CoinFLEX Sends a Default Notice to Founder

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CoinFLEX has sent founder Roger Ver a default notice because he owes $47 million to the crypto derivatives platform.

According to the company CEO Mark Lamb:

“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.”

The platform has previously announced the Recovery Value USD (rvUSD) token, which te company expects to use to raise $47 million to pay off the debt of a “wealthy” private client and resume the withdrawal of funds.

Lamb said 2 days ago that the company was having trouble because of a “longtime” client who was given a loan on unique terms. There is no liquidation price for his position. In return, he provides liquidity to the platform. However, against the backdrop of the crisis, his position became unprofitable.

Apparently, that person was Ver, who has denied his involvement in the debt position.

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