Crypto Exchange CoinFlex to Issue Tokens After Withdrawal Freeze

Cryptocurrency exchange CoinFlex plans to raise funds by issuing a new token that will offer a 20% annual return, in an effort to resume withdrawals after a client failed to repay a $47 million debt.

The platform said it will start to issue $47 million of what it calls “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.