Mark Lamb, the Chief Executive Officer of the cryptocurrency exchange platform CoinFLEX said investor Roger Ver owes the company $47 M in the USDC stablecoin. He tweeted that they have a contract with Ver which obligates him to guarantee his account’s negative equities and add margin. Lamb also wrote that the team has sent Ver a notice of default stating that he failed to meet the terms of the deal. According to Lamb that is the reason why the platform stopped withdrawals.
Related: CoinFLEX Suspends Withdrawals and Trading of Its Token
Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.
— Mark Lamb 💪 (@MarkDavidLamb) June 28, 2022
On the other hand, Roger Ver denied owing funds to CoinFLEX. He tweeted not only doesn't he have a debt to CoinFLEX, but it’s the other way round and the company should pay him a significant amount of money. In his turn, Rover says he's seeking the return of his holdings.
Earlier, Mark Lamb said in an interview with Bloomberg that the company aims to raise funds by releasing a new crypto. The asset named Recovery Value USD will offer a 20% annual yield. This way, CoinFLEX attempts to resume operations. The resumption date depends on the demand for new tokens. The initial target date is set for June 30.