Does Really Owe $4 Million To CoinFLEX?

  • had failed to return $4.3 million in FLEX coins to one of its clients, the Coinflex.
  • CoinFLEX and reportedly signed an AMM+ Participation Agreement.
  • has until March 7 to certify its return to the FLEX coins.

Nine Yards Chambers LLC, a Singapore-based law firm, asserted that, a seasoned cryptocurrency company, had failed to return $4.3 million in FLEX coins to one of its clients, the Coinflex cryptocurrency exchange. The law firm asserts that has a deadline of March 7 to confirm that it would return the FLEX coins to CoinFLEX and a deadline of March 21 for the transaction to be finalised. Otherwise, the legal team has said that starting legal action is not prohibited, including but not limited to issuing a formal demand for payment known as a statutory demand.

In response, stated, “This is completely false.” 

This assertion is related to an allegedly signed AMM+ (automated market maker) Participation Agreement from April 12, 2022. This also happened to be the time when Bitcoin was struggling mightily at $40,000. 

The agreement’s very existence is, however, completely speculative. sources allege that CoinFLEX does not have evidence of any such arrangement and that the entirety of CoinFLEX’s claim has no merit at all.

The notification, issued on February 24, states that has until March 7 to certify that it will return the FLEX coins, and it has until March 21 to transmit the money. Otherwise, the exchange will be subject to “the initiation of legal processes, including but not limited to” a formal demand for payment known as a statutory demand, according to CoinFLEX. 

According to the letter, would then have a further 21 days to pay back the money, which is made up of four loans reportedly made between March and June of last year.

Blockchain received 3 Million Tokens

Between March and June of last year, 3 million FLEX tokens were lent to, according to CoinFLEX. According to reports, the debt allegations are supported by an allegedly signed Automated Market Maker (AMM) Participation Agreement from April 12, 2022. stated that CoinFLEX’s claim was “totally without foundation and a work of fiction from an insolvent firm currently being sued by its clients for dissolution.” “We will soon begin collection efforts for services given by CoinFLEX to that are now outstanding.”

The due date for’s confirmation of the refund is March 7, according to the official letter written by CoinFLEX. The $4.3M worth of FLEX tokens must then be returned by by March 21. 

If declines to pay back the outstanding loans, CoinFLEX stated it will file a statutory demand against the company in court.

Adding to this fiasco, also makes public the information that CoinFLEX is the party that is owed money by it for specific services but has not yet made payment. They further assert that they will bring a lawsuit for the same. 

However, it is also still true that is currently trying to sell off a portion of its assets in order to repair a $270 million accounting error. The company is currently in damage control mode.