{"id":246704,"date":"2022-07-04T19:00:56","date_gmt":"2022-07-04T18:00:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=246704"},"modified":"2022-07-04T17:15:13","modified_gmt":"2022-07-04T16:15:13","slug":"roger-ver-delivers-disappointing-statement-on-unfolding-coinflex-saga","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/roger-ver-delivers-disappointing-statement-on-unfolding-coinflex-saga\/","title":{"rendered":"Roger Ver delivers ‘disappointing’ statement on unfolding CoinFLEX saga"},"content":{"rendered":"

Roger Ver gave his take on the CoinFLEX situation during the latest Bitcoin Cash Hangout<\/a> session.<\/p>\n

Sadly, for everyone affected, Ver could not offer new information, saying legal agreements prevent him from saying more at this time.<\/p>\n

Catch up on the goings-on at Coinflex<\/h2>\n

On June 24, crypto exchange CoinFLEX<\/a> announced it was pausing user withdrawals “due to extreme market conditions,” and “continued uncertainty involving a counterparty.”<\/p>\n

Later, the counterparty mentioned in the statement turned out to be Bitcoin Cash (BCH) proponent Ver<\/a>. CoinFLEX CEO Mark Lamb alleged that Ver, who is an investor in the company, owes the exchange $47 million in USDC.<\/p>\n

The debt is said to relate to Ver's CoinFLEX account, which went into negative equity. Under normal circumstances, service providers automatically liquidate the position. However, CoinFLEX stated they have an agreement<\/a> with Ver to keep positions open, which led to mounting losses as prices tumbled.<\/p>\n

Backing this agreement were “stringent personal guarantees,” Lamb said Ver had, in the past, always topped up margin calls in accordance with the agreement.<\/p>\n

Ver<\/a> denied the allegations and turned the tables on CoinFLEX, saying the company owes him “a substantial sum of money.”<\/p>\n

\n

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.<\/p>\n

— Roger Ver (@rogerkver) June 28, 2022<\/a><\/p><\/blockquote>\n