According to the token's whitepaper, "rvUSD is a token issued by CoinFLEX related to an outstanding debt owed by a certain high net worth individual to CoinFLEX." After this is done and verified we will then re-open for trading. SmartBCH (sBCH) is a side chain project we have supported from Day 1 as the on-ramp and off-ramp bridge. Get this delivered to your inbox, and more info about our products and services. It is clear to us now that he was wasting time and hoping for a bounce in the market that never materialized. Initially, this would begin using their offshore licenses, Over time, this would migrate to the USA (onshore) using the multiple licenses that they already have in place, Also provides a source for securities holders to earn yield the same way flexUSD earns yield. These are accounts using FLEX Coin as collateral. A computer, technically, is any device that is instructed to do math or logical operations through programs. 2023 Forbes Media LLC. It alsosued an individual userin Hong Kong court that month as it sought to fill an $84 million hole in its balance sheet. "Appeal to crypto trading appetite of claims holders.". Roger Ver owes CoinFLEX $47 Million USDC. Today I'm going to be posting the November 2011 Gaming PC Under $900. To fund other customers' withdrawals, they are now turning his debt into a token and selling it to people, offering 20% APY on it. By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our, Mt. proceedings in a Seychelles court last August, where it seeks to raise $84 million to pay off its own debt. These rumors are false. It was already very difficult to liquidate collateral in a falling market so we decided that it was best not to make any public comments until we have completed liquidating all available collateral in the account. Learn more about Consensus 2023, CoinDesks longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. We understand why both, and certainly the latter group, may be wondering what this situation has to do with them. Crypto Twitters response to the novel debt instrument, however, has been far less optimistic. Lamb wrote that there is a written contract that obligates Ver to guarantee negative equity on his account. If we do not sell the coins while BTC has moved from $20,000 to $100,000, we would have to recover 0.9 BTC for Bob that is worth $90,000, while the USDC debt that we recover might not be able to cover the BTC required. . 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. Additionally, we are speaking with CoinFLEX depositors who are looking to help the business by rolling some of their deposits into equity. Su Zhu . The company declined to name the investor, but said the individual "is a high-integrity person of significant means, experiencing temporary liquidity issues due to a credit (and price) crunch in crypto markets (and non-crypto markets), with substantial shareholdings in several unicorn private companies and a large portfolio.". "The FBI has for quite some time now assessed that the origins of the pandemic are most likely a potential lab incident in Wuhan," Wray told Fox News. If our client is compelled to enforce its legal rights against you [] it will naturally look towards you for the maximum amount of interest and costs that is recoverable at law.. This will allow us to clearly determine the exact amount of obligations/liabilities for each user. Founder, Zeltor Technology Solutions. Now CoinFlex CEO Mark Lamb says that investor is Roger Ver, the founder of exchange of Bitcoin.com. It would also allow people to use their claims as margin collateral for trading. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. You have failed, refused, and/or neglected to repay the 3,000,000 FLEX coins that are long overdue to be repaid, the letter to Blockchain.com states. The tweet was a follow-up to a rumor that was spreading that Roger Ver owed the exchange $47 million USDC. This is completely false, Blockchain.com told Decrypt in response. Additionally, as we navigate ahead, we want to make known a potential long-term partnership opportunity CoinFLEX is exploring. Unfortunately, this customer failed to honor his obligations pursuant to this written agreement. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. This condition required the individual to pledge stringent personal guarantees around account equity and margin calls in exchange for not being liquidated, Lamb explained in Mondays blog post. He discussed an "ultra high net worth" whale who can't meet a measly $47M margin call Mark Lamb is the Co-Founder and CEO at CoinFLEX. Think about this carefully.. "Roger, individually, is the entity that owes us money," Lamb told Fortune. Yet he styles himself as . 2 11 Mark Lamb @MarkDavidLamb Be a smarter, safer investor in eight weeks. CoinFLEX is the first physically delivered crypto futures exchange in the world. The big picture: The concept of the new exchange is to provide a market for burned crypto investors' bankruptcy claims. What we're watching: Zhu, Davies and Lamb have been seeking $25 million in fresh fundraising to launch the exchange. Real Women. The revelation came after Ver, who is also referred to as "Bitcoin Jesus," publicly denied rumors that . Try for free at rocketreach.co . CoinFlex filed for bankruptcy in Seychelles last year. Whether that agreement even exists is in dispute. Our lawyers believe that we have a very strong case and have commenced legal actions to recover debts owed to us pursuant to this agreement. The pitch deck obtained by Decryptshowed 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. Mark is CEO of CoinFLEX and a longtime advocate for physically delivered futures over cash settlement as a way to prevent manipulation. CoinFLEX volume currently averages at $43 million per dayan impressive number given the newness of the platform. Hey whats up! We aim to be as transparent as possible in this post and going forwards. Lamb did not respond to multiple Axios inquiries via personal messaging and social media. Your weekly wrap of Web3 news and trends. Weeks after the pitch deck began circulating, OPNX was officially announced by Zhu, who stated FLEX coin will be the primary token of the new exchange., 13/ it is with humility that we announce the claims waitlist is now open, with site UI/UX beta testing coming very soon: https://t.co/uFZUNn9PBq, & for those who asked, yes $FLEX will be the primary token of the new exchange. According to Lamb, the exchange has already spoken with many large buyers, and generated significant interest around the tokenwhich is expected to begin issuance today. S dollars. The letter sent to Blockchain.com was from a Singapore-based law firm called Nine Yards Chambers LLC, which confirmed to. Lamb declined to comment about the state of his dispute with 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. Blockchain.com Shopping Assets to Fill $270M Hole From Three Arrows Capital: Sources. He has been in default of this agreement and we have served a notice of default. "Roger Ver owes CoinFLEX $47 Million USDC," Lamb tweeted on Tuesday. 