Not mentioning CoinFLEX by name, Roger Ver said he had not “defaulted on a debt to a counter-party,” and alleged the platform owed him “a substantial sum of money.”
Roger Ver, an early Bitcoin investor and Bitcoin Cash proponent, has pushed against claims from crypto investment platform CoinFLEX regarding an alleged $47-million debt.
In a Tuesday tweet, Ver — not mentioning CoinFLEX by name — said he had not “defaulted on a debt to a counter-party,” and alleged the crypto firm owed him “a substantial sum of money.” The denial followed rumors on social media that the BCH proponent was involved in the platform halting withdrawals due to “a high-networth client who has holdings in many large crypto firms” not covering their debts.
CoinFLEX CEO Mark Lamb took to Twitter shortly after the statement to claim the company had a written contract with Ver “obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly.” According to Lamb, CoinFLEX served Ver with a notice of default and was “speaking to him on calls frequently about this situation with the aim of resolving,” claiming the firm did not owe him anything.
“It is unfortunate that Roger Ver needs to resort to such tactics in order to deflect from his liabilities and responsibilities,” said the CoinFLEX CEO.
Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.
— Mark Lamb (@MarkDavidLamb) June 28, 2022
Related: Su Zhu’s cryptic statement as rumors swirl of 3AC liquidations and insolvency
Cointelegraph reported on Tuesday that a CoinFLEX account — held by a “high-integrity person of significant means” — incurred $47 million in losses after being allowed to reach negative equity without being liquidated. The platform planned to fix its liquidity shortage by issuing a new token, Recovery Value USD (rvUSD), starting June 28, with user withdrawals expected to resume on June 30.
The price of CoinFLEX’s native token (FLEX) has fallen more than 84% in the last 30 days, dropping from $1.19 to $0.80 following Lamb’s and Ver’s statements on Twitter.
Cointelegraph reached out to Roger Ver and Mark Lamb, but did not receive a response at the time of publication. This story may be updated.
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Author: Turner Wright