How? If you aren't doing this a couple times a week, you need to start. Lamb declined to comment about the state of his dispute with Ver. For example, Bob had 1 BTC, 10 BCH and 10,000 USDC in his account, with BTC priced at $20,000 and BCH priced at $100. In accordance with DTR 5.6.1, the Company hereby notifies the following: Thunder Bay, Ontario--(Newsfile Corp. - March 1, 2023) - Kesselrun Resources Ltd. (TSXV: KES) (OTCQB: KSSRF) ("Kesselrun" or the "Company") is pleased to announce that the Company will be exhibiting at the annual Prospectors and Developers Association of Canada ("PDAC") convention, the world's premier mineral exploration and mining event, which will be held in person in Toronto from Sunday, March 5th to Wednesday, March 8th, 2023. The revelation came after Ver, who is also referred to as "Bitcoin Jesus," publicly denied rumors that . Mark This Forum Read. The demand is based on an AMM+ (automated market maker) Participation Agreement allegedly entered into on April 12, 2022, when Bitcoin struggled at $40,000. All Rights Reserved. Mark Lamb 44 Followers CEO @CoinFLEX. You dont want to be associated with 3AC, one user stated. 1.5.1. "Roger, individually, is the entity that owes us money," Lamb told Fortune. co-founded Coinfloor, the UKs first cryptocurrency exchange back in 2013. Get the latest versions of the top games in 2023. Hey whats up! To fund other customers' withdrawals, they are now turning his debt into a token and selling it to people, offering 20% APY on it. This does come with some implications that we wanted everyone to be aware of: Please note that significant technology, operational and legal work are required to put all the above in place, so we expect implementation to take a week (hopefully sooner). Twitter appeared to experience an outage early Wednesday. Kesselrun's management team looks forward to discussing the HOUSTON, March 01, 2023--Informative Research (IR), a subsidiary of Stewart Information Services Corporation (NYSE:STC), today announced the acquisition of the AccountChek platform previously offered by FormFree. The letter sent to Blockchain.com was from a Singapore-based law firm called Nine Yards Chambers LLC, which confirmed to Decrypt that it sent the letter and that CoinFLEX is its client. We will explain our plans to enable limited withdrawals. Our intention is that this joint venture will initially be through our partners already established offshore license with the intent to migrate to the USA using the multiple licenses that our partner already has in place. Get 5 free searches. The co-founders of 3AC Su Zhu and Kyle Davies have recently emerged as business partners to Arumugam and Lamb, who are all working together to establish a new venture called Open Exchange (OPNX). Mark Lamb duped all the CoinFLEX clients, stole the smartBCH bridge, made the new creditors vote YES on their restructuring proposal (in return for 10% of their OWN money), and now successfully sheds bad debt and moves on to a new fresh start with his 2 other scammer buddies leaving the CF creditors holding worthless bags with nothing legal to CoinFLEXone of many crypto trading platforms to freeze customer withdrawals this monthisnt facing an ordinary liquidity crunch. Marks vision for crypto derivatives is to grow the industry beyond speculation into real commercial use for lending, borrowing, hedging and payments. But they don't expect a free-for-all, Cartels Push Huge Amounts of Meth, Fentanyl Into US, Bond set at $21.4 million for accused California sex offender arrested in Pinal County, Facebook Skeptics Now Have Derivatives to Bet on Libra Delays, CoinFlex to Offer Prediction Futures on Whether Libra Launches in 2020, Now Traders Can Make Bets on When Facebooks Libra Will Launch, Coinflex muscles in on Asian investors with $10m in fresh funding. About Mark Lamb Lamb's Coinfloor turned into the UK's leading bitcoin exchange focussing on consumers and investors buying, selling and trading the virtual currency. The exchange has now revealed that the debtor . 2023 Forbes Media LLC. Host/Producer of Crypto Unstacked | Top 10% Globally Ranked Podcast | Twitter @leslamb0 . We are also speaking with CoinFLEX depositors who are looking to help the business by rolling some of their deposits into equity. CoinFlex said it would issue $47 million worth of a digital coin, offering 20% interest, which it's calling Recovery Value USD, or rvUSD. The text explains that the individual recently had his account enter negative equity and has failed to provide the liquidity necessary to meet his margin call. . Global financial customers and partners gathered to discuss the acceleration of technology application and innovative improvement of productivity. On Monday, CoinFlex published a blogpost with more details about the counterparty. "But data for households is not getting any better, and still point to further weakness in the first half of the year.". 