In a recent tweet, the CEO of CoinFLEX, Mark Lamb, confirmed that the person who owes $47 million USDC to the exchange is Roger Ver. Mark Lamb is the Co-Founder and CEO at CoinFLEX. He has been in default of this agreement and we have served a notice of default. But surprisingly, Roger Ver tweeted about the rising allegations against him, stating that they are false. CoinFLEX CEO Mark Lamb took to Twitter today to accuse longtime Bitcoin evangelist Roger Ver of defaulting on a $47 million loan. Marks vision for crypto derivatives is to grow the industry beyond speculation into real commercial use for lending, borrowing, hedging and payments. A verified insider has confirmed that the "high net worth individual" who owes CoinFLEX money is Bitcoin Cash advocate & CoinFLEX shareholder Roger Ver. Lamb was previously the head coach of the Tucson Roadrunners of the American Hockey League (AHL) and the Swift Current Broncos of the WHL. The exchange doesn't deal with fiat money and all transactions are performed in cryptocurrencies. Copyright 2023 Trading Technologies International, Inc. All rights reserved. First Mover The latest moves in crypto markets, in context. In this case, there was nothing to liquidate and the loan is outstanding. Several other users responded to Lambs plans by labeling them nonsense and a ponzi, while referring to CoinFLEX as a casino.. ", Mark Lamb, CoinFLEX CEO, Blames Roger Ver For His Companies $47 Million Debt. Expressing confidence that recovery is going to happen, Lamb said CoinFlex will leverage "recouping the funds from Ver plus a financing charge that has been imposed on him" to pay the . The CoinFLEX CEO initially intended to keep its counterpartys identity private. FatMan wrote that Ver had a long on Bitcoin Cash and CoinFLEX permitted the debt as Ver promised to pay the debt back. Lamb responded to Vers own claims by calling them blatantly false.. The CEOs comments confirm rumors initially leaked by a Twitter user known as FatManTerraa member of the Terra Research Forum who provided extensive coverage of the stablecoin protocols collapse in May. We wanted to make it such that the assets all match up, and that we pass on this risk to investors that understand what the risk is and are eager for this risk, Lamb told Bloomberg yesterday. Meanwhile, buyers of the rvUSD tokens will be offered what the company hopes will be a highly attractive 20% yearly return. The CEO of CoinFLEX, Mark Lamb, blames early Bitcoiner and Bitcoin Cash adopter Rodger Ver as the source of the company's troubles. Discover today's celebrity birthdays and explore famous people who share your birthday. COINFLEX CoinFLEX is a spinoff of the long-standing UK spot exchange, Coinfloor. Many of these exchanges do not offer service to individuals in the U.S. Their products come in many different shapes and flavors; there are futures based on cash indices, there are perpetual swaps, there are physically settled futures and there are options. Mark created CoinFLEX in 2018, the first deliverable crypto futures exchange and launched flexUSD, the only stablecoin to pay interest. Lamb stated that a notice of default has been served to Roger Ver. Hult International Business School BS International Business Events ", The rumors of Ver's rocky financial situation were initially leaked by Twitter user "FatManTerra." The Difference Between The Fiat Currency Standard And The Bitcoin Dollar Standard (Part 6), DeFi (Decentralized Finance) Explained for Beginners, Uniswap V4: What we Know about the Next Iteration of the DeFi DEX, The Difference Between The Fiat Currency Standard And The Bitcoin Dollar Standard (Part 5), [Press Releases]AscendEX Weekly Roundup | June 5 June 11, 2021, [Press Releases]Loopring: Welcome to the Future, Huobi Wallet Won One Of The Worlds Most Prestigious Design Awards, Deeper Network's Products Will Soon Be On Canada BestBuy, Bitcoin Climbs Amid Altcoins Failed Recovery. He is a member of famous with the age 58 years old group. The tweet where Ver claims that the exchange owes him money was outright denied by Lamb. CoinFLEX CEO Mark Lamb claims noted crypto investor Roger Ver owes the physical futures crypto exchange $47 million in USDC. This allowed the criminal syndicate to withdraw 173,600 Eth and $25.5 million in fiat from the bridge. So we pay takers FLEX, and as a result, lots of taking activity happens, which typically ends up being profitable for the makers on the other side. One of the difficulties of cryptocurrency is figuring out who to believe. He also added that the situation is regularly being communicated with Ver and the CoinFLEX team would still like to resolve it. In total, Lamb played 403 regular season games in the National Hockey League, scoring 46 goals and 100 assists for 146 points. The pseudonymous FatManTerra referred to the offering as amazingly degen., This is incredible. CoinFLEX made the decision to halt user withdrawals on June 23, shortly after a long-time customer of CoinFLEX went into negative equity. The opinions expressed herein are those of the publisher and are subject to change without notice. Lamb wrote that