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CoinFlex to Issue Tokens After Withdrawal Freeze - Top Crypto Updates
CoinFlex plans to issue new tokens to raise funds after a client failed to repay a $47 million debt, aiming to resume withdrawals. Meanwhile, Bitcoin, Ethereum, and other major cryptocurrencies saw declines, and Crypto.com removed several cryptocurrencies from its Earn program.
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Key takeaways
- CoinFlex plans to issue $47 million of “Recovery Value USD” tokens to raise funds and resume withdrawals after a client failed to repay a $47 million debt.
- Bitcoin fell 1.9% to $20,905.4, Ethereum declined 1.3% to $1,208.2, and the global crypto market cap decreased by 1.93% to $938.08 billion.
- Crypto.com removed 15 cryptocurrencies, including Dogecoin and Shiba Inu, from its Crypto Earn rewards program, while adding Zilliqa, Fantom, and NEAR.
- The Advertising Standard Council Of India (ASCI) found more than 400 crypto ads potentially violating advertising guidelines in the first five months of 2022.
CoinFlex to issue tokens after withdrawal freeze
Crypto exchange CoinFlex plans to raise funds by issuing a new token that will offer a 20% annual return. The company aims to resume withdrawals after a client failed to repay a $47 million debt. The platform will start to issue $47 million of “Recovery Value USD” tokens on Tuesday. The resumption of withdrawals (targeted for June 30) will depend on the level of demand for the new tokens.
Crypto prices today: Bitcoin falls 2%, ETH down 1.3%
Bitcoin is currently trading at $20,905.4, a decline of 1.9% over the previous day. Ethereum is down 1.3% over the last 24 hours to $1,208.2. Solana fell 4.2% to $38.61, while Cardano is trading lower by 2.49% at $0.489. Avalanche (AVAX) is down 4.38% to $19.62. The global crypto market cap stands at $938.08 billion, a 1.93% decline over the previous day.
Crypto.com removes Dogecoin, Shiba Inu from Earn program
Crypto.com announced it is removing 15 cryptocurrencies from its Crypto Earn rewards program. Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW are among those being removed from the list. However, Crypto.com will add Zilliqa (ZIL), Fantom (FTM), and NEAR to the program. The Crypto Earn program enables users to obtain interest on their crypto holdings.
400+ crypto ads found violating ASCI guidelines
The Advertising Standard Council Of India (ASCI) has found more than 400 crypto ads to be potentially violating advertising and promotion guidelines of virtual digital assets (VDAs) and guidelines for influencer advertising. In the first five months of 2022, ASCI took up 453 complaints where 419 crypto ads required modifications.
Frequently asked questions
Why is CoinFlex issuing new tokens?
CoinFlex is issuing new tokens to raise funds after a client failed to repay a $47 million debt, with the aim of resuming withdrawals.
What is the annual return offered by CoinFlex's new token?
CoinFlex's new token will offer a 20% annual return.
Which cryptocurrencies did Crypto.com remove from its Earn program?
Crypto.com removed Dogecoin (DOGE), Shiba Inu (SHIB), Tezos (XTZ), and FLOW, among others, from its Crypto Earn program.
How many crypto ads were found violating ASCI guidelines?
More than 400 crypto ads were found to be potentially violating ASCI guidelines in the first five months of 2022.
Written by
Cherian VargheseRelated reads
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