide assets .” Buy Bitcoin Now Your capital is at risk. The company did not formally reveal the whale’s identity that had defaulte...