It filed for, Those customershoping to salvage what they can from stuck investments across the crypto landscapepresent an untapped market, Zhu, Davies and Lamb believe, a $20 billion market of claimants "desperately looking for a solution.". The leak drew ire from some members of CoinFLEXs official Telegram channel. Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28. Thereafter, we will be able to enforce that judgment against his worldwide assets. Disclaimer: Our articles are NOT financial advice, we are not financial advisors. It is offering a 20% interest rate for people willing to buy rvUSD to entice investors. CoinFLEXBakkt The third is CoinFlex's Mark Lamb. Ver had a long on BCH, and the platform allowed him to run a deficit because he personally guaranteed he would pay them back. The company declined to name the investor, but said the individual "is a high-integrity person of significant means, experiencing temporary liquidity issues due to a credit (and price) crunch in crypto markets (and non-crypto markets), with substantial shareholdings in several unicorn private companies and a large portfolio.". We have formed a stakeholder working group with some of the largest stakeholders (depositors) on CoinFLEX. Our primary assets are in FLEX Coins and we hold about 26m+ (units) in our inventory. Additionally, we are speaking with CoinFLEX depositors who are looking to help the business by rolling some of their deposits into equity. ET, according to Downdetector, Sterling rose marginally against a weaker dollar on Wednesday, trimming gains made earlier in the session after Bank of England Governor Andrew Bailey said nothing had been decided in terms of whether interest rates would need to rise again. rvUSD is a token issued by CoinFLEX related to an outstanding debt owed by a certain high net worth individual to CoinFLEX, reads the tokens. He discussed an "ultra high net worth" whale who can't meet a measly $47M margin call Much of the CoinFLEX volume is attributed to its XBT/USDT futures contract, though its recent DOT/USDT contract is also picking up significant volume. CoinFLEX has provided no evidence, documentation, or on-chain data to support their claims, the Blockchain.com statement read. The letter sent to Blockchain.com was from a Singapore-based law firm called Nine Yards Chambers LLC, which confirmed to Decrypt that it sent the letter and that CoinFLEX is its client. Get Mark Lamb's email address (m*****@coinflex.com) and phone number (661-776-..) at RocketReach. CoinFlex said it hopes to resume withdrawals on June 30. Recognised In house R&D by DSIR (Department of Science and Industrial Research, Government of India). Be a smarter, safer investor in eight weeks. Su and Davies were served subpoenas over Twitter on Jan. 5 after they refused to accept service through their counsel in Singapore, where the company is based. Mark Lamb, CEO of crypto derivatives exchange and yield platform CoinFLEX, has revealed that the "high integrity" individual whose account went into negative equity during recent market volatility is the Bitcoin Cash (BCH) proponent Roger Ver. https://t.co/0lyETbH0PD. Our CEO Mark Lamb answers below. However, a prior agreement with this individual barred CoinFLEX from liquidating his position, which it would have already done under normal circumstances. Not only do I not have a debt to this counter-party, but this counter-party owes me a substantial sum of money, and I am currently seeking the return of my funds, Ver tweeted earlier today. We tried to liquidate his account in a prudent manner using counterparts on the exchange but as the positions were so significant, they involved slippage as any large or series of large orders would reasonably create. When discussing his platforms liquidity trouble and recovery plan through the sale of a new token on Monday, Lamb only identified the source of the problem as a a certain high-net-worth individual.. CoinFLEX offers futures, spot and repo markets on more than 25 different cryptocurrencies. It intends to go live this week with a repo service on top of its existing platform as a crypto derivatives exchange. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. See what legalizing mushrooms can do. And the market is quickly and quietly maturing, so there's an element of "business as usual" forming around us. Read more: Roger Ver: Bitcoin Cash Hard Forks Could Have Thwarted PayPal Support. The vast majority of the receivables in CoinFLEXs balance sheet is from the debtor we are pursuing, but there are many other accounts that will unfortunately become receivables due to the sharp drop expected in FLEX Coin price when trading resumes. pic.twitter.com/hNGTrW9dHz Watcher.Guru (@WatcherGuru) June 28, 2022 Acquired in 2011. Amazingly degen. Lamb made his allegation public Tuesday on Twitter, shortly after Ver denied "some rumors" he was involved with the default. Crypto exchange CoinFLEX is demanding that Blockchain.com return $4.3 million worth of FLEX coins or face legal proceedings, claiming it lent the Luxembourg-based financial services company a combined 3,000,000 FLEX coins last year, according to a demand notice obtained by, This is completely false, Blockchain.com told, The