CoinFLEX CEO Mark Lamb has publicly revealed that Roger Ver is the high net worth client who owes the cryptocurrency exchange $47 million.
What Happened: In a series of tweets on Tuesday, Lamb said that Ver owes $47 million worth of USDC.
He had a long track record of previously topping up margin and meeting margin requirements in accordance with this agreement. We have been speaking to him on calls frequently about this situation with the aim of resolving it. We still would like to resolve it.Ver is popularly known as “Bitcoin Jesus” because he was one of the first high-profile Bitcoin (CRYPTO: BTC) investors. He is also known for his role in the creation of Bitcoin Cash (CRYPTO: BCH) and for serving as executive chairman of Bitcoin.com.— Mark Lamb (@MarkDavidLamb) June 28, 2022
See Also: 'Bitcoin Jesus' Roger Ver Now Backs Dogecoin
Lamb made his statements about Ver public after the latter took to Twitter (NYSE:TWTR) saying the rumors about his default on debt were false, and that the counter-party in question actually owed him a “substantial sum of money.”
Recently some rumors have beenspreading 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
CoinFLEX also categorically denies that we have any debts owing to him. His statement is blatantly false. It is unfortunate that Roger Ver needs to resort to such tactics in order to deflect from his liabilities and responsibilities.The CoinFLEX CEO stated that the debt in question is 100% related to Ver’s account, despite the investor's continued denial.— Mark Lamb (@MarkDavidLamb) June 28, 2022
Last week, CoinFLEX halted all withdrawals on its platform citing uncertainty associated with a counterparty, which it now claims is Ver.
In order to recoup losses associated with his account, the exchange proposed launching a Recovery Value USD (rvUSD) Token, offering investors a 20% yield on investment in the token.
"In normal circumstances, we would auto-liquidate a position that runs low on equity at prices that are prior to the zero-equity price," stated CoinFLEX, explaining that an exception was being made due to the individual in question being a “high integrity person of significant means.”
Industry watchers have dubbed the somewhat unorthodox recovery strategy of the centralized exchange “amazingly degen.”
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