CoinFLEX to Recover $84M from Roger Ver

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Crypto derivatives platform CoinFLEX has filed with the Hong Kong International Arbitration Center (HKIAC) to recover $84 million in debt from Roger Ver after forcibly liquidating his position.

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

The latter allegedly received a loan from CoinFLEX on unique terms. 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 has noted the initial damage estimate for liquidating 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. According to the company, lawyers have positively assessed the likelihood of success in this trial.