CoinFlex froze withdrawals last week and now blames Ver.
CoinFlex’s tokens, called rvUSD, promise a 20 percent APR, which is awfully high. They are not available to investors in the US. Still, the token — the “rv” in rvUSD theoretically stands for “recovery value” — seems to refer to his initials.the paper says
. It referred to this person as a “high integrity person of significant means, experiencing temporary liquidity issues due to a credit crunch in crypto markets who has significant shareholdings in several unicorn private companies and a large portfolio.” Those interested must purchase a minimum of $100,000, paying for rvUSD in USDC. People who hold rvUSD will theoretically be able to convert to USDC, another stablecoin worth a dollar, as the debt is repaid. Well, okay, but what if it isn’t repaid? Then, in October 2023, investors will be paid USDC from CoinFlex’s balance sheet or in a mix of USDC and Flex coins, whichSubscribe to get the best Verge-approved tech deals of the week.