CoinFLEX Claims Roger Ver Is Behind The Withdrawal Issues

CoinFLEX claims that Bitcoin evangelist Roger Ver is the one to blame for the withdrawal and debit issues of the platform as the CEO Mark Lamb posted on Twitter so let’s read more today in our cryptocurrency news.

CoinFlex is one of the few exchanges that froze its customer withdrawals this month as it is facing an ordinary liquidity crunch. CEO Mark Lamb claims that the man responsible for the financial woes and the reason to seek a $47 million token sale to pay off debts is the longtime BTC evangelist and Bitcoin Cash promoter Roger Ver. Lamb tweeted:

“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.”

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

Lamb claims that Ver who earned the nickname “Bitcoin Jesus” is an early BTC adopter and angel investor who was in default on the agreement and that CoinFlex already issued him a notice of default. The CEO comments confirmed the rumors leaked by a Twitter user known as “FatManTerra” who provided extensive coverage of the stablecoin protocol’s collapse and when the rumors emerged, Ver took it to Twitter to deny the allegations:

“Not only do I not have a debt to this counter-party, but this counter-party owes me a substantial sum of money, and I am currently seeking the return of my funds.

Lamb responded:

“It is unfortunate that Roger Ver needs to resort to such tactics in order to deflect from his liabilities and responsibilities.”

The CoinFlex CEO initially intended to keep the counterparty’s identity private and when discussing the platform’s liquditiy trouble and the recovery plan with the sale of the new token on Monday and Lamb only identified the source of the problem as a high net worth individual. In a blog post on Monday, Lamb laid out plans for the liability token called “Recovery Value USD” which the platform aims to sell in order to raise $47 million. This is the amount it needs to resume the withdrawals for clients and the same amount of money that Lamb claims Ver owes.

Recently some rumors have been
spreading that I have defaulted on a
debt to a counter-party. These rumors
are false. Not only do I not have a debt
to this counter-party, but this counter-
party owes me a substantial sum of
money, and I am currently seeking the
return of my funds.

— Roger Ver (@rogerkver) June 28, 2022

The rvUSD is a token issued by CoinFlex related to the debt owed by a high-net-worth individual to CoinFlex and the text in the whitepaper explains that the individual recently had his account enter the negative equity and failed to provide the needed liquidity to meet his margin call. Before this, however, another agreement with the individual barred CoinFlex from liquidating the position which it will already do it under normal circumstances.
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The situation led CoinFLEX to freeze the withdrawals which the company attributed to uncertainty involving a counterparty.