Cryptocurrency exchange CoinFlex is planning to issue a so-called Recovery Value USD ("rvUSD") Token in a bid to unfreeze customer withdrawals after a high net worth customer failed to repay an outstanding debt of $47M. Specifically, CoinFlex is expecting to issue $47M in rvUSD after the clients' account fell into negative equity last week amid recent volatility in crypto prices, the derivatives-focused exchange wrote in a whitepaper on Monday. "In normal circumstances, we would auto-liquidate a position that runs low on equity at prices that are prior to the zero-equity price," CoinFlex noted. The issuance, which includes an annual percentage rate of 20%, is scheduled for Tuesday and is expected to close on July 1. Depending on how much demand there is for rvUSD, withdrawals are anticipated to resume on June 30. Note that any proceeds from recovery of assets from the client, who "has significant shareholdings in several unicorn private companies
