CoinFLEX CEO Offers ‘Olive Branch’ to Roger Ver Over $84M Debt

CoinFLEX’s Mark Lamb has posted an open letter to Bitcoin Cash evangelist Roger Ver and Blockchain.com CEO Peter Smith after a yearlong feud

article-image

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

share

Mark Lamb, co-founder of CoinFLEX, posted an open letter to “Bitcoin Jesus” Roger Ver and Blockchain.com CEO Peter Smith. 

The letter extends an “olive branch” to Ver and Smith to celebrate Lamb’s launch of Open Exchange, which is a claims exchange rebranded from CoinFLEX and co-founded by Su Zhu and Kyle Davies, formerly of the bankrupt Three Arrows Capital. 

Zhu, in a tweet thread from February, claimed that he and Davies wanted to use the “pain” and “lessons” from the collapse of Three Arrows, which led them to Open Exchange.

Lamb and Ver have been locked in a feud since Lamb initially accused Ver of owing CoinFLEX $47 million in USDC, a stablecoin, in June 2022. Ver pushed back against the claims, alleging that CoinFLEX owed him “a substantial sum of money.” 

In July of last year, CoinFLEX claimed that the sum owed to them by a single investor, identified by Lamb as Ver, totaled $84 million. 

Loading Tweet..

Lamb claimed that a “large individual customer” had a manual margin arrangement with CoinFLEX, which allowed for a grace period to offer more collateral instead of an automatic liquidation, which is what happened for the average user. 

“The customer’s privilege came with a requirement that the customer personally indemnifies us for shortfalls in his account following the liquidation of his positions,” Lamb and co-founder Sudhu Arumugam wrote in a blog post last July. 

Following the $84 million in losses, CoinFLEX filed for a restructuring in a Seychelles court last August, which was approved. From there, Lamb, Zhu and Davies joined forces to create OPNX from the bones of CoinFLEX. 

The olive branch proposed by Lamb does not wipe the debts, however, as Lamb asked for a “payment plan.” He added “these ordinary people deserve a resolution.” OPNX is tokenizing rvUSD to allow them to achieve liquidity. The firm also offers markets for FTX claims.

As for Smith, Lamb is asking for Blockchain.com’s Cayman entity to return the three million FLEX ($5.9 million) owed to CoinFLEX in return for an equity stake in Open Exchange. 

Blockchain.com, Lamb and Ver did not immediately respond to Blockworks request for comment. 


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

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.

Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

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.

recent research

Flashnote Template (6).png

Research

Trading of the President's TRUMP memecoin sent the market capitalization to over $15B, resulting in all-time highs for Solana’s Real Economic Value, DEX volumes, and stablecoin supply. This event further validates Solana as the venue for high-throughput onchain activity, with Solana DEXs and DeFi applications as primary beneficiaries, while also signaling to further experimentation, utilization, and adoption of memecoins as legitimate financial instruments for speculation, crowdfunding, or capital formation. President Trump’s continued willingness to experiment in crypto reaffirms a highly-favorable political and regulatory climate for the industry.

article-image

Back in 2021, there were really only two memecoins and both hit enormous peaks along with BTC

article-image

Polygon Labs CEO Marc Boiron thinks that yield-bearing stablecoins could be the next big narrative

article-image

A Nova Labs exec referred to the last-day lawsuit “as irresponsible as it is wrong-headed”

article-image

Corresponding resolutions were introduced to “roll back the disastrous” rule requiring custodial brokers to report transactions

article-image

Donald Trump has slightly backed off from the ambitious tariff goals he touted on the campaign trail

article-image

Some have called it “a relief” that the task force will be led by the crypto-friendly Hester Peirce