The CoinFlex-Ver tragedy is the most recent drama to develop as a result of the recent decline in cryptocurrency prices. Read the story of the person labelled as Bitcoin Jesus and the mystery investor behind $47 million CoinFlex debt.
Digital asset exchange CoinFlex is embroiled in a public dispute with long-time cryptocurrency investor Roger Ver over a $47 million debt, the latest tale to emerge from the market fall.
CoinFlex CEO Mark Lamb cited Roger Ver, dubbed "Bitcoin Jesus" for his evangelical ideals early in the sector, as the investor who refused to pay $47 million in stablecoin USDC as part of a margin call on Tuesday.
USDC is a stablecoin that is tied to the US dollar one-to-one. A margin call occurs when an investor is required to commit additional funds in order to avert losses on a deal done with borrowed funds.
Customers' withdrawals from CoinFlex were suspended last week. On Monday, Lamb disclosed that a certain investor's account had "negative equity."...
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