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CoinFlex commences legal action to recover $84 million a customer

Crypto exchange CoinFlex, which recently paused customer withdrawals amid liquidity stress, and revelations that crypto investor Roger Ver owed $47 million in failed repayments, has instituted legal action to recover even more from the pioneer crypto investor.

According to an update the crypto exchange published over the weekend, the same account that had the $47 million in counterparty losses, has now been readjusted. The customer now owes $84 million.

“The first estimate of $47m which we communicated did not include the significant loss in liquidating his significant FLEX coin positions. Now that we have found a bid for that size, the liquidations have created a final deficit of $84m for the account,” CoinFlex co-founders Sudhu Arumugam and Mark Lamb said in the blog post. 

Customer is “personally liable to pay”

CoinFlex said that its commencement of an adjudication process in Hong Kong is in a bid to recover the money from the “individual” – initially identified as Bitcoin Cash (BCH) promoter Roger Ver.

“We have commenced arbitration in HKIAC for the recovery of this $84m as the individual had a legal obligation under the agreement to pay and has refused to do so. His liability to pay is a personal liability which means the individual is personally liable to pay the total amount, so our lawyers are very confident that we can enforce the award against him,” the co-founders added.

The crypto exchange expects a favorable decision, though it notes the legal proceedings could take up to 12 months.

Meanwhile, the crypto platform has plans to resume customer withdrawals, with eyes on external funding via stablecoin USDC. 

The exchange is also in talks with a large US-based exchange over plans for a joint venture meant to keep CoinFlex in business.

The post CoinFlex commences legal action to recover $84 million a customer appeared first on CoinJournal.

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PSG club selling NFT tickets & commemorative NFTs for 1st tour of Japan

Paris Saint-German (PSG), a renowned French football club, has kicked off the selling of NFT tickets and commemorative NFTs for their first tour in Japan since 1995 (27 years).

The football club stated in their website:

“In the summer of 2022, Paris Saint-Germain, one of the best football clubs in the world, will tour Japan! To commemorate their first visit to Japan in 27 years, we will be offering premium NFT tickets and commemorative NFTs that you can only get here and now.”

According to the announcement, there will be 3 NFT tickets (each ticket will cost about 180.36 ETH, which is over $205k at current price rates) for the three matches that are scheduled to take place in Japan. 

On the other hand, the commemorative NFTs will feature moments captured in pictures and videos from the tour. The first match is scheduled to kick off on July 20 with Japan Kawasaki Frontale. The PSG match will be featuring stars like Lionel Messi.

The sale will end on Wednesday and all the ticket holders will have a chance to access the VIP room as well as join the VIP party with the players.

PSG crypto adoption

PSG has been among the football teams that have been embracing NFTs and Cryptos in their recent campaigns. 

Last month, PSG disclosed its plans to launch an NFT collection that will commemorate their 10th league championship and also the year of the Tiger featuring Taiwanese Pop Star, Jay Chou. The collection is expected to feature 10,000 NFTs. 

Also, according to last year’s reports, Lionel Messi while signing a deal with PSG opted to receive some of his transfer package in the crypto fan tokens.

The sports world seems to be on the rising spree to adopt crypto as more clubs sign partnerships with crypto organizations. These partnerships will be a great boost for the Crypto firms since they will be able to reach new fans and investors.

The post PSG club selling NFT tickets & commemorative NFTs for 1st tour of Japan appeared first on CoinJournal.

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WAXP price has popped. Is WAX a good crypto to buy?

The WAXP price has done well in the past few days as investors cheer the platform’s growth in the DeFi and gaming industry. WAX is trading at $0.11, which was the highest level since June 27th this year. It has surged by more than 46% from its lowest level in June, bringing its total market cap to over $231 million.

Why is Wax soaring?

WAX is a leading blockchain project that is in the gaming industry. The platform provides all features that developers need to build blockchain services, games, decentralized exchanges, and NFT products. As such, developers of all industries can easily build their products using its WAX Blockchain features.

According to its website, WAX has more than 13 NFT collectors in its ecosystem. These people use the WAX Cloud wallet, which makes it easier for people to buy, collect, and store products in its ecosystem. WAX is used by popular brands like Hasbro, AMC, Atari, and Mattel. 

Read our review of Capital.com.

The WAXP price has risen in the past few days as investors react to the launch of the WAX DeFi platform. This is a platform that provides yields to participants that are based on real economic activity across the WAX ecosystem. 

According to its website, it has a total value locked (TVL) of over $5.8 million, which is remarkable since it is just a few weeks old. Also, the network was launched in a period when both DeFi and other blockchain projects has declined following the turmoil in other platforms like Voyager Digital and Celsius.

WAXP price prediction 

WAXP, like other cryptocurrencies, has had a tough time in the past few months as the cryptocurrencies unravel. On the daily chart, we see that the coin has crashed by more than 90% from its all-time high. The coin remains below the lower side of the descending triangle pattern that is shown in red. 

Recently, however, the coin has made some recovery. It has managed to move above the 25-day moving average and is now approaching the 50-day MA. At the same time, the coin’s Stochastic Oscillator has moved above the overbought level.

Therefore, there is a likelihood that the coin will keep rising as investors target the key resistance point at $0.15. This price is about 40% above the current level. A drop below the support at $0.08 will invalidate the bullish view.

The post WAXP price has popped. Is WAX a good crypto to buy? appeared first on CoinJournal.