3ACwas forced into liquidationon June 27, and Su and Davies went missing. Welcome to the Crypto Corner of TT's Trade Talk blog. We are looking to raise a significant amount of funds from investors. 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.. This will allow us to clearly determine the exact amount of obligations/liabilities for each user. There are several moving pieces in the plan and, as such, they are subject to changes as we get more information. kenny campbell troy, al net worth. Crypto exchange CoinFLEX is demanding that Blockchain.com return $4.3 million worth of FLEX coins or face legal proceedings, claiming it lent the Luxembourg-based financial services company a combined 3,000,000 FLEX coins last year, according to a demand notice obtained by, This is completely false, Blockchain.com told, The demand is based on an AMM+ (automated market maker) Participation Agreement allegedly entered into on April 12, 2022, when Bitcoin. He built his own trading firm as well as co-founded TickIt, the trading software company. Mark created CoinFLEX in 2018, the first deliverable crypto futures exchange and launched flexUSD, the only stablecoin to pay interest. JUST IN: CoinFLEX CEO says Roger Ver owes them $47 million $USDC. Additionally, we are speaking with CoinFLEX depositors who are looking to help the business by rolling some of their deposits into equity. Rather, CEO Mark Lamb claims there is one man responsible for the platforms financial woes, and the reason it now seeks to raise $47 million in token sale to pay off its debt: the longtime Bitcoin evangelist turned Bitcoin Cash promoter, Roger Ver. We will be looking to make available 10% (and more later) of balances available for withdrawal. . Su and Davies were served subpoenas over Twitter on Jan. 5 after they refused to accept service through their counsel in Singapore, where the company is based. These rumorsare false. Head to consensus.coindesk.com to register and buy your pass now. We remain extremely encouraged by these conversations. His liability to pay is a personal liability which means the individual is personally liable to pay the total amount, so our lawyers are very confident that we can enforce the award against him. Unfortunately, there still remains a significant deficit of about US$84 million so we have commenced action to recover this debt. Whether that agreement even exists is in dispute. As the funds we are looking to recover are in USDC, we need to dollarize the obligation to confirm the total amount of the liabilities. Crypto exchange CoinFLEX is demanding that Blockchain.com return $4.3 million worth of FLEX coins or face legal proceedings, claiming it lent the Luxembourg-based financial services company a combined 3,000,000 FLEX coins last year, according to a demand notice obtained by Decrypt. Mark Lamb is the CEO of CoinFLEX. The price of CoinFLEX's native token (FLEX) has fallen more than 84% in the last 30 days, dropping from $1.19 to $0.80 following Lamb's and Ver's statements on Twitter. CoinFLEX CEO Mark Lamb says that Roger Ver, CEO of Bitcoin.com, owes the exchange $47 million USDC. . According to the token's whitepaper, "rvUSD is a token issued by CoinFLEX related to an outstanding debt owed by a certain high net worth individual to CoinFLEX." CoinFLEXBakkt. You must be palisades amusement park deaths to post a comment. It was already very difficult to liquidate collateral in a falling market so we decided that it was best not to make any public comments until we have completed liquidating all available collateral in the account. Ver denied the allegations that same day, stating he was the one that was owed a substantial sum of money and was undergoing steps to have the funds returned. The FBI has assessed that a leak from a laboratory in the central Chinese city of Wuhan likely caused the COVID pandemic, director Christopher Wray said on Tuesday, a claim China said had "no credibility whatsoever". Amazingly degen. MINNEAPOLIS, March 01, 2023--Bright Health Group reports Q4 and full-year results for 2022. Dating & Relationship status He is currently single. 