Mark Lamb is the CEO of CoinFLEX. Founded in January 2019 as a spinout of longstanding UK spot exchange Coinfloor. Related:Three Arrows Capital creditors express frustration with bankruptcy process during call. That prompted the company to halt withdrawals. CoinFLEX CEO Mark Lamb says that Roger Ver, CEO of Bitcoin.com, owes the exchange $47 million USDC. Lamb told Bloomberg on Monday that he believes the investor will repay the company "at some point in the future.". How? He said that the value of every account's futures position will be made publicly available via an external audit firm that will attest to these positions every hour. rvUSD is a token issued by CoinFLEX related to an outstanding debt owed by a certain high net worth individual to CoinFLEX, reads the tokens whitepaper. After that, Bobs withdrawable/available balance will become 0.1 BTC, 1 BCH , 1,000 USDC and a locked balance of 27,900 USDC. 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. Be a smarter, safer investor in eight weeks. Mark Lamb (born July 14, 1972) is an American law enforcement officer who has served as the sheriff of Pinal County, Arizona since 2017. Details: Open Exchange is led by three crypto vets, two of whom are founders of failed crypto hedge fund Three Arrows Capital, Su Zhu and Kyle Davies. We believe recovery of the debt will help build confidence in and will help shore up the trading price of FLEX Coin. "Appeal to crypto trading appetite of claims holders.". Thats the amount it needs to resume withdrawals for its clients, and exactly the same amount of money that Lamb claims Ver owes. Recently some rumors have been spreading that I have defaulted on a debt to a counter-party. We will be looking to make available 10% (and more later) of balances available for withdrawal. A car involved in a fatal crash in Burscough was stolen, police confirmed. Our thought bubble: Zhu, Davies and Lamb's ambitious new plan, per the deck, is to "dominate the crypto claims market within 2-3 months of go-live." He stated that his statement is false and expressed his disappointment in Ver that he shouldnt have resorted to such tactics to escape from his liabilities. Roger Ver owes CoinFLEX $47 Million USDC. He rejected the allegations and, in fact, stated that the exchange owed him money. Mark has been running crypto exchanges for the past 9 years. Crypto exchange CoinFLEX is demanding that Blockchain.com return $4.3 million worth of FLEX coins or face legal proceedings, claiming it lent the Luxembourg-based financial services company a combined 3,000,000 FLEX coins last year, according to a demand notice obtained by, This is completely false, Blockchain.com told, The demand is based on an AMM+ (automated market maker) Participation Agreement allegedly entered into on April 12, 2022, when Bitcoin. Lamb declined to comment about the state of his dispute with Ver. Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms. Mark Lamb Chief Executive Officer University of London Bachelor of Science, Economics Former Partner Cusaru Capital & Sequoia Capital Former Director Equity Derivatives Trading at Merrill Lynch Former Chief Risk Officer Coinfloor - The UK's first and longest running Crypto Exchange Sudhu Arumugam Co-founder Haverford College Bachelor of Arts Mark LambCoinfloorCoinFLEXCEO10%"30" 1.5. CoinFlex said it hopes to resume withdrawals on June 30. Lamb said this data would give users insight into "how risky the platform is, how leveraged the users are, and whether any liquidations occur at a loss to the platform.". The first estimate of $47m which we communicated did not include the significant loss in liquidating his significant FLEX coin positions. For example, Bob had 1 BTC, 10 BCH and 10,000 USDC in his account, with BTC priced at $20,000 and BCH priced at $100. As part of the overall process we have today started an internal/external joint group involving some of our largest stakeholders, with whom we are working hand in hand to determine solutions. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. . CoinFLEX Says Roger Ver Owes It $47M USDC as Spat Turns Public . A verified insider has confirmed that the "high net worth individual" who owes CoinFLEX money is Bitcoin Cash advocate & CoinFLEX shareholder Roger Ver. Please conduct your own research and seek advice from a licensed financial advisor. Got a confidential news tip? Crypto exchange CoinFLEX is demanding that Blockchain.com return $4.3 million worth of FLEX coins or face legal proceedings, claiming it lent the Luxembourg-based financial services company a combined 3,000,000 FLEX coins last year, according to a demand notice obtained by Decrypt. According to a pitch deck, they are looking to raise $25 million. First physically delivered crypto futures exchange. More from Forbes 30 Under 30 - Europe - Finance 2017 List. The situation led CoinFLEX to freeze withdrawals on its exchange last week, which the company vaguely attributed to uncertainty involving a counterparty at the time. The company will also give information on the collateral backing these trading positions. JUST IN: CoinFLEX CEO says Roger Ver owes them $47 million $USDC. Mark Lamb, CEO of CoinFLEX. CoinFLEXBakkt CoinDesk journalists are not allowed to purchase stock outright in DCG. Although you will see them in your balances as locked funds, they will not be available for withdrawals nor will they count as collateral. One of the main reasons for our lack of responsiveness in the last two weeks is that we have been looking for companies/partners to invest in CoinFLEX and have often been under NDAs with them. Unfortunately, there still remains a significant deficit of about US$84 million so we have commenced action to recover this debt. 