Key points to remember
- The CEO of CoinFLEX revealed that the major counterparty responsible for the company’s $47 million debt is Roger Ver.
- Ver denies the accusation and claims that it is in fact CoinFLEX that owes him money.
- CoinFLEX has issued a default notice to Ver.
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The CEO of CoinFLEX claims that Roger Ver owes the crypto lender $47 million, a charge that Ver vehemently denies.
Roger Ver Named as Mysterious CoinFLEX Counterparty
It looks like Roger Ver owes CoinFLEX $47 million.
According to CoinFLEX CEO Mark Lamb, the previously reported large counterparty responsible for the crypto exchange’s $47 million debt is none other than Bitcoin celebrity Roger Ver. Lamb declared on Twitter that Ver had received a notice of default for failing to meet its margin requirements.
Lamb’s announcement came shortly after Ver himself tweeted that rumors of his counterparty default were false. “Not only am I indebted to this [counterparty]but this [counterparty] owes me a substantial amount of money, and I am currently requesting the return of my funds,” Ver job.
Ver’s denial prompted Lamb to “clarify to the public that yes – the debt is 100% related to [Ver’s] account” and that “CoinFLEX also categorically denies that we are indebted to it”, insisting that the accusation was a tactic by Ver to “divert from its debts and responsibilities”.
Crypto Briefing previously reported on CoinFLEX’s $47 million bad debt, although the counterparty has yet to be named at the time of writing. Under normal circumstances, the lending platform would have liquidated the insolvent position; he chose not to because of the “strict personal guarantees” put forward by the counterparty, now called Ver.
Instead, CoinFLEX decided to create the rvUSD token in an effort to monetize its liability. Officially called Recovery Value USD, the coin also, perhaps coincidentally, bears the initials of Roger Ver.
Roger Ver is an early Bitcoin investor and influencer. His evangelical style of promotion earned him the nickname “Bitcoin Jesus”; he is the executive chairman of Bitcoin.com.
Disclosure: At the time of writing this article, the author of this article owned ETH and several other cryptocurrencies.