flexUSD Prix

Looking back at the 2022 exchange fiasco, crooks that got away easily PART1 - Mark Lamb

<!-- SC_OFF --><div class="md"><ul> <li><p>Name: </p> <ul> <li>Mark Lamb</li> </ul></li> <li><p>Who is he: </p> <ul> <li>Co-Founder and Co-Owner of Coinflex</li> </ul></li> <li><p>What happened: </p> <ul> <li>On June 24, 2022, the exchange CoinFLEX announced that it made the decision to halt user withdraws, and the price of the platform Token FLEX subsequently plummeted, from $4.30 to less than $1.50 in four hours. At the same time, FlexUSD, the platform’s stablecoin, also began to de-peg, with prices dropping as low as $0.23.</li> </ul></li> <li><p>What was Mark Lamb excuse: </p> <ul> <li>CoinFLEX created a special account for Roger Ver, providing him protection against immediate liquidation if his margin fell below maintenance levels. Roger Ver offered Bitcoin Cash (BCH) valued at $400 as collateral. However, a crypto market crash caused BCH to drop to $120. CoinFLEX faced a liquidity crisis, and BCH remained at that value. In the end, Roger Ver’s position was completely worn out and turned into negative equity, while CoinFLEX was left with a lot of delisting FLEX. It was revealed that CoinFLEX had a real loss of $120 million, including losses from the de-peg of the stablecoin FlexUSD and the loss of withdrawals (less than $10 million) due to the collapse of the SmartBCH cross-chain bridge, which was built by CoinFLEX.</li> </ul></li> <li><p>What was Mark Lamb solution: </p> <ul> <li>CoinFlex said it would issue $47 million of a digital coin it is calling Recovery Value USD, or rvUSD. (lol, it's not trolling)</li> </ul></li> <li><p>What happened to Mark Lamb since: </p> <ul> <li>Well, he walked away, CoinFlex customers have been forgotten. Since, in january 2023, Mark Lamb and 3 Arrows Capitals wanted to start a new exchange called... GDX, because G is the letter after F, such as FTX, all of you guys probably remember that because it was so ridiculous.</li> <li>His twitter account went silence since the collapse.</li> </ul></li> </ul> <p>Mark Lamb should face some consequences, instead of enjoying his customers money.</p> <p>He got lucky.</p> </div><!-- SC_ON -->   submitted by   <a href="https://www.reddit.com/user/badfishbeefcake"> /u/badfishbeefcake </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/16nb46e/looking_back_at_the_2022_exchange_fiasco_crooks/">[link]</a></span>   <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/16nb46e/looking_back_at_the_2022_exchange_fiasco_crooks/">[comments]</a></span>