Roger Ver, CEO of Bitcoin.com.
Anthony Kwan | Bloomberg | Getty Images
CoinFlex, a digital asset exchange, is trapped in a public battle over $ 47 million in debt with long-time crypto investor Roger Ver, reflecting the latest story unfolded in the midst of a market crash. ..
On Tuesday, CoinFlex CEO Mark Lamb was nicknamed “Bitcoin Jesus” in an early evangelical view in the industry as an investor who did not pay $ 47 million in stablecoin USDC as part of a margin call. Nominated Roger Ver who won.
USDC is a stablecoin that is fixed one-to-one with the US dollar. Margin calls are situations where investors have to invest more money to avoid losses in transactions made with borrowed cash.
CoinFlex suspended customer withdrawals last week. Lamb revealed on Monday It means that the private investor’s account has become “negative equity”. A company usually liquidates its investor’s position automatically. However, this particular investor had an agreement with CoinFlex that would not allow this to happen.
In return, investors promised “a strict personal guarantee on account equity and margin calls in exchange for not being liquidated,” CoinFlex said.
At that time, Ram had not nominated an investor. But on Tuesday, CoinFlex CEO claimed that it was Ver who borrowed the company’s money. According to Lam, Ver provides default notifications.
“He has a long track record of replenishing margins in accordance with this agreement and meeting margin requirements. We frequently talk to him over the phone about this situation with the aim of resolving this situation. We still want to solve it, “Ram said in a tweet.
However, Ver denied that he was the investor behind the debt. Ver said the counterparty owed him “a considerable amount” and he is now “asking for a refund” of his funds.
The CoinFlex lamb said the debt was “100% related” to Ver’s account, and the company “denies that it has debt” to Ver.
“His remarks are clearly wrong. It’s a shame that Roger Ver needs to resort to such tactics to deviate from his responsibilities and responsibilities,” Ram said.
Ver has been active in the cryptocurrency industry for over 10 years, investing in several businesses and co-founding Bitcoin.com and Blockchain.com.
On Monday, CoinFlex announced plans to issue a new coin called Recovery Value USD or rv USD to increase the $ 47 million shortfall. The company offers 20% interest on coins to seduce investors.
CoinFlex-Ver saga Cryptocurrency price slump in the last few weeks It wiped out billions of dollars in value from the market during a period called the new “crypto winter.”
Three Arrows Capital, a hedge fund that invests in digital assets, has entered liquidation. CNBC reported on Wednesday. Meanwhile, many companies, including the lending company Celsius, are facing a liquidity crisis. Cryptocurrency company experienced layoff..
