Crypto Turmoil Latest: Nuri Files for Insolvency while CoinFlex Files for Restructuring

The crypto winter continues to claim victims, with German crypto exchange Nuri and Africa-based CoinFlex being the latest to make moves.

Nuri GmbH, one of Germany’s largest crypto exchanges, has filed for insolvency with a Berlin court, the company said in an announcement on Tuesday.

“Due to the current challenging market developments and subsequent effects on financial markets on Nuri’s business development, we have filed for insolvency on Tuesday 9. August 2022,” the exchange said.

The exchange claimed that,

“The temporary insolvency proceedings do not affect your deposits, cryptocurrency funds and Nuri Pot investments which have been done with us.” 

Nuri said customers will have “guaranteed access” to deposits and withdrawals at any time.

The exchange cited negative developments in the crypto markets, including the implosion of Terra, the insolvency of Celsius, and other major crypto funds, as well as macroeconomic headwinds driven by the economic and political uncertainties of the war in Ukraine, as the reason for the decision.

Meanwhile, CoinFlex, another crypto exchange, has reportedly filed for restructuring in a Seychelles court. According to a Bloomberg report, the company has sent out a notice on its restructuring process in emails to customers.

Mark Lamb, Chief Executive Officer of CoinFlex, reportedly said that,

“We look forward to welcoming a new group of shareholders to CoinFLEX and are glad to be in a jurisdiction where we can quickly resolve this situation and return maximum value to depositors.” 

CoinFlex’s filing comes as the exchange strives to resolve a shortfall due to a counterparty failing to make a margin call. As reported, the exchange paused withdrawals in late June, and later announced a plan to tokenize the debt of a “high integrity” individual in order to raise USD 47m.

After a series of tweets, Mark Lamb claimed that this individual whose account went into negative equity during recent market volatility is the Bitcoin Cash (BCH) proponent Roger Ver. However, Ver denied the claims, even saying that a counterparty owes him “a substantial sum of money.”

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