Home - Blockchain - Roger Ver denies owing CoinFLEX $47M USDC


June 28, 2022

Roger Ver denies owing CoinFLEX $47M USDC

Roger Ver, an early investor in Bitcoin and a supporter of Bitcoin Cash, has fought back against accusations made by the cryptocurrency investing platform CoinFLEX involving a claimed debt of $47 million.

In a tweet published on Tuesday, Ver said that he had not defaulted on a debt to a counter-party and claimed that the cryptocurrency company owed him a significant amount of money. Ver did not specifically identify CoinFLEX in his post.

The denial came in response to reports that circulated on social media suggesting that the BCH proponent was engaged in the platform’s decision to block withdrawals after a high-net-worth customer who had stakes in several prominent crypto businesses failed to settle their bills.

Shortly after the announcement was made, the CEO of CoinFLEX, Mark Lamb, came to Twitter to assert that the firm had a formal contract with Ver, which required Ver to personally guarantee any negative equity on his CoinFLEX account and top up margin on a consistent basis.

According to Lamb, CoinFLEX sent Ver with a notice of default and was speaking to him on calls often about this matter with the purpose of resolving it, despite the fact that the company claimed it did not owe Ver anything.

The chief executive officer of CoinFLEX expressed his dismay at the fact that Roger Ver had to resort to such strategies in order to divert attention away from his legal obligations and duties.

On Tuesday, it was announced that a CoinFLEX account controlled by a person of high integrity and large wealth had suffered losses of $47 million since the account had been permitted to approach negative equity without being liquidated.

Also Read:  Goldman Sachs wants $2 billion to buy Celsius Assets

Starting on June 28, the platform intended to address its liquidity issue by creating a new token known as Recovery Value USD (rvUSD), and it anticipated that users will once again be able to withdraw funds beginning on June 30.

Following remarks made by Lamb and Ver on Twitter, the price of CoinFLEX’s native token, which is called FLEX, has decreased by more than 84 percent in the last 30 days, falling from $1.19 to $0.80.