CoinFLEX Says Roger Ver Owes It $47M USDC as Spat Turns Public

The crypto exchange is launching a recovery token because of debt owed by a high-net-worth customer.

AccessTimeIconJun 28, 2022 at 6:39 p.m. UTC
Updated May 11, 2023 at 5:38 p.m. UTC

CoinFLEX CEO Mark Lamb claims noted crypto investor Roger Ver owes the physical futures crypto exchange $47 million in USDC. Lamb made his allegation public Tuesday on Twitter, shortly after Ver denied "some rumors" he was involved with the default.

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.

Lamb claimed that Ver owes CoinFLEX $47 million USDC, and that the company has a “written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.”

Lamb stressed that “the debt is 100% related to his account,” and that CoinFLEX is seeking to resolve the matter.

Prior to Lamb’s comments, Ver tweeted:

“Recently some rumors have been spreading that I have defaulted on a debt to a counter-party. These rumors are false. 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.”

Ver was a very early investor in Bitcoin and Bitcoin startups, and is now one of the biggest supporters of Bitcoin Cash.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. 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. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.