CoinFLEX Begins Legal Action To Recover $84M From ‘Bitcoin Jesus’ – Benzinga

Posted: July 11, 2022 at 4:07 am

Cryptocurrencyexchange CoinFLEX said it has commenced arbitration in Hong Kong to recover $84 million from a single customer.

What Happened: In a blog post on Saturday, the platform's foundersSudhu Arumugam and Mark Lamb said they were optimistic that they would recover the customers $84 million debt within 12 months.

Last month, Lamb revealed that the customer in question was Roger Ver,a high-profile investor known in the community as Bitcoin BTC/USD Jesus.

At the time, CoinFLEX said that the debt associated with Vers account was $47 million worth of USDC. The exchange has now revised that figure to $84 million.

The first estimate of [$47 million] which we communicated did not include the significant loss in liquidating his significant FLEX coin positions. Now that we have found a bid for that size, the liquidations have created a final deficit of [$84 million] for the account, said the CoinFLEX founders.

Arumugam and Lamb believe that Ver has a legal obligation to pay the total amount of his personal liability. Ver has denied allegations of owingmoney toCoinFLEX instead, hesays CoinFLEX owes him "a substantial sum of money."

The exchange said it plans to make 10% of balances available for withdrawal in the days to come. In order to do so, the platform would have to sell all non-native assets locked into USDC.

Price Action: CoinFLEXs native token FLEX FLEX/USD dropped 66% after the exchange halted withdrawals. At press time, the token was trading at $0.28. BTC was trading at $20,617, down 3.93% over the last 24 hours.

The rest is here:
CoinFLEX Begins Legal Action To Recover $84M From 'Bitcoin Jesus' - Benzinga

Related Posts