Troubled Exchange CoinFLEX Confirms Bitcoin.com’s Executive Chairman Owes It $47M

“The debt is 100% related to his account,” CoinFLEX CEO Mark Lamb says

June 28, 2022 04:02 pm

Bitcoin.com CEO Roger Ver | Source: LeWeb/"Roger Ver" (CC license)

After halting withdrawals last week, CoinFLEX announced it would launch a new token to raise $47 million
Ver denies that he is the debtor and says CoinFLEX owes him a substantial amount of money

The chief executive of CoinFLEX alleged Tuesday that the former CEO of crypto trading platform and wallet provider Bitcoin.com owes the cryptocurrency exchange $47 million.

CoinFLEX CEO Mark Lamb tweeted that Roger Ver, current executive chairman of Bitcoin.com, is a longtime customer and the counterparty whose outstanding debt forced the derivatives-focused exchange to halt withdrawals last week. The company on Monday moved to issue a new token, rvUSD, to stabilize its balance sheet, with the goal of raising at least $47 million.

Loading Tweet..

Lamb told Bloomberg rvUSD will have a 20% yield, and — if $47 million is raised — users would be able to withdraw their funds in full.

Newsletter

Subscribe to The Breakdown

After being suspected as the debtor by the anonymous crypto market participant FatManTerra, Ver initially denied.

“Not only do I not have a debt to this counter party, but this counter party owes me a substantial amount of money,” Ver said at the time.

Loading Tweet..

In defense of CoinFLEX, Lamb tweeted that “[Ver] is denying that the debt pertains to him and so we felt the need to clarify to the public that yes — the debt is 100% related to his account.”

He added that his company does not owe any debts to Ver, and that “his statement is blatantly false.”

Ver has been a proponent of a 2017 bitcoin fork, Bitcoin Cash (BCH), which was later split again into Bitcoin Cash ABC (remaining known as BCH) and Bitcoin Cash Satoshi’s Vision (BSV) the brainchild of Craig Wright. Despite neither fork being embraced by the market as the canonical bitcoin, they currently rank at number 32 and 49 by market cap, with the cryptoassets together worth about $3 billion, or about 0.7% the value of BTC.

As a bitcoin evangelist, Ver became known as “Bitcoin Jesus.” He renounced his US citizenship in 2014, motivated in part by his experience serving 10 months in federal prison for illegally selling explosives on eBay.

CoinFLEX and Ver did not immediately return requests for comment.

Correction: Roger Ver has served as the executive chairman of Bitcoin.com since Aug. 1, 2022. Dennis Jarvis is the current CEO. Updated June 29, 2022 at 9:00 am ET.

Get the news in your inbox. Explore Blockworks newsletters:

The Breakdown: Decoding crypto and the markets. Daily.
0xResearch: Alpha in your inbox. Think like an analyst.

Tags

Newsletter

The Breakdown

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Digital Asset Summit 2026

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

buy tickets learn more

recent research

Research

Kinetiq Protocol: From LST Infrastructure to HIP-3 Deployer

Kinetiq has established itself as Hyperliquid's dominant liquid staking protocol, holding 82.5% of LST market share with $610M in TVL. The protocol is now expanding beyond its kHYPE staking core into higher take-rate verticals: iHYPE for institutional custody rails, Launch for HIP-3 capital formation, and Markets for builder-deployed perpetuals. We view Markets, launching Jan. 12, as the highest-potential product line given its mechanically scalable, activity-linked unit economics. Near-term revenue remains anchored by kHYPE's KIP-2 fee schedule (~$1.6M annualized), while Markets provides embedded optionality if HIP-3 economics normalize post-Growth Mode. KNTQ's setup is relatively clean: zero insider unlocks until November 2026, 6.2% buyback yield from staking revenue, and cleared airdrop overhang. Risks center on unproven Markets execution, declining kHYPE TVL despite ongoing incentives, and competition from Hyperliquid's native initiatives.

by Shaunda Devens