Ver Maintains Position as Coinflex Legal Battle Looms

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  • Roger Ver has maintained that he owes Coinflex nothing and that the platform is in debt to him
  • Ver offered a very brief statement on a Bitcoin Cash Hangout on Sunday, which added nothing the case
  • Voinflex says Ver owes it $47 million, which has caused the platform to halt withdrawals

Roger Ver, the man at the centre of what is not being referred to by anyone as margin-gate, has reaffirmed his position that it is yield platform Coinflex that owes him money rather than the other way round. Ver reaffirmed his position on a Bitcoin Cash Hangout on Sunday, adding nothing to a statement released last week and suggesting that a legal battle is the only way Coinflex is going to get any money out of him.

Coinflex Needs to Fill Ver-shaped $47 Million Black Hole

The Twitter spaces event, which saw a much larger turnout than usual, began with what former Coinflex brand ambassador and poker legend Doug Polk called 90 minutes of “brutal” talk about “bitcoin cash options in the carribean [SIC]”, before finally turning to what everyone was there for – Ver’s statement over his position on the Coinflex matter.

To recap (see, we’re doing it too!) yield platform Coinflex announced last month that it had to halt withdrawals after suffering a huge financial black hole due to an individual not honouring his margin calls. It then launched a token to fill this hole, which would attract interest when it was redeemed. This was in order to get the company solvent again and able to honour withdrawals once more, but it was savaged by critics.

Twitter user FatMan (@FatManTerra) outed Ver as the party involved in margin-gate, to which Ver responded with a lawyer-dictated tweet. Coinflex CEO Mark Lamb then confirmed that Ver was indeed the man behind the huge debt and that claims Coinflex owed Ver money were “blatantly false”.

Ver Statement Almost as Boring as the Hangout Itself

In the hangout, Ver himself said up front that his statement was “probably going to be a bit disappointing to the people that are on the call here”, and indeed he didn’t, er, disappoint:

I have no debt to Coinflex, Coinflex owes me money and the lawyers are involved and there’s a confidentiality agreement there that I’m not going to break in regards to that.

Ver added that he was “looking forward to the full and complete and entire truth coming out as soon as possible”, but that this could only happen through legal channels. Indeed, this added nothing to the tweet he put out after being identified on Twitter, and with questions not being allowed due to legal reasons, the entire event, to which Lamb was tuning in, was nothing more than a damp squib.

It seems then that the case is going to follow the legal route, which is bad news for Coinflex because it will have to finance a legal battle to get the money back it says Ver owes it. This might hit its token raise attempts, with potential investors perhaps not liking the prospect of having to wait for a lengthy legal fight to play out in order to get their money out, assuming Coinflex wins.

Indeed, we’re not financial advisers, but if this investment opportunity were presented to us, we wouldn’t exactly be running to the ‘withdraw’ button on our exchange app.