CoinFlex Is Suing Roger Ver in HKIAC over $84 Million Deficit

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CoinFlex to sue Roger Ver for refusing to pay millions of dollars to CoinFlex for a leveraged position that was liquidated. Traders that wish to leverage their positions are automatically liquidated when they fall below the required threshold.


Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments.

However, Roger Ver was placed under manual margin call. When the fallout of USDT ripped the crypto markets apart, CoinFlex provided Roger Ver with a grace period to add more funds, which regular customers do not receive.

Ver asked CoinFlex to liquidate the positions, assuring the exchange he will transfer the required capital. CoinFlex liquidated the position but the promised funds were not delivered. As a result, CoinFlex was left with a gap of $84 million.

In a statement released on their website CoinFlex explained what happened:

‘The individual first asked us to liquidate his account, but then continued to tell us for some considerable time afterwards that he wanted to send significant funds to the  exchange  to take physical delivery of the futures positions.

‘It is clear to us now that he was wasting time and hoping for a bounce in the market that never materialized. We tried to liquidate his account in a prudent manner using counterparts on the exchange but as the positions were so significant, they involved slippage as any large or series of large orders would reasonably create.

‘Throughout the process, we kept the individual fully informed and he had cooperated with us and promised to pay or increase collateral to cover the shortfall but at the end, the promise proved empty.’

The initial estimate was $47 million, however, it did not include the loss from liquidating the FLEX coin positions that were held by Ver.

The arbitration will take place in Hong Kong International Arbitration Centre (HKIAC). It may take 12 months for a ruling to be made. Once a judgement is made on the case, CoinFlex may enforce it against Ver’s assets across the world.

CoinFlex added they they are confident a judgement will be made in their favour.

CoinFlex Future Plans

CoinFlex is in discussions with a large US exchange to achieve a joint venture that will allow CoinFlex to being offering US stocks. Perpetual futures may also be offered.

An offshore license will be used initially, at a later change there will be a migration to the US using licenses of the CoinFlex’s partner. There are also discussions with large FLEX depositors to change their holdings into  equities  people have more stocks in their portfolio because of their potential for returns over time. However, as you are planning to retire, equity exposure becomes more of a risk.This why many investors or holders of retirement accounts transition at least part of their investments from stocks to bonds or fixed-income as they get older.Equity holders can also benefit through dividends, which differ notably from capital gains or price differences in stocks you have purchased.Dividends reflect periodic payments made from a company to its shareholders. They’re taxed like long-term capital gains, which vary by country.

Equities can be characterized as stocks or shares in a company that investors can buy or sell. When you buy a stock, you are in essence buying an equity, becoming a partial owner of shares in a specific company or fund.However, equities do not pay a fixed interest rate, and as such are not considered guaranteed income. As such, equity markets are often associated with risk.When a company issues bonds, it’s taking loans from buyers. When a company offers shares, on the other hand, it’s selling partial ownership in the company.There are many reasons for individuals investing in equities. In the United States for example, equity markets are amongst the largest in terms of transactions, investors, and turnover.Why Invest in Equities?Overall, the appeal of equities the potential for high returns. Most portfolios feature some portion of equity exposure for growth.In terms of investing, younger individuals can afford to take on higher levels of equity exposure, i.e. risk. Consequently, these people have more stocks in their portfolio because of their potential for returns over time. However, as you are planning to retire, equity exposure becomes more of a risk.This why many investors or holders of retirement accounts transition at least part of their investments from stocks to bonds or fixed-income as they get older.Equity holders can also benefit through dividends, which differ notably from capital gains or price differences in stocks you have purchased.Dividends reflect periodic payments made from a company to its shareholders. They’re taxed like long-term capital gains, which vary by country.
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Locked cryptocurrencies aside FLEX and FlexUSD may be swapped for USDC to raise capital. As a result, the locked coins cannot be withdrawn out of the platform or used for collateral.

CoinFlex is expecting implantation of the recovery plan to begin in approximately 7 days.

CoinFlex to sue Roger Ver for refusing to pay millions of dollars to CoinFlex for a leveraged position that was liquidated. Traders that wish to leverage their positions are automatically liquidated when they fall below the required threshold.

However, Roger Ver was placed under manual margin call. When the fallout of USDT ripped the crypto markets apart, CoinFlex provided Roger Ver with a grace period to add more funds, which regular customers do not receive.


Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments.

Ver asked CoinFlex to liquidate the positions, assuring the exchange he will transfer the required capital. CoinFlex liquidated the position but the promised funds were not delivered. As a result, CoinFlex was left with a gap of $84 million.

In a statement released on their website CoinFlex explained what happened:

‘The individual first asked us to liquidate his account, but then continued to tell us for some considerable time afterwards that he wanted to send significant funds to the  exchange  to take physical delivery of the futures positions.

‘It is clear to us now that he was wasting time and hoping for a bounce in the market that never materialized. We tried to liquidate his account in a prudent manner using counterparts on the exchange but as the positions were so significant, they involved slippage as any large or series of large orders would reasonably create.

‘Throughout the process, we kept the individual fully informed and he had cooperated with us and promised to pay or increase collateral to cover the shortfall but at the end, the promise proved empty.’

The initial estimate was $47 million, however, it did not include the loss from liquidating the FLEX coin positions that were held by Ver.

The arbitration will take place in Hong Kong International Arbitration Centre (HKIAC). It may take 12 months for a ruling to be made. Once a judgement is made on the case, CoinFlex may enforce it against Ver’s assets across the world.

CoinFlex added they they are confident a judgement will be made in their favour.

CoinFlex Future Plans

CoinFlex is in discussions with a large US exchange to achieve a joint venture that will allow CoinFlex to being offering US stocks. Perpetual futures may also be offered.

An offshore license will be used initially, at a later change there will be a migration to the US using licenses of the CoinFlex’s partner. There are also discussions with large FLEX depositors to change their holdings into  equities  .

Locked cryptocurrencies aside FLEX and FlexUSD may be swapped for USDC to raise capital. As a result, the locked coins cannot be withdrawn out of the platform or used for collateral.

CoinFlex is expecting implantation of the recovery plan to begin in approximately 7 days.

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