Earlier this week, the “home of crypto yield” CoinFLEX announced that it expects to resume withdrawals as well as trading due following a pause due to crypto market volatility.
In a blog post, CoinFlex shared that an unnamed investor’s account had fallen into negative equity. Under an agreement, this person was expected to pledge more assets to make the account whole. Apparently the individual in question has decided not to fill the alleged commitment and is now in default. The individual was described as a person of means with “high integrity.”
Today, Mark Lamb, CEO of CoinFLEX, pointed a finger at Roger Ver as the individual that owes the platform money. In a Tweet, Lamb claimed that Ver owed CoinFLEX $47 million and “he has been in default of [the] agreement and we have served notice of default.”
Following the outing of Ver, who is well known – if not controversial – in the crypto industry as an individual that is causing at least some of CoinFLEX’s pain, the platform is now stating it will not be able to resume withdrawals this Thursday (June 30) as planned.
Speaking with CNBC today, Lamb said “we will need more time.” Lamb also shared that several firms were interested in buying Ver’s position.
Part of CoinFLEX’s plan to re-animate its trading and yield platform is to issue a new coin Recovery Value USD, or rvUSD. available hereThe White Paper on rvUSD is and the token is available only to sophisticated investors – non-US residents. The token offering will total – $47 million. The hook is an expected interest rate of 20% and discounts for early investors.
On the other side of all of this, the same report claims that Ver denies it owes CoinFLEX any money. Ver recently tweeted:
“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.”
No word on a rescheduled date for withdrawals to resume.
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
