CoinFLEX announces plans to recover $84 million from Roger Ver

CoinFLEX Cryptocurrency Derivatives Platformfiled with the Hong Kong International Arbitration Center (HKIAC) to recover $84 million from Roger Ver, which he owed after forcibly liquidating his position.

At the end of June, the platform suspended the withdrawalfunds due to "extreme market conditions" and "counterparty uncertainty". Later, the head of the company, Mark Lamb, said that this counterparty is the founder of Bitcoin.com, Roger Ver.

“Bitcoin-Jesus” allegedly received a loan from CoinFLEX forunique conditions. There is no liquidation price for his position - in return, he provided liquidity to the platform. Ver himself denied involvement in the debt.

The company noted that the initial assessment of the damage from the liquidation of Ver's position was incorrect because it did not take into account his “significant” collateral in FLEX tokens. 

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

“Arbitration process — long process.We estimate that it will take approximately 12 months for a judgment to be obtained in Hong Kong. After this, we will be able to foreclose on his assets around the world,” the statement says.

CoinFLEX said that the company expects to raise funds from investors. The platform will also offer large clients the opportunity to “convert part of their deposit into equity.” 

Previously, the company announced the launch of the Recovery Value USD (rvUSD) token. With the help of the corresponding token sale, the platform hoped to pay off Vera’s debt and resume the withdrawal of funds. 

According to the publication, rvUSD is used "to increase liquidity in the original or modified format."

Recall that in July, CoinFLEX postponed the resumption of the withdrawal of funds, citing protracted negotiations with investors.

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