2 11 Mark Lamb @MarkDavidLamb After that, Bobs withdrawable/available balance will become 0.1 BTC, 1 BCH , 1,000 USDC and a locked balance of 27,900 USDC. Sheriff Lamb has an approximated net worth of $100k - $1 million U. The first estimate of $47m which we communicated did not include the significant loss in liquidating his significant FLEX coin positions. last July that customers would be able to withdraw some funds from the exchange but in a limited fashion. He stated that his statement is false and expressed his disappointment in Ver that he shouldnt have resorted to such tactics to escape from his liabilities. Bitcoin investor Roger Ver (CoinDesk archives). We have both been, and continue to be, huge supporters of BCH and the BCH community and are sorry that there is so much distrust of us at this difficult time. The tweet where Ver claims that the exchange owes him money was outright denied by Lamb. From then, Blockchain.com would still have an additional 21 days to repay the funds, which consist of four loans allegedly issued between March and June of last year, according to the document. It is understandable that you vent your frustration at us and continue to do so when you feel we have not been communicative enough. Ver did not immediately respond to Decrypts requests for comment. By issuing the new rvUSD tokens, CoinFlex will be hoping to raise enough money to cover the shortfall in its books left by the investor and resume withdrawals for users. That prompted the company to halt withdrawals. The pseudonymous FatManTerra referred to the offering as amazingly degen., This is incredible. Once this is fully verified and after the first withdrawal process is successfully implemented, we will look to make additional balances available for immediate withdrawal. Between the lines: Lamb promised CoinFlex creditors a piece of the new CoinFlex. We will explain our plans to recover debts owed to the company (as best as legally we are allowed to do). The company declined to name the investor, but said the individual "is a high-integrity person of significant means, experiencing temporary liquidity issues due to a credit (and price) crunch in crypto markets (and non-crypto markets), with substantial shareholdings in several unicorn private companies and a large portfolio.". The exchange was cofounded in 2019 by Sudhu Arumugam and CEO Mark Lamb. CoinFlex said it hopes to resume withdrawals on June 30. Lamb wrote in a thread that Ver had a trusty and long track record of timely margin top-ups and meeting the margin requirements. Hult International Business School BS International Business Events This is not a position we ever envisioned we would be in. Much of the CoinFLEX volume is attributed to its XBT/USDT futures contract, though its recent DOT/USDT contract is also picking up significant volume. The Company evaluated the technical and economic merits of smaller-scale alternatives that contemplate significantly lower initial capital costs while preserving the opportunity for subsequent expansion or staged de. One of the main reasons for our lack of responsiveness in the last two weeks is that we have been looking for companies/partners to invest in CoinFLEX and have often been under NDAs with them. He has been in default of this agreement and we have served a notice of default. Got a confidential news tip? We have formed a stakeholder working group with some of the largest stakeholders (depositors) on CoinFLEX. Mark Lamb, CEO of CoinFLEX. The latest moves in crypto markets, in context. CoinFLEX Users Irate Over Leaked GTX Pitch Deck From Three Arrows Founders. They are using terms like 'margin call' and 'negative equity' to detract from the truth of the situation, the account tweeted. Hosted by NULASTIN Founder & CEO, Leah Garcia, take part in 'Real Talk. CoinFLEX offers futures, spot and repo markets on more than 25 different cryptocurrencies. Our CEO Mark Lamb answers below. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Lamb told Bloomberg on Monday that he believes the investor will repay the company "at some point in the future.". What they're saying: "We are the right team to build it," Open Exchange's manifesto reads, alluding to the wrongs that led to FTX's collapse while disclosing little of the founders' own histories related to last year's crypto credit crisis. While this latest letter addressed to Blockchain.com was allegedly sent to the company privately, Lamb has publicly aired a dispute involving CoinFlexs lending practices in the past. 