there is a written contract that obligates Ver to guarantee negative equity on his account. Mark Lamb is the Co-founder and CEO of CoinFLEX, the worlds first physically delivered cryptocurrency futures exchange designed to trade in crypto assets and bitcoins. Plus, Under 30 alum Joel Embiid is making moves on and off the court. Earn, and earn some more. Mark Lamb's net worth In Saturday's post, CoinFLEX said it holds more than 26 . Ver had a long on BCH, and the platform allowed him to run a deficit because he personally guaranteed he would pay them back. The benefit of being offshore is being politically and jurisdictionally neutral. Can you talk about the basic structure of the program, how trade-driven mining works, and the influence of game theory on the aggressiveness of the taker-trading activity in your market? In a recent tweet, the CEO of CoinFLEX, Mark Lamb, confirmed that the person who owes $47 million USDC to the exchange is Roger Ver. "We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. Could Bitcoin or Ethereum Ever Become Centralized? With that out of the way, Mark, can you describe what it was like putting together the final pieces before your April 2019 launch? JUST IN: CoinFLEX CEO says Roger Ver owes them $47 million $USDC. Virtual currency startup supporting loyalty points for SMEs, Coinfloor The UKs first and longest running crypto exchange Implemented the first cryptographically provable auditing mechanism, Equity Derivatives Trading at Merrill Lynch, Coinfloor The UKs first and longest running Crypto Exchange, Brown Brothers Harriman Private Wealth Management, CoinFLEX is founded as the worlds first physically delivered futures exchange, CoinFLEX launches deliverable perpetual futures and repo market, Exchange daily volume breaks $2B with open interest over $100M, CoinFLEX becomes the most liquid BCH market in the world, flexUSD and FLEX Coin join the SmartBCH ecosystem, Daily trading volume on CoinFLEX breaks $8B with open interest over $350M, CoinFLEX partners with Copper.co, offering flexUSD to their 300+ institutional investors, CoinFLEX enters into $30M partnership with Bitcoin.com, Doug Polk joins as CoinFLEXs first global brand ambassador, Total traded volume on CoinFLEX crosses $1T, Subscribe to our newsletter and stay up to date on what we do next. Mark William Lamb (born August 3, 1964) is a Canadian former professional ice hockey player, and current general manager and head coach of the Prince George Cougars of the Western Hockey League (WHL). Lamb wrote in a thread that Ver had a trusty and long track record of timely margin top-ups and meeting the margin requirements. He discussed an "ultra high net worth" whale who can't meet a measly $47M margin call comments sorted by Best Top New Controversial Q&A Add a Comment More posts you may like r/StockMarket CoinFLEXone of many crypto trading platforms to freeze customer withdrawals this monthisnt facing an ordinary liquidity crunch. Mark Lamb of CoinFLEX discusses the company's plans for 2022 and its partnership with Bitcoin.com. It's been a quiet year for the Corner because we've been mostly heads-down focusing on building out our crypto offering on TT. The text explains that the individual recently had his account enter negative equity and has failed to provide the liquidity necessary to meet his margin call. Mark William Lamb (born August 3, 1964) is a Canadian former professional ice hockey player, and current general manager and head coach of the Prince George Cougars of the Western Hockey League (WHL). We believe that the same way the biggest companies in the world today (Apple, Google, Amazon, etc.) They are using terms like 'margin call' and 'negative equity' to detract from the truth of the situation, the account tweeted. Previously, Mark was the Founder and former CEO of Coinfloor, the first UK crypto exchange. Additionally, Mark Lamb has had 6 past jobs including Co-founder and Head of Liquidity Relationships at Coinfloor. . He was responsible for overseeing the company's designated market making program and the partnerships with market makers on Coinfloor and CoinfloorEX. This website uses cookies for analytics and functionality purposes. Sheriff Lamb has an approximated net worth of $100k - $1 million U. Mark Lamb is the CEO of CoinFLEX. Our goal is to become the most liquid for any size, and we believe these incentive mechanisms will help drive that. CoinFLEX, an exchange that has halted withdrawals and whose users are suffering immensely, sent thier CEO Mark Lamb to appear live on Bloomberg TV. Please read our latest statement for more info. However, a prior agreement with this individual barred CoinFLEX from liquidating his position, which it would have already done under normal circumstances. GTX intends to fill the void in the crypto market and enter the stock securities lending sector, which is estimated to be worth 2 trillion dollars. Mark: We have a single focus and less overhead, so we can be more nimble and out-innovate exchanges like ICE. The funds raised from this token can hopefully keep the exchange afloat, assuming they do not owe funds to