CEO of Cryptocurrency exchange CoinFLEX Mark Lamb, stated on Twitter that CoinFlex has issued Bitcoin Cash promoter Roger Ver a notice of default. According to Lamb, Ver defaulted on a loan agreement worth $47 million in USDC.
Roger Ver Claims CoinFlex owes him and not the other way around
Mark Lamb announced on twitter that CoinFlex has an existing written contract with the CEO of Bitcoin.com which obligates him to “personally guarantee any negative equity” on his account with them.
Ver had apparently never defaulted on topping up margin and meeting the requirements of the contract before. He has been issued a notice of default and according to Liam, they have been on calls with Ver with the aim of resolving the issue.
Ver however wrote on Twitter addressing “rumors” that stated he had defaulted on a loan. He called them false and claimed, he is the one that is owed money. ‘This counter-party owes me a substantial sum of money, and I am currently seeking the return of my funds.’
CoinFlex abruptly halted withdrawals last week in order to prevent a “bank run.” and introduced a new token, Recovery Value USD (rvUSD), this has now been linked with Ver. CoinFlex’s agreement with Ver has a special clause that prevents it from liquidating the investor’s position.
CoinFlex’s new rvUSD token; counterparty revealed
It turns out that the Counterparty CoinFlex refused to reveal during the announcement of the new token and pause in withdrawals last week is none other than Roger Ver, the company had cited “extreme market conditions” and “uncertainty involving a counterparty.” as the reason for the pause.
CoinFlex introduced rvUSD as a token issued by Liquidity Technologies Ltd. (CoinFLEX) relating it to an outstanding debt owed by a certain high net worth individual who we have now discovered to be Roger Ver.
In rvUSD’s whitepaper, CoinFlex is offering a mouthwatering 20% interest rate for people willing to buy and stated that the proceeds from the repayment of the debt/recovery of assets from the Individual (Roger Ver) will be converted into USDC and used as a primary exit mechanism.
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Source: https://coingape.com/coinflex-ceo-roger-ver/