Seeing CoinFlex's new announcement was a bit shocking; the loss amount has been raised from the initial $47 million to a final calculation of $84 million.

This discrepancy is mainly because they lost a big chunk again when liquidating the FLEX token position.
Honestly, this hole is getting bigger and bigger.

CoinFlex has now initiated arbitration procedures in Hong Kong, aiming to recover this money from the clients.
But legal processes take time; they said it would take about 12 months to get results.
Meanwhile, CoinFlex is still raising funds everywhere and negotiating with a major U.S. trading platform to establish a joint venture.
This looks like they are desperately trying to save themselves.

Previously, CoinFlex suspended withdrawals in June, and CEO Mark Lamb sent a default notice to Roger Ver demanding $47 million.
But Roger Ver directly responded that this was a rumor, and instead said CoinFlex owes him money and demands repayment.
Both sides are sticking to their stories.
Now CoinFlex says they plan to start locking funds in a week, allowing only 10% of the balance to be withdrawn by depositors.
This recovery plan seems quite uncertain.