CoinFLEX limits users to 10% withdrawals as BAYC regains top NFT spot.

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Coinflex reopened user withdrawal but limited users to 10% withdrawals. While NFT market report shows that Bored Ape Yacht Club has regained the top spot in terms of sales volume.

CoinFLEX reopens withdrawals but limits users to 10% withdrawals

CoinFLEX, a cryptocurrency exchange is partially reopening user withdrawals. This comes amid hopes that the company was gradually recovering from liquidity restrictions triggered by a high-profile client default. 

In a statement from the company.

“As from 5 am UTC on Friday, all CoinFLEX users will be able to withdraw up to 10% of their funds. All existing withdrawal requests will be canceled and returned to their respective accounts, giving users the ability to initiate new requests in accordance with the 10% limit.”

The company also said that:

“The remaining 90% of user balances will be considered “locked funds,” or funds that appear on their balance but cannot be withdrawn, traded, or used as collateral.

The new guidelines apply to all assets except flexUSD, an interest-bearing stablecoin, which “cannot be withdrawn until further notice”.

After reportedly failing to meet a counterparty $47 million margin call, CoinFLEX restricted withdrawals on June 23rd. Cryptopreneur and Bitcoin Cash (BCH) proponent Roger Ver was named as the defaulting counterparty. However, he denied owing the firm any money.

In a tweet dated June 28, Roger Ver stated, “Not only do I not have a debt to this counterparty, but this counter-party owes me a substantial sum of money, and I am currently seeking the return of my funds.”

Afterward, estimates showed that CoinFLEX’s shortfall was as large as $84 million. A sum the company hoped to retrieve via arbitration in Hong Kong, its native jurisdiction.

The current bear market has hit the crypto industry in more horrible ways after the Terra ecosystem collapse. And this has triggered extreme volatility and contagion across the crypto space. High-profile names such as Three Arrows Capital, Voyager Digital, and now Celsius have filed for bankruptcy in the wake of collapsing asset prices.

BAYC regains the top position in the NFT market

In other news, the Bored Ape Yacht Club (BAYC) has regained its place in the NFT market. Data from cryptoslam shows that BAYC gained a 157% increase in net sales (over 24 hours). This increased the collection’s net sales to a whopping $2.4 million, in 25 transactions.

The BAYC has had a torrid week so far. However, it came back on the heels of massive sales and an increase in the market price of the Ethereum over a few days, to dominate the table for NFT collections. It also registered its superiority, by having six of its collectibles stay on the top ten collectibles log.

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