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.. Marks vision for crypto derivatives is to grow the industry beyond speculation into real commercial use for lending, borrowing, hedging and payments. He has been in default of this agreement and we have served a notice of default.. CoinFLEX Co-Founder and CEO Related Hubs Education Mark Lamb studied at Hult International Business School. Gox Bankruptcy Repayments Unlikely to Destabilize Bitcoin: UBS, Voyager's Reward Program Lost $58M in 2022: Court Filing, Nigeria Picks Bola Tinubu as President Amid Cash Shortages, Bitcoin Jumps 4% as Upbeat China Manufacturing Data Improves Risk Appetite, launch a Recovery Value USD (rvUSD) token. All Rights Reserved. . . The exchange was cofounded in 2019 by Sudhu Arumugam and CEO Mark Lamb. Global financial customers and partners gathered to discuss the acceleration of technology application and innovative improvement of productivity. The initial doubts regarding the debt were spread around by FatMan, who took to his Twitter account to address it. uncertainty involving a counterparty, Lamb took to Twitter to claim that longtime Bitcoin evangelist Roger Ver owes CoinFLEX $47 million worth of the stablecoin USDC, adding a default notice had been served. Mark Lamb CEO at CoinFLEX 8mo Sudhu Arumugam Co-founder @ CoinFLEX 8mo Edited Trailblazers in crypto indeed & not just in Hong Kong but Globally. Please conduct your own research and seek advice from a licensed financial advisor. RAHWAY, N.J., March 01, 2023--Merck Announces Phase 3 KEYNOTE-671 Trial Met Primary Endpoint of Event-Free Survival (EFS) in Patients With Resectable Stage II, IIIA or IIIB NSCLC, --Broad-based demand across verticals drives year over year Q422 revenue growth of 24.4%, 23.3% organically --Combination of strong revenue growth, gross profit expansion and expense control substantially narrow year over year Q422 operating and adjusted EBITDA losses --Projecting accelerated path to adjusted EBITDA profitability in 2023 versus a previous target of 2024 --Strong financial performance and financial strength drive debt reduction and lower cost refinancing --Introducing 2023 busi. The exchange doesn't deal with fiat money and all transactions are performed in cryptocurrencies. https://t.co/0lyETbH0PD. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. How? That solution is a way for people to monetize their claims. We want to hear from you. He has been in default of this agreement and we have served a notice of default. styledivision.net; 3 415-316-XXXX +61 433 120XXXX +61 450 809XXXX; Mark Lamb Senior Director and Country Manager . on Monday, Lamb laid out his companys plans for a new liability token called Recovery Value USD (rvUSD), which CoinFLEX intends to sell in order to raise $47 million. On the date we implement this plan, we will temporarily close trading and will close off all long and short futures positions against each other. These rumorsare false. You dont want to be associated with 3AC, one user stated. 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. Next month, this transatlantic pairing will go one step further when the restaurants executive chef, Elliott Grover will cook for The Oscars, alongside celebrity chef, Wolfgang Puck. 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. Roger Ver owes CoinFLEX $47 Million USDC. The latest moves in crypto markets, in context. As the outcome of the recovery plan is still uncertain and as we need to raise or recover funds in USDC, we will also likely ( subject to getting appropriate legal advice on this) need to sell all the locked assets, except FLEX and flexUSD, into USDC. By issuing the new rvUSD tokens, CoinFlex will be hoping to raise enough money to cover the shortfall in its books left by the investor and resume withdrawals for users. CoinFlex said it would issue $47 million of a digital coin it is calling Recovery Value USD, or rvUSD. 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 is a successful former trader, entrepreneur, and product builder an embodiment of CoinFLEX's DNA. Lamb's Twitter comments came after his company announced late Monday it will launch a Recovery Value USD (rvUSD) token after recently halting withdrawals stemming from an outstanding debt that a high-net-worth customer presumably Ver owes the exchange. We truly apologize for the trauma this situation has caused the CoinFLEX community. Unfortunately, the smartBCH bridge will have to remain closed until we resolve all parties wishes. We will explain our plans to enable limited withdrawals. Recently some rumors have beenspreading that I have defaulted on adebt to a counter-party. Hult International Business School BS International Business Events The firm has been. Not the Mark Lamb you were looking for? CoinFLEX CEO Mark Lamb . You may unsubscribe at any time by clicking the unsubscribe link included in the newsletter. Roger Ver Owes CoinFLEX $47 Million USDC, Says CEO Mark Lamb, Analyzing Bitcoins On-going Correlation with Bullish Chinese Stocks, Exclusive: Bitcoin Depends on the Chinese Market & Not The S&P 500 Anymore, Goldman Sachs Remains Eager to Hire in Crypto. The biggest crypto news and ideas of the day. Mark Lamb is a serial entrepreneur of fintech and IT startups. VANCOUVER, British Columbia, March 01, 2023--According to a recent survey by TELUS International, a digital customer experience (CX) innovator, consumers are concerned about the safety and security of their personal data in the metaverse, with the majority of respondents (60%) citing privacy and data security concerns as a reason for why theyd be uncomfortable completing various tasks in this emerging digital world. News and ideas of the new exchange is to provide a market for burned crypto investors ' claims. 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