Roger Ver Sues Matrixport Subsidiary Over Frozen Funds
Roger Ver, a crypto entrepreneur and Bitcoin Cash evangelist, filed a lawsuit against Smart Vega Holding Limited, a subsidiary of Matrixport, in August 2022. Ver alleges that he was unable to withdraw $8 million from bit.com, Matrixport’s derivatives-focused subsidiary, due to Jihan Wu’s instructions. Wu, co-founder of Bitmain, reportedly blamed Ver for his personal losses at CoinFLEX. Ver claims that Wu’s actions were improper and that he was unfairly withholding Ver’s funds. Matrixport denies these allegations and states that Ver breached his contractual obligations. The case is ongoing.
Ver Applies for Winding Up of Matrixport
In addition to the lawsuit, Ver also filed a windup petition to have Matrixport liquidated in the Seychelles. He based this petition on Jihan Wu’s alleged admission that Matrixport was forfeiting funds owed to Ver for personal reasons. Matrixport disputes the merit of the petition and asserts that it is solvent and well capitalized. The court is currently reviewing the petition.
CoinFLEX Crisis Continues
CoinFLEX, the exchange formerly run by Mark Lamb and Sudhu Arumugam, has been involved in a complex restructuring. In August 2022, CoinFLEX filed for restructuring in the Seychelles after accusing Roger Ver of defaulting on an $84 million debt. However, Ver claims that he was the one who initially sued CoinFLEX for $200 million. Recently, creditors of CoinFLEX accused Lamb of diverting resources from the company to set up a new exchange called OPNX. The creditors are seeking to recover money from Ver.
Hot Take: Legal Battles Shake Crypto Industry
The ongoing legal battles between Roger Ver, Matrixport, and CoinFLEX highlight the challenges and disputes that can arise within the crypto industry. These cases involve significant amounts of money and allegations of breach of contract, personal losses, and improper actions. The outcomes of these legal proceedings will have implications for the individuals and companies involved, as well as potential ripple effects on the wider crypto community. As the industry continues to evolve, it is crucial for participants to navigate legal issues responsibly and transparently to maintain trust and stability.
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