Summary:<\/p>\n
The team at CoinFLEX has released an update<\/a> on the ongoing situation at the crypto exchange.<\/p>\n The update begins by apologizing to the CoinFLEX community for ‘the trauma this situation has caused’ and further explained that the team had been unresponsive for the last two weeks as they sought companies or partners to invest in the crypto exchange.<\/p>\n In addition, the CoinFLEX team further elaborated on their financial situation by explaining that it was the result of a large individual customer who had a written manual margin arrangement with the exchange. The agreement meant that the individual had a grace period ‘to send more collateral’ in the event of potential liquidation.<\/p>\n However, the individual ‘failed to honor his obligations pursuant to this written agreement.’<\/p>\n Upon further analysis, the CoinFLEX team has calculated the financial deficit as a result of the individual to have reached a value of $84 million. They explained:<\/p>\n The first estimate of $47m<\/a> 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 $84m for the account.<\/p><\/blockquote>\n In a June 2022 tweet which can be found below, CoinFLEX’s CEO, Mark Lamb, identified the large individual customer as being Roger Ver<\/a>, commonly known as Bitcoin Jesus.<\/p>\n Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.<\/p>\n — Mark Lamb \ud83d\udcaa (@MarkDavidLamb) June 28, 2022<\/a><\/p><\/blockquote>\nCoinFLEX’s Deficit Now Stands at $84 Million.<\/h2>\n
The Individual Had Earlier Been Identified as Roger Ver.<\/h2>\n
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