Roger Ver: CoinFlex owes me money

A traditionally niche online community, the Bitcoin Cash Hangout, saw a significant boost in viewership today as the July 3 episode promised to feature a statement from Roger Ver on the CoinFlex situation.

For the uninitiated, CoinFlex has become the latest cryptocurrency exchange to report insolvency, after suspending withdrawals on the platform. At first, the reasoning given was a “backlog of transactions”, and the exchange was happy to accept deposits during this period.

However, most of the suspicions were soon proven to be correct, as Mark Lamb, CEO of the exchange, actually revealed that Ver was the reason for an existing hole in the exchange’s balance sheet. According to Lamb, Ver had privileged access to margin trading, allowing him to use margin trading without posting collateral first.

So 90 minutes into the Bitcoin Cash Hangout podcast, which was listened to live by 400 people, including a lawyer Daniel Kelmann and none other than Mark Lamb, CEO of CoinFlex himself Ver delivered a highly anticipated, but rather disappointing statement. He once again reaffirmed that he does not owe CoinFlex any money, that CoinFlex owes him money instead, and that due to confidentiality agreements and advice from his legal team, he does not unfortunately cannot share more details, despite her burning desire to do so.

By the way, he expressed concern about the current state of the SmartBCH centralized bridge which has been managed by the Seychellois company. In the event of bankruptcy, the BCH backing the SmartBCH wrapped bitcoin cash on the bridge could potentially have to be sold, which could break the backing of the wrapped token and effectively destroy the entire side chain.

Former CoinFlex Brand Ambassador, Doug Polkwas also present during the call, and he took the opportunity to ask Roger Ver a number of questions.

Although Ver was unable to legally provide further details on previous margin trading positions on CoinFlex, or his opinion on the rvUSD token, he said he owed shares in the Seychelles-based company that manages the stock market.

CoinFlex CEO Mark Lamb was also on the call during the call, but chose not to speak publicly. Like the consensus during the conversation that greater transparency is in everyone’s interest, we’re hoping Lamb will at least issue an official, lawyer-approved statement instead.

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