CoinFLEX.US Update: July 9, 2022



Dear CoinFLEX.US Community,


  • Firstly, Mark and I are sorry that we are all in this situation. This is not a position we ever envisioned we would be in. We truly apologize for the trauma this situation has caused the CoinFLEX community. It is understandable that you vent your frustration at us and continue to do so when you feel we have not been communicative enough. One of the main reasons for our lack of responsiveness in the last two weeks is that we have been looking for companies/partners to invest in CoinFLEX and have often been under NDAs with them. We aim to be as transparent as possible in this post and going forwards.
  • We will explain our plans around withdrawals. Details are outlined below.
  • Additionally, as we navigate ahead, we want to make known a potential long-term partnership opportunity CoinFLEX is exploring. 




Spot Balances


These remain wholly unlocked and available.


flexUSD Holders 


Unfortunately due to the issues on the side:


Existing flexUSD balances on the CoinFLEX.US platform will be locked the same as other assets, but the locked amounts will not be converted into USDC or USD.


Pending minting will arrive in your balance as flexUSD, with 90% of them being locked. The available flexUSD will be withdrawable, tradeable and redeemable.


Pending redemptions will arrive in your balance in USDC or USD, with 90% of them being locked. The available USD or USDC from pending redemption will be withdrawable and tradeable.


Please see the link here for the message to our International users that explains what happened and our plans to resolve the situation:


Sudhu Arumugam and Mark Lamb

CoinFLEX Co-Founders