CoinFLEX recovery plan includes tokenized bad debt and more yields

Cointelegraph

Published Jun 28, 2022 01:26AM ET

Updated Jun 29, 2022 03:20AM ET

Crypto investment platform CoinFLEX aims to rectify its liquidity shortage and restart user withdrawals by selling off bad debt through a new $47 million token offering.

The new token is known as Recovery Value USD (rvUSD) and will be worth $1.00 each. It is designed to help CoinFLEX recover $47 million in losses incurred by an account that was allowed to reach negative equity without being liquidated. It will be issued from Tuesday through July 1, and the firm stated that it hopes to resume withdrawals by June 30.

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