Coinflex Pegs Roger Ver Debt at $84 Million

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  • Coinflex has finalised Roger Ver’s bill at $84 million
  • The position is 79% more than it had initially estimated and includes liquidations in his FLEX positions
  • Coinflex has started legal action against Ver to reclaim the funds

Coinflex has finalised the bill for its noteworthy defaulter Roger Ver, and it comes to a hefty $84 million. Coinflex revealed Ver’s final tab in an update to its community over the weekend, updating its initial estimate by a whopping 79%, which now includes “his significant loss in liquidating his significant FLEX coin positions.” Ver has denied that he owes Coinflex anything, with the matter almost certainly heading to court.

Coinflex Confirms Legal Action Against Ver

The Coinflex/Ver clash dates back to the end of June when Coinflex confirmed rumours that Ver was the “high integrity person of significant means” who was delaying in paying back the $47 million lost on a series of leverage based trades, to which Ver responded by saying that he owed them nothing.

Coinflx was known to have taken legal steps to recover its money from Ver, and the weekend’s update confirmed this:

We have commenced arbitration in HKIAC for the recovery of this $84m as the individual had a legal obligation under the agreement to pay and has refused to do so. His liability to pay is a personal liability which means the individual is personally liable to pay the total amount, so our lawyers are very confident that we can enforce the award against him.

However, this process will not be a quick one – Coinflex estimates that it will take “approximately 12 months prior to getting a judgment in Hong Kong” after which it can enforce any such judgement “against his worldwide assets.”

Coinflex Whales Might Help Save the Business

More positive news came from Coinflex regarding how it plans to carry on without this money, informing users that it is “looking to raise a significant amount of funds from investors” and is also speaking to Coinflex despositos to see if any would “help the business by rolling some of their deposits into equity.”

To this end it reports that some of these whales have “indicated that they may be in a position to help the business move forward” once a workable solution is found, saying that the team remains “extremely encouraged by these conversations.”

Coinflex announced an rvUSD token sale two weeks ago in an attempt to raise the money needed, but did not provide an update on this.