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

• Name:

  • Mark Lamb

• Who is he:

  • Co-Founder and Co-Owner of Coinflex

• What happened:

  • 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.

• What was Mark Lamb excuse:

  • 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.

• What was Mark Lamb solution:

  • CoinFlex said it would issue $47 million of a digital coin it is calling Recovery Value USD, or rvUSD. (lol, it's not trolling)

• What happened to Mark Lamb since:

  • 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.
  • His twitter account went silence since the collapse.

Mark Lamb should face some consequences, instead of enjoying his customers money.

He got lucky.