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Roger Ver Denies Defaulting on US$47 Million Loan From CoinFLEX

cryptoknowmics.com 29 June 2022 14:25, UTC
Reading time: ~2 m

Roger Ver, a proponent of Bitcoin Cash and an early adopter of Bitcoin, has denied defaulting on a USDC loan of US$47 million to struggling cryptocurrency exchange CoinFLEX. Without identifying CoinFLEX, Ver tweeted overnight in Asia that the debt rumors were untrue. Still, he claimed that the counterparty was the one who owed him "a considerable chunk of money." https://twitter.com/rogerkver/status/1541822377461415936

CoinFLEX CEO Responded to Ver on Twitter

Soon after, CoinFLEX CEO Mark Lamb responded to Ver on Twitter, stating that the company had sent a notice of default and "categorically disputed" that the exchange owed Ver any money.

Lamb said, "Unfortunately, Roger Ver needs to resort to such tactics to deflect from his liabilities and responsibilities,"


CoinFLEX Froze Transactions Last Week

Last Friday, CoinFLEX froze all transactions on its platform, citing volatile market circumstances and unreliable counterparties. To tokenize the debt, the company released tokens worth US$47 million on Tuesday with a 20% yield. CoinFLEX will create tokens worth US$47 million while it waits for a "crypto whale" to pay. According to the exchange, CoinFLEX is issuing "rvUSD" tokens to pay off a high-net-worth person's outstanding debt. Investors can exchange their tokens one-on-one for USD Coins (USDC). They can change their tokens into a combination of USDC and FLEX Coins or wait for a full return in USDC if the payback process takes longer than 15 months. According to CoinFLEX, token holders will receive a 20 percent yearly interest payment in rvUSD. With 2.5 million units of FLEX Coins reserved for this issuance, CoinFLEX will reimburse token holders from its balance sheet if the person defaults.

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