CoinFLEX plans to recover $84 million from Roger Ver

The CoinFLEX cryptocurrency derivatives platform обратилась to the Hong Kong International Arbitration Centre (HKIAC) to recover $84 million owed by Roger Ver after the forced liquidation of his position.

In late June the platform приостановила вывод средств due to “extreme market conditions” and “uncertainty regarding the counterparty.” Later, CEO Mark Lamb заявил that the counterparty was Bitcoin.com founder Roger Ver.

“Bitcoin Jesus” allegedly received a loan from CoinFLEX on unique terms. His position had no liquidation price — in exchange he provided liquidity to the platform. Ver himself denied involvement in the debt.

The company noted that the initial assessment of losses from Ver’s liquidation was incorrect, as it did not account for his “significant” collateral in FLEX tokens.

The CoinFLEX team intends to recover $84 million through HKIAC. The company stressed that lawyers assessed the likelihood of success positively in the proceedings.

“The arbitration process is lengthy. In our assessment, it will take about 12 months to obtain a court ruling in Hong Kong. After that, we will be able to seize his assets worldwide,” the statement said.

CoinFLEX said the company expects to raise funds from investors. The platform also proposed to major clients “convert part of their deposits into equity.”

Earlier the company анонсировала the launch of the Recovery Value USD (rvUSD) token. Through the corresponding token sale, the platform planned to settle Ver’s debt and resume withdrawals.

According to the report, rvUSD are used “to enhance liquidity in its original or modified form.”

In July, CoinFLEX отложила возобновление вывода средств, citing protracted talks with investors.

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