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Web3 is Going Just Great

...and is definitely not an enormous grift that's pouring lighter fluid on our already smoldering planet.

Created by Molly White. Subscribe to her newsletter for weekly recaps.

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CoinFLEX sues Roger Ver to try to recover claimed $84 million debt

Portrait of Roger VerRoger Ver (attribution)
When CoinFLEX suspended withdrawals on June 23, they blamed "continued uncertainty involving a counterparty".

Although they initially dodged naming the counterparty, CEO Mark Lamb eventually publicly stated that this counterparty was Roger "Bitcoin Jesus" Ver, who he said failed to meet a $47 million margin call. However, Ver publicly refuted this claim, stating that CoinFLEX in fact owed him money. Both parties went back and forth, each accusing the other of misrepresenting the situation.

On July 9, the company stated that they would be seeking arbitration to recover $84 million from Ver — an updated figure that they said factored in the "significant loss in liquidating his significant FLEX coin positions".

Theme tags: Contagion, Law

CoinFLEX stops withdrawals due to "continued uncertainty involving a counterparty"

Yield farming platform CoinFLEX is the latest crypto platform to stop allowing customers to withdraw their money. Customers had raised concerns about withdrawals not processing, to which a team member repeatedly replied that "we haven't stopped withdrawals" and urged chatters to "please stop spreading FUD".

The company then posted an announcement that they would be "pausing all withdrawals" due to "extreme market conditions last week & continued uncertainty involving a counterparty". They were cagey about the identity of the counterparty, though the announcement explicitly stated it was not the underwater hedge fund Three Arrows Capital, which has been causing a domino effect throughout the crypto industry. They later alleged the counterparty was Roger Ver, though he denied the claim.

CoinFLEX began allowing customers to withdraw up to 10% of their funds on July 14, but the remaining 90% continued to be inaccessible to them.

Theme tags: Contagion

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