Ver, like he claims. Dear CoinFLEX Community, 28. Earn interest 3 times a day directly on-chain. Not only do I not have a debt to this counter-party, but this counter-party owes me a substantial sum of money, and I am currently seeking the return of my funds. The lending product is really exciting because it is a synthetic loan, a basis trade, and creates volume in both spot and futures markets by bringing passive capital that is not in the market now into the market. Beyond that, we plan to list derivatives on more cryptocurrencies as well as launch options and other forms of derivatives. It is not designed to meet your personal financial situation - we are not investment advisors nor do we give personalized investment advice. Center for Digital Technology and Management, CDTM Alumni Founded Companies, University of Queensland Alumni Founded Companies, United States Military Academy at West Point Alumni Founded Companies, Vellore Institute of Technology Alumni Founded Companies, Washington and Lee University Alumni Founded Companies, ESCP Business School Alumni Founded Companies, AGH University of Science and Technology Alumni Founded Companies, University of Saskatchewan Alumni Founded Companies, University of Maryland Alumni Founded Companies, The University of West Florida Alumni Founded Companies, Number of Organizations that the person founded, Algorithmic rank assigned to the top 100,000 most active People, The organization associated to the person's primary job, Where the person is located (e.g. Three big things we are excited about are upcoming redesigns of the existing interface, a relaunched crypto-native trading interface and a lending product. Learn How rich is He in this year and how He spends money? Rather, CEO Mark Lamb claims there is one man responsible for the platform's financial woes, and the reason it now seeks to raise $47 million in token sale to pay off its debt: the longtime Bitcoin evangelist turned Bitcoin . TL;DR: On-chain sleuth ZachXBT noticed Korean hacker unit Lazarus moving stolen crypto assets . Escape market volatility and still participate in the upside. Ill start by reminding readers and stating that TT is a technology partner and equity owner in CoinFLEX. The founders of the now defunct crypto hedge fund, Three Arrows Capital (3AC), Su Zhu and Kyle Davis, are pitching investors with the hopes to raise $25 million to start a new cryptocurrency exchange called GTX. The pitch deck showed that Zhu, Davies, as well as Mark Lamb and Sudhu Armugan of CoinFLEX are looking to raise $25 million for a new crypto exchange called GTX. CoinFLEXone of many crypto trading platforms to freeze customer withdrawals this monthisn't facing an ordinary liquidity crunch. Thats the amount it needs to resume withdrawals for its clients, and exactly the same amount of money that Lamb claims Ver owes. . It results in the best quality of service for the largest number of customers worldwide. No other stablecoin pays interest Youve built a strong ecosystem now that includes both aggressive market makers and market takers. 2023 Forbes Media LLC. Mark Lamb and Sudhu Arumugam, the founders of CoinFlex, a cryptocurrency exchange that is in the process of restructuring, have joined forces with the Three Arrows team to form a partnership. We are re-enabling limited flexUSD redemptions and withdrawals. He is from United States. S dollars without including other allowances, but the exact amount of salary Lamb receives is not known. Lamb is believed to receive a good salary which is over his deputy who receives $122, 000 U. Total repo volume exceeds $115B. We think this will result in us becoming the largest derivatives exchange in the world. Virtual currency startup supporting loyalty points for SMEs, Coinfloor The UKs first and longest running crypto exchange Implemented the first cryptographically provable auditing mechanism, Equity Derivatives Trading at Merrill Lynch, Coinfloor The UKs first and longest running Crypto Exchange, Brown Brothers Harriman Private Wealth Management, A brief timeline showing how CoinFLEX got to where we are today, CoinFLEX is founded as the worlds first physically delivered futures exchange, CoinFLEX launches deliverable perpetual futures and repo market, Exchange daily volume breaks $2B with open interest over $100M Total repo volume exceeds $115B Total-value-locked on AMM+ over $100M AMM+ daily trading volume crosses $500M flexUSD market cap crosses $100M CoinFLEX becomes the bridge for SmartBCH, AMM+ daily trading volume crosses $1B CoinFLEX becomes the most liquid BCH market in the world flexUSD and FLEX Coin join the SmartBCH ecosystem, AMM+ Arena goes live Daily trading volume on CoinFLEX breaks $8B with open interest over $350M, AMM+ daily trading volume crosses $1.5B CoinFLEX partners with Copper.co, offering flexUSD to their 300+ institutional investors, CoinFLEX enters into $30M partnership with Bitcoin.com Doug Polk joins as CoinFLEXs first global brand ambassador FLEXDAO goes live, flexUSD market cap crosses $400M Total traded volume on CoinFLEX crosses $1T. 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