NFT Collection The Superlative Secret Society Price, Stats, and Review
XRP Soars 300% as Investors Trigger Massive Profit-Taking, Data Shows
Analyst Warns Of XRP Trap — „You’re Being Played”
Smarter Web Company’s stock rallies by 43% after its Bitcoin stash hits $36M
Bitcoin futures premium falls to 3-month low despite strong BTC ETF inflows
Malicious Wallet Prompt Hijacks Coin Market Cap — Company Issues Urgent Alert
France Records 10th Crypto-Linked Kidnapping in 2025 as ‘Wrench Attacks’ Surge
Bitcoin’s Dominance Could Kill Altseason Dreams, Analyst Warns
Analyst Predicts Dogecoin Price To Reach $1.9 As WXY Correction Completes
Top Crypto Opportunities: HYPE Surges Past $43, ONDO Eyes $2 & Traders Rush to Earn $3K With BlockDAG’s Referral Program!
Shares of Coinbase and Circle Explode in Value After US Senate Passes Landmark Stablecoin Bill
Bitcoin – Examining the odds of a weekend rally for BTC’s price
Coinbase Secures MiCA License, Establishes European Hub in Luxembourg
Bitcoin Fair Price Hits $100,000, Analysts Signal New Bullish Base
1.5M milestone for SEI Network means altcoin’s short-term price target will be…
Ripple Mints 13 Million RLUSD As Market Cap Nears $500M Milestone
Bitcoin Open Interest Drops 3.5% – More Pain Ahead?
Bitcoin Bullish Divergence That Appeared Before The May ATH Has Returned Again
South Korea Moves Toward Spot Crypto ETF Approval in 2025
Norway to Impose Temporary Ban on New Crypto Mining Centers
SUI Eyes $5 and Chainlink Hits $938M Volume but Gen Z Turns to BlockDAG’s Viral Miner for Huge Gains
Reddit weighs World’s scanning orbs for user verification — Report
Unstaked Presale Tops With $10.2M Presale & Over 1.1B Coins Sold as TRX Climbs and HBAR Struggling to Prove Strength
Spot Crypto ETFs Gain Momentum as Approval Odds Jump to 90%
Top US-Based Crypto Exchange by Trading Volume Coinbase Obtains MiCA License in Luxembourg, Moves European Hub
CoinFlex commences legal action to recover $84 million a customer
Crypto exchange CoinFlex, which recently paused customer withdrawals amid liquidity stress, and revelations that crypto investor Roger Ver owed $47 million in failed repayments, has instituted legal action to recover even more from the pioneer crypto investor.
According to an update the crypto exchange published over the weekend, the same account that had the $47 million in counterparty losses, has now been readjusted. The customer now owes $84 million.
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.
— Mark Lamb 💪 (@MarkDavidLamb) June 28, 2022
“The first estimate of $47m which we communicated did not include the significant loss in liquidating his significant FLEX coin positions. Now that we have found a bid for that size, the liquidations have created a final deficit of $84m for the account,” CoinFlex co-founders Sudhu Arumugam and Mark Lamb said in the blog post.
Customer is “personally liable to pay”
CoinFlex said that its commencement of an adjudication process in Hong Kong is in a bid to recover the money from the “individual” – initially identified as Bitcoin Cash (BCH) promoter Roger Ver.
“We have commenced arbitration in HKIAC for the recovery of this $84m as the individual had a legal obligation under the agreement to pay and has refused to do so. His liability to pay is a personal liability which means the individual is personally liable to pay the total amount, so our lawyers are very confident that we can enforce the award against him,” the co-founders added.
The crypto exchange expects a favorable decision, though it notes the legal proceedings could take up to 12 months.
Meanwhile, the crypto platform has plans to resume customer withdrawals, with eyes on external funding via stablecoin USDC.
The exchange is also in talks with a large US-based exchange over plans for a joint venture meant to keep CoinFlex in business.
The post CoinFlex commences legal action to recover $84 million a customer appeared first on CoinJournal.