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. The customers privilege came with a requirement that the customer personally indemnifies us for shortfalls in his account following the liquidation of his positions. These are accounts using FLEX Coin as collateral. 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.. Accordingly, the new rvUSD token is an attempt to monetize this personal guarantee, in the form of a liability. What is causing arbitrage between stETH & ETH? CoinFLEX CEO Mark Lamb says that Roger Ver, CEO of Bitcoin.com, owes the exchange $47 million USDC. The cryptocurrency exchange grabbed headlines a few days ago after it paused withdrawals on its platform claiming one of its investors failed to repay a $47 million debt. We have been speaking to [Ver] on calls frequently about this situation with the aim of resolving it, said Lamb in his tweet thread. The old adage "fool me twice, shame on me" should be ringing in your ears if you happen to be lining up behind a new crypto-centric exchange whose founders fooled you once already. pic.twitter.com/hNGTrW9dHz Watcher.Guru (@WatcherGuru) June 28, 2022 We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly., The CEOs comments confirm rumors initially. This condition required the individual to pledge stringent personal guarantees around account equity and margin calls in exchange for not being liquidated, Lamb explained in Mondays blog post. According to Lamb, the exchange has already spoken with many large buyers, and generated significant interest around the tokenwhich is expected to begin issuance today. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly.. Sheriff Mark Lamb Salary. Between the lines: If the claim is worth $1,000, maybe someone would buy it for $300 worth of crypto and take their chances of making back more though the bankruptcy. "Appeal to crypto trading appetite of claims holders.". Mark Lamb @MarkDavidLamb Jun 27, 2022 CoinFLEX will be implementing this as a priority following the restoration of withdrawals. Otherwise, CoinFLEX says the exchange will face the commencement of legal proceedings, including but not limited to a formal demand for payment called a statutory demand. Recently some rumors have been spreading that I have defaulted on a debt to a counter-party. Mark is CEO of CoinFLEX and a longtime advocate for physically delivered futures over cash settlement as a way to prevent manipulation. Firstly, Mark and I are sorry that we are all in this situation. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. We will also be calculating all the balance adjustments during the week and publishing our balance sheet alongside once that is done. Mark Lamb, CoinFLEX CoinFLEX is attempting to do so by creating a derivatives-based market that achieves the same outcome as classical repo, albeit one with crypto characteristics. These rumors are false. A Division of NBCUniversal. CoinFLEX CEO Mark Lamb claims noted crypto investor Roger Ver owes the physical futures crypto exchange $47 million in USDC. The letter sent to Blockchain.com was from a Singapore-based law firm called Nine Yards Chambers LLC, which confirmed to. Unlike normal users who are automatically liquidated when their margin ratio goes below our minimum requirements, users on manual margin have a grace period to send more collateral in support of their positions prior to it being liquidated. Virtual currency startup supporting loyalty points for SMEs, Coinfloor The UKs first and longest running crypto exchange Implemented the first cryptographically provable auditing mechanism, Equity Derivatives Trading at Merrill Lynch, Coinfloor The UKs first and longest running Crypto Exchange, Brown Brothers Harriman Private Wealth Management, A brief timeline showing how CoinFLEX got to where we are today, CoinFLEX is founded as the worlds first physically delivered futures exchange, CoinFLEX launches deliverable perpetual futures and repo market, Exchange daily volume breaks $2B with open interest over $100M Total repo volume exceeds $115B Total-value-locked on AMM+ over $100M AMM+ daily trading volume crosses $500M flexUSD market cap crosses $100M CoinFLEX becomes the bridge for SmartBCH, AMM+ daily trading volume crosses $1B CoinFLEX becomes the most liquid BCH market in the world flexUSD and FLEX Coin join the SmartBCH ecosystem, AMM+ Arena goes live Daily trading volume on CoinFLEX breaks $8B with open interest over $350M, AMM+ daily trading volume crosses $1.5B CoinFLEX partners with Copper.co, offering flexUSD to their 300+ institutional investors, CoinFLEX enters into $30M partnership with Bitcoin.com Doug Polk joins as CoinFLEXs first global brand ambassador FLEXDAO goes live, flexUSD market cap crosses $400M Total traded volume on CoinFLEX crosses $1T. Mark Lamb Email Address Found 3 email address listings: @gmail.com @coinfloor.co.uk . Mark LambCoinfloorCoinFLEXCEO10%"30" 1.5. However, a prior agreement with this individual barred CoinFLEX from liquidating his position, which it would have already done under normal circumstances. Meanwhile, buyers of the rvUSD tokens will be offered what the company hopes will be a highly attractive 20% yearly return. We spoke today and would very much welcome a representative of the smartBCH Foundation to be a part of the CoinFLEX Stakeholder Working Group to ensure that the communitys interests are being expressed alongside all other CoinFLEX depositors. Next month, this transatlantic pairing will go one step further when the restaurants executive chef, Elliott Grover will cook for The Oscars, alongside celebrity chef, Wolfgang Puck. It would also allow people to use their claims as margin collateral for trading. Disclaimer: Our articles are NOT financial advice, we are not financial advisors. CoinFlex's Lamb promised more transparency in Monday's blogpost. . It filed for, Those customershoping to salvage what they can from stuck investments across the crypto landscapepresent an untapped market, Zhu, Davies and Lamb believe, a $20 billion market of claimants "desperately looking for a solution.". CoinFLEX has provided no evidence, documentation, or on-chain data to support their claims, the Blockchain.com statement read. CoinFLEXs claim is completely meritless and a work of fiction from an insolvent company currently being sued by its customers for dissolution, Blockchain.com said. Sabrina LeBeauf. Mark Lamb (@MarkDavidLamb) June 28, 2022. They may well reach out to you guys for general community guidance in the main telegram chat as everyones views are important when looking to resolve this difficult situation. 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. In this case, there was nothing to liquidate and the loan is outstanding. Several other users responded to Lambs plans by labeling them nonsense and a ponzi, while referring to CoinFLEX as a casino.. There has been a lot of commentary on social media around this subject, but it is well worth summarizing our position on the matter: A large individual customer had a written manual margin arrangement with CoinFLEX. A centralized yield service, CoinFLEX, gave a $47m uncollateralized loan to someone who can't pay it right now. Crypto exchange CoinFLEX filed for restructuringin Seychelles last year. When the rumors first emerged, Ver took to Twitter to deny the allegations. Find contact details for 700 million professionals. RAHWAY, N.J., March 01, 2023--Merck Announces Phase 3 KEYNOTE-671 Trial Met Primary Endpoint of Event-Free Survival (EFS) in Patients With Resectable Stage II, IIIA or IIIB NSCLC, --Broad-based demand across verticals drives year over year Q422 revenue growth of 24.4%, 23.3% organically --Combination of strong revenue growth, gross profit expansion and expense control substantially narrow year over year Q422 operating and adjusted EBITDA losses --Projecting accelerated path to adjusted EBITDA profitability in 2023 versus a previous target of 2024 --Strong financial performance and financial strength drive debt reduction and lower cost refinancing --Introducing 2023 busi. The CEOs comments confirm rumors initially leaked by a Twitter user known as FatManTerraa member of the Terra Research Forum who provided extensive coverage of the stablecoin protocols collapse in May. CoinFlex said in normal circumstances it would automatically liquidate the investor's position but the trader had a clause in his account that did not allow that to happen. How Ethereum's evolution impacts crypto markets. The exchange was cofounded in 2019 by Sudhu Arumugam and CEO Mark Lamb. Roger Ver Owes CoinFLEX $47 Million USDC, Says CEO Mark Lamb, Analyzing Bitcoins On-going Correlation with Bullish Chinese Stocks, Exclusive: Bitcoin Depends on the Chinese Market & Not The S&P 500 Anymore, Goldman Sachs Remains Eager to Hire in Crypto. All investments are your own decisions. We truly apologize for the trauma this situation has caused the CoinFLEX community. Data is a real-time snapshot *Data is delayed at least 15 minutes. He also added that the situation is regularly being communicated with Ver and the CoinFLEX team would still like to resolve it. Watch Forkast.News . 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