Amid the bloodbath in the crypto, CoinFLEX revealed the cut down of a “significant number” of team members to reduce operating costs.
According to the blog post, CoinFLEX has deleted staff from “all departments and geographies”, which will help the firm to lessen 50-60% cost.
It stated that “We will monitor costs to ensure we operate as efficiently as possible and scale as volumes come back. The intention is to remain right-sized for any entity considering a potential acquisition of or partnership opportunity with CoinFLEX.”
The move just came after the halt on withdrawals that CoinFLEX imposed last month. The halt was inspired by the unnamed party which reportedly failed to meet a $47 million margin call.
CoinFlex CEO Mark Lamb claimed that “Bitcoin Jesus” Roger Ver owes his company $47 million USDC. However, Bitcoin promoter Roger Ver refuted Lamb’s claim.
Ver tweeted that “some rumors have been spreading that I have defaulted on a debt to a counterparty,” but did not mention CoinFlex specifically.
After halting withdrawal, CoinFLEX has partially restored the withdrawal service with a 10% limit for its users. After seeing turbulence in the CoinFLEX, many users have cited concern about the exchange’s liquidity through citing the reference of insolvent Three Arrows Capital, Voyager Digital, and Celsius Network.
As per the buzz, CoinFLEX could have a shortfall as high as $84 million, and to cover up this, the firm started arbitration procedures in Hong Kong.
