Crypto exchange CoinFlex says ‘Bitcoin Jesus’ Roger Ver owes $47 million

Illustration by Alex Castro / The Verge

It's difficult to figure out who to believe. The conflict between Mark Lamb, CEO of CoinFlex, and Roger "Bitcoin Jesus" Ver, an early investor in the virtual currency, is a good example. Lamb claims that Ver owes his company $47 million and that's why the company stopped customer withdrawals last week. Ver says that he is owed money by Coin Flex.

On June 27th, the exchange froze withdrawals due to a debt owed by a high net worth person. Ver was not initially named by the company.

Things may get worse after we pointed out a few firms with problems that could cause further ripples. Things have worsened. According to The Wall Street Journal, hedge funds have begun to bet hundreds of millions of dollars that Tether will fall, which is odd because it's a stable coin. A new wave of FUD was called by Paolo Ardoino, the chief technology officer of both Bitfinex and Tether.

Babel Finance said it has reached preliminary agreements on the repayment of some debts, Three Arrows Capital has been named in default of loans worth around $670 million, and the Celsius Network has no timetable for restoring withdrawals.

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.

— Roger Ver (@rogerkver) June 28, 2022

The connections among cryptocurrencies enthusiasts, exchanges, and lending platforms are highlighted by Ver. Ver was one of the first to invest in and advocate for Bitcoin Cash, which emerged from a fork in the ledger.

The rvUSD token promises a 20 percent rate of return. Even though Ver denied he owed anything, it was still unbelievable. In the US, they are not available to investors. The token appears to refer to his initials.

The individual had met every margin call before the incident. The person was referred to as a high integrity person of significant means, who has significant shareholdings in several unicorn private companies and a large portfolio.

Paying for rvUSD inUSDC is a requirement for those interested. As the debt is repaid, people who hold rvUSD will be able to convert to another stable coin. Is it possible that it isn't repaid? In October 2023, investors will be paidUSDC from CoinFlex's balance sheet or in a mix ofUSDC and Flex coins, which the company says is the cornerstone of the CoinFlex ecosystems.