Exclusive: CoinFLEX CEO of ‘Bitcoin Jesus’ Roger Ver, freezing of debt and swaps
In the second half of Benzingas last “Moon or bust”crypto-livestream hosts Ryan McNamara and Aaron Bry interviewed Mark Lambco-founder and CEO of CoinFLEXa company committed to providing institutions and retail investors with an easily accessible platform to earn and trade, and includes a futures exchange with its own stablecoin that pays interest on the chain every eight hours.
Lamb has been in crypto for nine years and started the first British Bitcoin exchange, CoinFloor.
About four years ago, Lamb CoinFLEX started in Hong Kong. Like many centralized crypto exchanges, CoinFLEX is currently facing a significant problem.
What happened: Lamb stated, “CoinFLEX provided a non-liquidation account backed by a personal guarantee to one of our customers, and now we need to get those funds back.”
Under normal circumstances, CoinFLEX would automatically liquidate the investor’s position, but the trader had a clause in his account that did not allow this to happen.
Lamb confirmed that he is the owner of this specific account Roger Ver, a “high-integrity person with significant funds, who is experiencing temporary liquidity problems due to a credit crunch in crypto markets, with significant shareholdings in several unicorn private companies and a large portfolio.”
Due to uncertainty surrounding this counterparty and the general brutal conditions in the cryptocurrency market, CoinFLEX was forced to suspend withdrawals.
The solution: “CoinFLEX is now looking to tokenize $ 47 million in debt to resume withdrawals. We are working on that right now, and we are talking to larger compilers and we aim to get things back on track as quickly as possible,” Lamb said.
Via a chirpingVer claimed that a counterparty, believed to be CoinFLEX, owed him money, but Lamb confirmed that “there is no basis for this” on Benzinga’s livestream.
According to Lamb, CoinFLEX is currently trading in the interest of depositors and will continue to focus on that path.
More specifically, CoinFLEX has a unique solution to this problem. As stated on CoinFLEX’s website, “As a solution to reactivate withdrawals, CoinFLEX plans to monetize this personal guarantee by creating a similar liability in the form of a symbol called Recovery Value USD (‘rvUSD’). The rvUSD token can be found here. “
To watch the full interview, check out Benzinga’s YouTube channel below:
