Roger Ver delivers ‘disappointing’ statement on unfolding CoinFLEX saga
Roger Ver commented on the latest CoinFLEX status. Bitcoin Cash Hangouts session.
Sadly, Ver couldn’t provide new information to everyone affected, and due to legal agreement he said he couldn’t speak any further at this time.
Catch up with what happened at Coinflex
June 24, crypto exchange CoinFLEX “Due to extreme market conditions,” the withdrawal of users has been suspended, and “uncertainty involving counterparties continues.”
Later, the counterparty mentioned in the statement turned out to be the proponent of Bitcoin Cash (BCH). Mark Lamb, CEO of CoinFLEX, claimed that its investor, Ver, is in debt to the $ 47 million exchange at USDC.
The debt is said to be related to Ver’s CoinFLEX account, which has become negative equity. Under normal circumstances, the service provider will automatically close the position. However, CoinFLEX is agreement I used Ver to keep the position open. This caused prices to fall, resulting in higher losses.
The agreement was backed by a “strict personal guarantee,” Lam said in the past, Ver had always replenished margin claims in accordance with the agreement.
Ver Denying the claim, turning the CoinFLEX table, the company said it owe him “a fair amount of money.”
There are some rumors lately
Disseminate what I made the default
Debt to the counterparty.These rumors
It’s fake.Not only is there no debt
To this counterparty, but this counter-
The party owe me a fair amount
Money, and I’m looking for now
Return of my funds.— Roger Ver (@rogerkver) June 28, 2022
To undo the withdrawal, Ram proposed a “Recovery Value USD” (rvUSD) token. This represents the tokenization of a $ 47 million black hole.
Talk to BloombergCoinFLEX CEO described it as a possible solution for quickly resuming withdrawals.
“Currently, we cannot withdraw. There are various ways to solve these problems with cryptocurrency finance, and cryptocurrencies are at the forefront of finance.”
Another issue that became apparent as CoinFLEX’s withdrawal was suspended was Smart Bitcoin Cash (also known as:: SmartBCH..
SmartBCH is an Ethereum EVM and Web3 compatible sidechain that operates via CoinFLEX and provides a bridge between the BCH mainchain and the SmartBCH sidechain.
If CoinFLEX fails, BCH locked to SmartBCH may be sold to cover outstanding debt and may spell the end of the sidechain.
Latest information on Ver
Tell the latest story Bitcoin Cash HangoutsVer, aired on July 3, repeated that he “does not owe CoinFLEX” and that the embarrassed crypto exchange borrows money from him.
“My remarks will be a little disappointing to those calling here, but for lawyers who are already involved in the legal complexity there, what I can say at this point is that I have debt. It’s just that there isn’t. CoinFLEX. “
To justify his “disappointed” reaction, Ver quoted the involvement of a lawyer and a nondisclosure agreement.
Ver added that he was looking forward to the “perfect, complete and complete truth” of the situation coming out as soon as possible.
