CoinFLEX Token Price Soared 9000%

CoinFLEX exchange token performs exorbitantly amid cooperation with fugitive founders of a collapsed hedge fund

The token of the bankrupt crypto exchange CoinFLEX (FLEX) shows exorbitant financial performance, despite the connection with the fugitive founders of the collapsed hedge fund Three Arrows Capital (3AC). How noted Protos edition, the FLEX token rate has skyrocketed by several thousand percent since November 2022.

By data CoinMarketCap, FLEX price dropped below $0.02 last November. However, in early February, the token rate in the FLEX/USDT pair soared to $1.8 (almost 9,000%). What exactly caused such a sharp rise in FLEX quotes is unclear. It is noteworthy that the rate increase occurred against the backdrop of media reports about the cooperation of CoinFLEX with the scandalous founders of 3AC as part of a new project.

Recall that the founders of 3AC Kyle Davis and Zhu Su still refuse to cooperate with the court in the bankruptcy case of the hedge fund. However, Davis and Su, along with the founders of CoinFLEX (Mark Lamb and Sudhu Arumugami), did not stop the firm’s problems from raising $25 million for a new scheme – the GTX cryptocurrency exchange. It is not clear who exactly decided to financially support the startup of the founders of the collapsed crypto projects.

  • CoinFLEX applied to the Seychelles Court for permission to restructure the business due to operational difficulties in August 2022. The exchange froze the withdrawal of cryptocurrencies in June last year.
  • Representatives of the collapsed site blamed the problems on Bitcoin Cash ideologue Roger Ver, who allegedly stopped fulfilling his financial obligations.
  • Hedge fund Three Arrows Capital filed for bankruptcy in the summer of 2022. In total, the hedge fund owed its clients about $2.8 billion. In October of the same year, the media reported on an investigation by the US authorities against 3AC. According to Bloomberg, the investigation is being conducted by the US Securities and Exchange Commission (SEC) along with the Commodity Futures Trading Commission (CFTC).

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