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Bitcoin Jesus Brushed Off ‘Rumors’ of $47M USDC Debt From CoinFLEX

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Roger Ver accused of having a 47M debt to CoinFLEX
29
Jun
  • CoinFLEX accused Roger Ver of defaulting on a debt of $47 million USDC.
  • Roger Ver denied the accusation calling it “some rumors.”
  • CoinFLEX is required to raise $47 million to resume withdrawals.

After the crypto investment platform, CoinFLEX claimed that Roger Ver, an early crypto backer, allegedly defaulted on a debt of $47 million, Ver responded with a tweet, dismissing the allegation.

Ver stated, without taking CoinFLEX’s name, that he had not “defaulted on a debt to a counter-party.” At the same time, he alleged that the platform owed him “a substantial sum of money.”

This news broke when CoinFLEX’s CEO, Mark Lamb claimed on his official Twitter account that Ver, also referred to as Bitcoin Jesus, had defaulted on a $47 million USDC margin call. The allegation was made on Tuesday, to which Ver replied immediately, calling the allegations “some rumors.”

This denial was followed by numerous rumors on social media platforms that the BCH proponent’s involvement with the platform halting withdrawals was due to “a high net worth client who has holdings in many large crypto firms” not covering their debts.

According to Lamb, CoinFLEX doesn’t owe Ver anything. He mentioned that the firm has already warned Ver with a debt defaulter’s notice and was “speaking to him on calls frequently about this situation with the aim of resolving.”

This statement was followed by the claim that the company had a written contract with Ver “obliging him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly.”

Earlier, a CoinFLEX account held by a “high-integrity person of significant means” suffered a loss of $47 million, after being enabled to reach negative equity instead of being liquidated. The platform decided to fix its liquidity shortage by issuing a new token on June 28, named Recovery Value USD (rvUSD). CoinFLEX expects user withdrawals to resume from June 30, 2022.

Over the last 30 days, the price of CoinFLEX’s native token FLEX dropped over 84%, plunging from $1.19 to $0.60 on Tuesday following the Lamb-Ver’s tiff on Twitter. However, it experienced a sudden surge of over 135% on Wednesday with the price rising to over $3.00 at the time of writing.

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