CoinFLEX Blames ‘Bitcoin Jesus’ Roger Ver for $47M Debt

Roger Ver denies all claims against him.
CoinFLEX Blames ‘Bitcoin Jesus’ Roger Ver for $47M Debt

Troubled crypto trading platform CoinFLEX, which halted customer withdrawals a few days ago, has accused Roger Ver of defaulting on a loan of $47 Million

“Roger Ver owes CoinFLEX $47 Million USDC” 

Mark Lamb, CEO of CoinFLEX, said on Tuesday:

“We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly.”

Lamb further added that the exchange’s struggles are because of this particular debt, and a specific contract between CoinFLEX and Ver didn’t allow them to liquidate his position. The company has now handed over a notice of default to Ver. 

Long-time Bitcoin supporter and promoter of Bitcoin Cash, Roger Ver, has denied the claims in a tweet. 

Lamb called Ver’s stand “blatantly false” and also said:

“It is unfortunate that Roger Ver needs to resort to such tactics in order to deflect from his liabilities and responsibilities.” 

CoinFLEX had earlier cited the reason for freezing withdrawals is because of “uncertainty involving a counterparty.” It had initially intended not to disclose the identity of this counterparty. 

However, a Twitter user, FatManTerra – a Terra Research Forum member, leaked confidential information about the debt that started gaining traction. And the firm’s extending strenuous financial situation forced CoinFLEX to reveal the counterparty’s identity. 

The company also tried repeatedly reaching out to Ver, dubbed the “Bitcoin Jesus”, to resolve the matter. However, Ver kept denying that he owed anything to CoinFLEX, according to Lamb.

As a resort, the company now plans to launch a new liability token called “Recovery Value USD” (rvUSD). CoinFLEX aims to sell the token to the public and raise the debt amount of $47 million. The amount will help CoinFLEX to resume withdrawals for its customers. 

CoinFLEX is willing to give more time to the counterparty to pay the outstanding debt, which Lamb claims Ver owes. Meanwhile, subscribers of the rvUSD token will gain an impressive 20% annual return

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James Satoshi
James Satoshi
James is a leader in Web3, NFTs, & DeFi with over 4 years of experience in the industry. You'll spot him covering all topics through-out Coinmash in our guides and analysis sections.