founder Roger Ver owes CoinFlex $47 million, says CEO

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NEXT 100x PRESALE? founder Roger Ver owes CoinFlex $47 million, says CEO

By Hassan Maishera - min read
Updated 20 January 2023

Cryptocurrency exchange CoinFlex paused withdrawals a few weeks ago and the CEO has come out to reveal one of its debtors.

CoinFlex’s CEO Mark Lamb has revealed that Roger Ver, the founder of owes the cryptocurrency exchange $47 million.

The cryptocurrency exchange grabbed headlines a few days ago after it paused withdrawals on its platform claiming one of its investors failed to repay a $47 million debt.

The exchange has now revealed that the debtor is Roger Ver. Lamb said;

“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.”

Roger Ver has come out to deny those allegations, stating that the comments by Mark Lamb are false.

Lamb told Fortune Magazine that he is not aware of what Ver is referring to, adding that the exchange doesn’t owe Ver any money. He said;

“He has no funds on CoinFlex. We owe him no funds. He owes us $47 million. We have filed the notice for default and we’ll be doing everything we can to pursue this debt.”

CoinFlex is looking to raise money by issuing tokens offer a 20% annual return called Recovery Value USD. The tokens would be available to investors outside the United States.

According to Lamb, the timeline of when CoinFlex resumes withdrawals depends on how much it raises during the token sale. He said;

“Our goal here is to make as much of the information of what happened public as possible, and to work with our customers, investors, and the broader crypto community toward a solution that gets customer withdrawals back in the meantime and gets us to pursue this debt. If we can raise these funds in the form of this debt, we can solve this problem, eliminate this short-term issue.”

Despite the company’s ongoing struggles, Lamb said he is optimistic about the broader cryptocurrency market.