Crypto exchange CoinFlex says one of the most prominent names in the industry defaulted on $47 million USDC debt - Aliens: AI Crypto News & Markets Updates
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Crypto exchange CoinFlex says one of the most prominent names in the industry defaulted on $47 million USDC debt

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MarketWatch

Tue, Jun 28, 2022

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Crypto exchange CoinFlex’s chief executive Mark Lamb said Tuesday that it issued a notice of default to Roger Ver, an early crypto investor and chief executive at Bitcoin.com, alleging that Ver failed to meet a margin call and owes the exchange $47 million USDC.

Lamb made the comments on Twitter after Ver tweeted Tuesday rumors that he defaulted on debt to a counterparty are false.

The company on Tuesday issued $47 million worth of tokens called Recovery Value USD, in an attempt to resume withdrawals, according to the post.

“In this case, the Individual had a non-liquidation recourse account,” CoinFlex said.

To re-enable withdrawals, CoinFlex on Tuesday issued a token called Recovery Value USD, or rvUSD, which is supposed to provide an APR of up to 20%.

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