Crypto Blamed Unfairly for Bank’s Liquidity Crisis, Regulator Says

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• CoinFlex co-founder Mark Lamb accused Roger Ver of betrayal, claiming that he was responsible for the company’s near bankruptcy.
• Lamb said that CoinFLEX had a written agreement with Ver which required him to top up his balance, but he failed to do so.
• In July 2022, the exchange was able to restructure its debt and get back on track.

CoinFLEX Co-Founder Accuses Roger Ver of Betrayal

CoinFLEX co-founder and CEO Mark Lamb has accused Bitcoin Cash proponent Roger Ver of betrayal in a video recounting his thoughts on the company’s close call with bankruptcy. According to Lamb, CoinFLEX was driven to near bankruptcy by Ver failing to fulfill an agreement requiring him to top up his balance.

Written Agreement Between CoinFLEX and Roger Ver

In June 2022, CoinFLEX said it was owed $47 million from Ver due to margin losses accrued to his trading account. The two parties had a written agreement in place where Ver personally guaranteed negative trading balances and would be required to top up any shortfall in the event of losses.

Ver Denies Any Wrongdoing

However, despite this agreement, when CoinFLEX contacted him about topping up his balance, he denied any wrongdoing and instead claimed that CoinFLEX owes him money instead: “Recently some rumors have been spreading that I have defaulted on a debt to a counter-party. These rumors are false. 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.“

CoinFLEX Restructures Debt To Get Back On Track

In July 2022, after months of uncertainty surrounding its finances due to unpaid debts from Ver, the exchange was able to restructure its debt and get back on track once again. As part of this restructuring process, all creditors were given equity stakes in the company as compensation for their losses or delays in payments made by the exchange or individuals such as Roger Ver himself.

Lessons Learned From Close Call With Bankruptcy

The incident serves as an important reminder for crypto businesses everywhere – written agreements must be taken seriously and enforced if necessary – regardless if it’s between two individuals or between companies themselves. Despite being able to restructure its debt and emerge from near bankruptcy unscathed by this incident with Roger ver , Lamb still expressed regret at having trusted someone who ultimately chose not keep their word – leading him into believing that „brutal lessons“ have been learned from this experience .