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CoinFLEX Says Bitcoin Jesus’ $47 Million Loan Default Is Behind Withdrawal Troubles

Physical futures crypto exchange CoinFLEX has accused Roger Ver, a longtime Bitcoin evangelist popularly known as the “Bitcoin Jesus,” of defaulting on a $47 million loan.

Roger Ver Defaults on $47 Million CoinFLEX Loan

On Tuesday, CEO of CoinFLEX Mark Lamb announced that Roger Ver had defaulted on a $47 million loan. He alleges that Ver is the reason for the CoinFLEX’s current financial woes. 

Lamb alleges that the previously disclosed “large counterparty” responsible for the exchange’s $47 million debt is none other than Bitcoin Jesus. He further added that Ver has been served a notice of default for failing to top up his margin requirements.

Last week, CoinFLEX announced that it was halting all withdrawals amid market declines and counterparty uncertainty.

Roger Ver Denies Accusations

Despite the accusations, Ver has vehemently denied defaulting on any loan involving CoinFLEX. In his rebuttal on Twitter, Ver wrote:

In a later response to the denial, Lamb confirmed that the $47 million loan is “100% related to [Ver’s] account”. He adds that “CoinFLEX also categorically denies that we have any debts owing to him,” and that by denying the charge, Ver seeks to “deflect from his liabilities and responsibilities.”

On the Flipside

  • CoinFLEX announced that it will launch a $47 million Recovery Value USD (rvUSD) Token in an attempt to solve its withdrawal woes. 

Why You Should Care

Rather than settle its liquidation issues, as some other crypto firms have done, CoinFLEX is actively seeking measures to generate additional liquidity.

Just like Ver, Three Arrows was recently served a  default notice. Find out more:

Voyager issues Three Arrows Capital Default Notice for Failure to Repay Loan

Read about BlockFi’s liquidation bailout in:

Crypto Lending Platform BlockFi Gets $250 Million Bailout Fund from FTX

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Author

Milko Trajcevski has been in the crypto world for years, and as such has gathered both a skill for writing as well as a native prowess when it comes to understanding everything that occurs within that world. Through skilled writing and determination, he covers articles about cryptocurrency, tokens, blockchain, crypto-asset regulations, crypto wallets, exchanges, liquidity, DApps, forks, mining, security, and blockchain technologies. He is a professional with a track record of proven expertise within the crypto space.