CoinFLEX Founder Offers Bitcoin Evangelist Roger Ver ‘Olive Branch’ to Settle Alleged $84M Debt
Co-founder of uneasy crypto exchange CoinFLEX Mark Lamb issued an open letter to Bitcoin Evangelist and Bitcoin Cash promoter Roger Ver is offering him an “olive branch” of “two years of free trading on OPNX,” a recently launched claims exchange co-founded by Lamb.
The “olive branch” refers to ending a long-running feud between the two, which would see Ver pay back an alleged outstanding loan to CoinFLEX.
Last June, Lamb accused Ver of defaulting on one Loan of 47 million dollars. At the time, Ver dismissed the claim as “obviously false.” Since then, Lamb’s claim to Ver has done so almost doubledaccording to a lawsuit filed by CoinFLEX against Ver back in July of last year.
“The initial estimate of $47 million that we communicated did not include the significant loss from liquidating his significant FLEX Coin positions,” a CoinFLEX announcement at the time said. “Now that we have found a bid of that size, the liquidations have created a final deficit of $84 million for the account.”
The latest open letter also asks Ver to “agree to a payment plan for $84 million USD.”
Alongside Ver, he included Peter Smith, CEO and founder of crypto exchange Blockchain.com, in his tweet.
The letter asks Smith to “pay the 3 million FLEX coins owed to us via your offshore Blockchain.com Cayman entity,” likely a reference to another alleged debt that hit the press earlier this year, who, in language echoing Ver, dismissed the exchange as “completely worthless and a work of fiction.”
FLEX Coin (FLEX) is the native token of CoinFLEX’s crypto exchange.
After satisfying these conditions, Lamb promised Ver and Smith an “equity share” in OPNX.
Ver, Lamb and Smith did not immediately respond Decryptits request for comment.
The letter outlined the tokenization of debt intended to save CoinFLEX’s creditors and the Bitcoin Cash (BCH) community from “protracted legal proceedings” by offering a liability token called “Recovery Value USD” (rvUSD) on OPNX.
The idea of rvUSD was first floated back in June of last year when details of the alleged multi-million dollar debt first emerged.
The CoinFLEX Community unanimously adopted of the plan the following September, as did a court in the Seychelles in March this year, after CoinFLEX halted withdrawals and filed for restructuring citing “extreme market conditions” and “continued uncertainty involving a counterparty,” a thinly veiled reference to Ver’s debt.
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What is OPNX?
The Open Exchange (OPNX) is a bankruptcy claim exchange that was announced by co-founder Su Zhu last February. It caters to those looking to trade bankruptcy claims – in cases from FTX to Blockfi – and uses CoinFLEX’s FLEX Coin as its native token.
The project is the brainchild of a collaboration between Three Arrows Capital (3AC) founders Su Zhu and Kyle Davies, and CoinFLEX founders Mark Lamb and Sudhu Arumugam.
A leaked early pitch tires drew negative responses from CoinFLEX’s community after they found out that CoinFLEX’s founders had teamed up with the 3AC founders to raise $25 million.
Three Arrows Capital was one of the larger and better-known victims of last year’s liquidity crisis that rocked the industry in the wake of Terra’s spectacular collapse last May.
OPNX officially launched yesterdaywith the first tradable claim token rvUSD.