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. withdrawals on its exchange last week, which the company vaguely attributed to uncertainty involving a counterparty at the time. On Monday, high-profile crypto hedge fund Three Arrows Capital defaulted on a loan worth more than $670 million from Voyager Digital. We will be publishing our balance sheet as soon as we are allowed to. Whether that agreement even exists is in dispute. After this is done and verified we will then re-open for trading. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. All investments are your own decisions. In accordance with DTR 5.6.1, the Company hereby notifies the following: Thunder Bay, Ontario--(Newsfile Corp. - March 1, 2023) - Kesselrun Resources Ltd. (TSXV: KES) (OTCQB: KSSRF) ("Kesselrun" or the "Company") is pleased to announce that the Company will be exhibiting at the annual Prospectors and Developers Association of Canada ("PDAC") convention, the world's premier mineral exploration and mining event, which will be held in person in Toronto from Sunday, March 5th to Wednesday, March 8th, 2023. The latest Bank of England figures show sharp declines in mortgage approvals and lending in January. Mark Lamb is the Co-Founder and CEO at CoinFLEX. CoinFLEX CEO Mark Lamb . Get this delivered to your inbox, and more info about our products and services. We are also in close discussions with a large US exchange/ATS platform that intends to enter into a formal joint venture with us as soon as financing is achieved. Lamb's Coinfloor turned into the UK's leading bitcoin exchange focussing on consumers and investors buying, selling and trading the virtual currency. The initial doubts regarding the debt were spread around by FatMan, who took to his Twitter account to address it. Microcontroller Defined. Much of the CoinFLEX volume is attributed to its XBT/USDT futures contract, though its recent DOT/USDT contract is also picking up significant volume. In the second half of Benzinga's latest "Moon or Bust" crypto livestream hosts Ryan McNamara and Aaron Bry interviewed Mark Lamb, co-founder and CEO of CoinFLEX , a company committed to. He has been in default of this agreement and we have served a notice of default. Is VeChain on the Path to Recovery in March 2023? We believe this is the best solution for futures traders to be comfortable holding large open interest on the exchange, and for building up the trust of CoinFLEX users moving forward. CoinFlex's Lamb promised more transparency in Monday's blogpost. The tweet was a follow-up to a rumor that was spreading that Roger Ver owed the exchange $47 million USDC. . Its leaders are industry veterans whose own failed companies helped create that harm. ET, according to Downdetector, Sterling rose marginally against a weaker dollar on Wednesday, trimming gains made earlier in the session after Bank of England Governor Andrew Bailey said nothing had been decided in terms of whether interest rates would need to rise again. The vast majority of the receivables in CoinFLEXs balance sheet is from the debtor we are pursuing, but there are many other accounts that will unfortunately become receivables due to the sharp drop expected in FLEX Coin price when trading resumes. The idea is that this will allow CoinFLEX to raise the $47 million in funds necessary to resume withdrawals, while giving the counterparty, which Lamb claims is Ver, more time to repay. Many users were angry at Lamb. Additionally, Mark Lamb has had 6 past jobs including Co-founder and Head of Liquidity Relationships at Coinfloor. Throughout the process, we kept the individual fully informed and he had cooperated with us and promised to pay or increase collateral to cover the shortfall but at the end, the promise proved empty. "We have been speaking to potential large buyers and believe there is significant interest in the terms presented," Lamb said. Mark Lamb is the author of Notes COINFLEX CoinFLEX is a spinoff of the long-standing UK spot exchange, Coinfloor. All Rights Reserved. As the funds we are looking to recover are in USDC, we need to dollarize the obligation to confirm the total amount of the liabilities. But part of CoinFlex's plan is hoping that it gets repaid by the investor, which of course, may not happen. We truly apologize for the trauma this situation has caused the CoinFLEX community. 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