🚨 COINFLEX HAS SHUT DOWN — June 2022. CoinFLEX froze withdrawals in June 2022 during crypto market turmoil, filed for restructuring in the Seychelles in August 2022, and rebranded to OPNX in April 2023 (which also shut down). The CoinFLEX exchange is permanently closed. Do not deposit funds or trust any site claiming to be CoinFLEX. The original domain/brand is linked to ongoing creditor disputes. Use Bybit or OKX as alternatives.
CoinFLEX — What Happened
CoinFLEX was a Seychelles-registered crypto futures exchange founded in 2019 by Mark Lamb, known for deliverable perpetual swap contracts, its FLEX utility token, and AMM+ market-making on futures markets. In June 2022, CoinFLEX froze withdrawals amid the crypto market collapse, citing a large investor (later named as Roger Ver, which Ver denied) defaulting on an $84M margin agreement.
After filing for restructuring in the Seychelles, CoinFLEX announced a “rebrand” to OPNX in April 2023, halting all CoinFLEX.com trading. However, creditors claim this was not a legitimate rebrand but an unauthorized transfer of CoinFLEX assets to a new entity (OPNX), leaving CoinFLEX creditors without recourse. OPNX has since also shut down. Multiple legal proceedings are ongoing. Any site today claiming to be CoinFLEX and offering fund recovery is almost certainly a scam.
⚡ Bottom Line: CoinFLEX is permanently closed. The rebrand to OPNX failed, with OPNX also shutting down. Creditors are pursuing legal claims. If you had funds on CoinFLEX, do not interact with any “recovery” websites — this is a common follow-up scam targeting victims of exchange collapses.
