Roger Ver Sues Matrixport Subsidiary Over Frozen Crypto Funds
Roger Ver, a prominent crypto businessman and influencer, has recently come forward about his lawsuit against Smart Vega Holding Limited, a subsidiary of Matrixport, in Seychelles. Ver filed the lawsuit in August 2022, seeking $8 million in funds that were frozen and inaccessible to him. The issue arose when Ver attempted to withdraw the funds from bit.com in June 2022 but was blocked by Jihan Wu, co-founder of Bitmain and fellow co-founder of Matrixport. Wu allegedly held Ver responsible for losses at CoinFLEX and instructed Smart Vega Holding Limited not to release the funds to him.
Different Accounts of the Same Event
Ver explained in a statement that Wu’s belief that he owed sums to a third party was false and irrelevant to the withdrawal request. However, Matrixport’s spokesperson provided a different perspective. According to the spokesperson, Ver’s margin trading irregularities on bit.com led to an investigation that found him in breach of contractual obligations. Although Ver was free to withdraw his funds after being subjected to penalty fees for margin call defaults, he disputed the penalties instead.
CoinFLEX Crisis Still Underway
CoinFLEX, a crypto exchange, had previously filed for restructuring in August 2022 following a dispute with Ver over an $84 million debt. Recently, creditors of CoinFLEX accused Mark Lamb, the former owner, of diverting resources and settling his debt with Ver. They have taken legal action against Lamb in hopes of recovering their money.
Hot Take: Roger Ver’s Lawsuit Reveals Ongoing Disputes in the Crypto Industry
Roger Ver’s lawsuit against Matrixport sheds light on the complex dynamics within the crypto industry. It highlights the challenges faced by investors and exchanges, as well as the disputes that can arise from margin trading and financial obligations. The ongoing CoinFLEX crisis further emphasizes the need for transparency and accountability in the crypto space. As the industry continues to evolve, it is crucial for participants to navigate these challenges responsibly and ensure the protection of investors’ funds.
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