demand is based on an AMM+ (automated market maker) Participation Agreement allegedly entered into on April 12, 2022, when Bitcoin. Career. The data will be anonymized however, CoinFlex said. We have been speaking to [Ver] on calls frequently about this situation with the aim of resolving it, said Lamb in his tweet thread. Recently some rumors have beenspreading that I have defaulted on adebt to a counter-party. This condition required the individual to pledge stringent personal guarantees around account equity and margin calls in exchange for not being liquidated, Lamb explained in Mondays blog post. We have both been, and continue to be, huge supporters of BCH and the BCH community and are sorry that there is so much distrust of us at this difficult time. Crypto exchange CoinFLEX filed for restructuringin Seychelles last year. You may unsubscribe at any time by clicking the unsubscribe link included in the newsletter. Sabrina LeBeauf. FatMan wrote that verified insider information has confirmed that the high net worth individual who owes CoinFLEX money is Bitcoin Cash advocate and CoinFLEX shareholder Roger Ver. These rumorsare false. We will be publishing our balance sheet as soon as we are allowed to. Uncensored.' A car involved in a fatal crash in Burscough was stolen, police confirmed. The firm, known as 3AC, took out loans from a lot of companies, and its inability to pay them back led to a cascade of lender collapses. The situation led CoinFLEX to freeze withdrawals on its exchange last week, which the company vaguely attributed to uncertainty involving a counterparty at the time. withdrawals on its exchange last week, which the company vaguely attributed to uncertainty involving a counterparty at the time. Meanwhile, in Rivers state, NDLEA operatives on Wednesday 29th June arrested a 68-year-old woman, Mrs. Celina Ekeke at Obunku community, Oyigbo LGA with 231.2kg cannabis, while one Shedrack Eze, was arrested the following day Thursday 30th June at Yankarfe, Zaria, Kaduna state with 250,000 tablets of Exol 5, weighing 75kg. Next month, this transatlantic pairing will go one step further when the restaurants executive chef, Elliott Grover will cook for The Oscars, alongside celebrity chef, Wolfgang Puck. Bill Tresham, Executive Chairman Great Gulf Group, is pleased to announce the appointment of Kiel O'Sullivan as President of Granden Living the Group's US single-family build-to-rent business. By signing up, you will receive emails about CoinDesk products and you agree to ourterms & conditionsandprivacy policy. Roger Ver owes CoinFLEX $47 Million USDC. The tweet was a follow-up to a rumor that was spreading that Roger Ver owed the exchange $47 million USDC. Spotify: Liked by Leslie Lamb. CoinFlex said in normal circumstances it would automatically liquidate the investor's position but the trader had a clause in his account that did not allow that to happen. We believe this is the best solution for futures traders to be comfortable holding large open interest on the exchange, and for building up the trust of CoinFLEX users moving forward. Otherwise, CoinFLEX says the exchange will face the commencement of legal proceedings, including but not limited to a formal demand for payment called a statutory demand. The founders of 3AC, Zhu Su and Kyle Davis, and the two founders of CoinFlex have launched a new project, GTX, which is raising a seed fund of $25m to trade claims from creditors. The exchange has now revealed that the debtor . The exchange was cofounded in 2019 by Sudhu Arumugam and CEO Mark Lamb. It was already very difficult to liquidate collateral in a falling market so we decided that it was best not to make any public comments until we have completed liquidating all available collateral in the account. He has been in default of this agreement and we have served a notice of default. Now CoinFlex CEO Mark Lamb says that investor is Roger Ver, the founder of exchange of Bitcoin.com. Founder and CEO Mark Lamb moved to quell customer ire yesterday by putting out a tweet thread that revealed Coinflex's plans to create Recovery Value USD (rvUSD), a new token that it hopes will offset the continued issues with the client and plug a $47 million gap in its coffers. Sheriff Mark Lamb Salary. The latest Bank of England figures show sharp declines in mortgage approvals and lending in January. Hosted by NULASTIN Founder & CEO, Leah Garcia, take part in 'Real Talk. rvUSD is a token issued by CoinFLEX related to an outstanding debt owed by a certain high net worth individual to CoinFLEX, reads the tokens whitepaper. Data is a real-time snapshot *Data is delayed at least 15 minutes. Mark Lamb duped all the CoinFLEX clients, stole the smartBCH bridge, made the new creditors vote YES on their restructuring proposal (in return for 10% of their OWN money), and now successfully sheds bad debt and moves on to a new fresh start with his 2 other scammer buddies leaving the CF creditors holding worthless bags with nothing legal to Lamb claimed that Ver owes CoinFLEX $47 million USDC, and that the company has a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. The pitch deck obtained by Decryptshowed that Zhu, Davies, as well as Mark Lamb and Sudhu Armugan of CoinFLEX are looking to raise $25 million for a new crypto exchange called GTX. Our lawyers believe that we have a very strong case and have commenced legal actions to recover debts owed to us pursuant to this agreement. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Three Arrows Capital creditors express frustration with bankruptcy process during call, Bitcoin ATM decline: Over 400 machines went off the grid in under 60 days, Bitcoin millionaires increased 140% as BTC price crossed $20K data, Jack Dorseys decentralized Twitter rival enters app store, Platypus Finance creates compensation portal for users following $9.1M exploit, Solana plans to improve its blockchain: Heres how. Whether that agreement even exists is in dispute. on Monday, Lamb laid out his companys plans for a new liability token called Recovery Value USD (rvUSD), which CoinFLEX intends to sell in order to raise $47 million. Firstly, Mark and I are sorry that we are all in this situation. Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. . . That condition required the individual to "pledge stringent personal guarantees around account equity and margin calls in exchange for not being liquidated," CoinFlex said. Rather, CEO Mark Lamb claims there is one man responsible for the platforms financial woes, and the reason it now seeks to raise $47 million in token sale to pay off its debt: the longtime Bitcoin evangelist turned Bitcoin Cash promoter, Roger Ver. jim martin death couples massage class san diego beaver falls football mark lamb coinflex net worth. Initially, this would begin using their offshore licenses, Over time, this would migrate to the USA (onshore) using the multiple licenses that they already have in place, Also provides a source for securities holders to earn yield the same way flexUSD earns yield. Lamb did not respond to a request for comment when contacted by CNBC via Telegram. He also added that the situation is regularly being communicated with Ver and the CoinFLEX team would still like to resolve it. We truly apologize for the trauma this situation has caused the CoinFLEX community. If we do not sell the coins while BTC has moved from $20,000 to $100,000, we would have to recover 0.9 BTC for Bob that is worth $90,000, while the USDC debt that we recover might not be able to cover the BTC required. In the company's official Telegram channel, users questioned why CoinFlex was not naming the investor, criticized the company's risk management strategy and also asked how the firm could offer a 20% yield on its new coin. What Happened: In a series of tweets on Tuesday, Lamb said. Roger Ver Owes CoinFLEX $47 Million USDC, Says CEO Mark Lamb, Analyzing Bitcoins On-going Correlation with Bullish Chinese Stocks, Exclusive: Bitcoin Depends on the Chinese Market & Not The S&P 500 Anymore, Goldman Sachs Remains Eager to Hire in Crypto. CEO of CoinFLEX. 25 Feb/23. We aim to be as transparent as possible in this post and going forwards. In a blog post on Monday, Lamb laid out his companys plans for a new liability token called Recovery Value USD (rvUSD), which CoinFLEX intends to sell in order to raise $47 million. In the interim, we hope that by providing a fuller picture, and raising capital our customers will regain confidence in the prospects of FLEX Coin. Crypto exchanges keep failing, so why do we still trust Changpeng Zhao? But part of CoinFlex's plan is hoping that it gets repaid by the investor, which of course, may not happen. CoinFlex said it would issue $47 million worth of a digital coin, offering 20% interest, which it's calling Recovery Value USD, or rvUSD. You have failed, refused, and/or neglected to repay the 3,000,000 FLEX coins that are long overdue to be repaid, the letter to Blockchain.com states. That prompted the company to halt withdrawals. by a Twitter user known as FatManTerraa member of the Terra Research Forum who provided extensive coverage of the stablecoin protocols collapse in May. It described Open Exchange as a hub for customers that want to trade bankruptcy claimsspecifically those related to numerous crypto companies that collapsed last year like the exchange FTX. Mark has been running crypto exchanges for the past 9 years. The initial doubts regarding the debt were spread around by FatMan, who took to his Twitter account to address it. Today I'm going to be posting the November 2011 Gaming PC Under $900. It comes after the company paused withdrawals for customers last week citing "extreme market conditions" and "uncertainty involving a counterparty.". CoinFLEX volume currently averages at $43 million per dayan impressive number given the newness of the platform. Crypto Exchange CoinFLEX Plans $84M Restructuring in Seychelles. . Itis now in the process of restructuring. The CoinFLEX CEO initially intended to keep its counterpartys identity private. I discuss this in my podcast with Mark Lamb, co-founder and CEO of CoinFLEX. Cryptocurrency exchange Coinflex halted withdrawals in June butresumed partial withdrawalsthe following month. We are also in close discussions with a large US exchange/ATS platform that intends to enter into a formal joint venture with us as soon as financing is achieved. 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