Roger Ver, a well-known cryptocurrency entrepreneur often referred to as ‘Bitcoin Jesus,’ filed a lawsuit against Smart Vega, a subsidiary of Matrixport, seeking $8 million. The legal action initiated a year ago recently became public knowledge following Ver’s disclosure.
Roger Ver was Unable to Withdraw Funds
In a statement, Ver revealed that he sued Smart Vega Holding Limited, a subsidiary of Matrixport, in August 2022. He took legal action as he faced difficulties withdrawing the funds from bit.com, a derivative-oriented platform operated by the company.
Ver claims that Jihan Wu, co-founder of the significant Bitcoin mining company Bitmain, deliberately obstructed his withdrawal of funds from bit.com in June 2022. Ver asserts that Wu took this action due to his financial losses at CoinFLEX.
In the same month, CoinFLEX alleged Roger Ver of failing to fulfill his obligations regarding $47 million owed to the company.
In a court filing from September 2022, Ver stated that the reason his funds were inaccessible for withdrawal was that Wu had instructed him not to release his funds to him. Ver added that Wu took this step because he believed Ver owed money to a third party who, in turn, owed money to him. Matrixport disputed Ver’s claims, asserting they were false.
The company clarified that it holds Ver’s funds until a court ruling, citing Ver’s penalties due to a margin call default. Additionally, a legal advisor recommended withholding the funds while awaiting legal clarification.
CoinFLEX Undergoes Major Restructuring
CoinFLEX initiated a restructuring effort as a final resort to rescue the company, ultimately providing creditors with majority ownership and control of the board. Nevertheless, in January 2023, Mark Lamb, CEO of CoinFLEX, introduced OPNX, a venture apparently unrelated but backed by CoinFLEX’s assets and support.
Afterward, accusations emerged that Lamb deceived regulatory authorities, utilizing CoinFLEX’s tokens called FLEX, fund, technology, and workforce for personal profit. Users were urged to shift to OPNX, purportedly violating the terms of the restructuring.
Allegations Against CoinFLEX
Allegations also pointed to CoinFLEX stakeholders being kept uninformed about finances and expenditures. Claims that high-balance customers’ withdrawals were stopped and token prices were manipulated emerged. It was alleged that founders utilized creditor assets to artificially inflate token prices during over-the-counter sales.
These deeds hindered the ability of the creditors to react and sparked worries about immoral behavior within CoinFLEX and OPNX. In a legal submission filed in October, CoinFLEX creditors opted for legal measures against Lamb, asserting that he acted autonomously, assuming control over the organization’s technology, employees, consumers, and intellectual property to create the claims exchange.
To conclude, amid legal battles and accusations, the cryptocurrency world witnesses a turbulent drama involving Roger Ver, CoinFLEX, and OPNX, raising concerns about ethics, transparency, and financial integrity.
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