Log in/ Sign up

Roger Ver Denies CoinFLEX CEO’s Allegation He Owes the Company $47M in USDC

Early Bitcoin investor and Bitcoin Cash proponent Roger Ver has rebutted allegations that cryptocurrency investment platform CoinFLEX has $47 million in debt.

In a tweet on Tuesday, Ver (who did not mention CoinFLEX by name) said he was not “delinquent on his counterparty” and claimed the crypto company owed him “a substantial amount of money.” Rumors on social media had previously suggested that the BCH backer had something to do with the platform stopping withdrawals due to non-payment of debt by “a high-net-worth client with holdings in a number of large crypto companies.”

Shortly after the statement was released, CoinFLEX CEO Mark Lamb claimed on Twitter that the company had a written contract with Ver that “requires him to guarantee any negative equity on his CoinFLEX account and to make regular top-ups on the margin.” According to Lamb, CoinFLEX sent Ver a notice of default and “has spoken to him frequently to resolve the situation,” claiming that the company owes him nothing.

“Unfortunately Roger Ver needed to resort to this strategy to avoid his debts and responsibilities,” said the CoinFLEX CEO.

Cointelegraph reported on Tuesday that a CoinFLEX account held by a “person of high integrity with deep pockets” was allowed to reach negative equity without being liquidated, resulting in a $47 million loss. The platform plans to issue a new token, Recovery Value USD (rvUSD), starting June 28 to address its liquidity shortage, and is expected to resume user withdrawals on June 30.

The price of CoinFLEX’s native token, FLEX, has dropped more than 84% in the past 30 days, falling from $1.19 to $0.80 following Lamb and Ver’s tweeted statement.

Add Comment
Load more comments