• Wed. Jun 19th, 2024

Roger Ver Targets Matrixport in $8 Million Seychelles Lawsuit

Xavier Jackson

ByXavier Jackson

Nov 6, 2023

Bitcoin evangelist Roger Ver has initiated a lawsuit against cryptocurrency financial services firm Matrixport in the Seychelles, seeking to regain access to $8 million worth of digital assets he alleges are being improperly withheld by the company.

Roger Ver Sues Matrixport for Withheld $8 Million in Crypto Funds

Roger Ver, the figure known as “Bitcoin Jesus,” has taken Matrixport to court over an $8 million dispute concerning cryptocurrency funds. The legal action, filed in Seychelles against a subsidiary of Matrixport linked to billionaire Jihan Wu, was not made public until recently.

Ver alleges that Wu deliberately blocked his attempt to withdraw these funds from bit.com, a trading platform specializing in crypto derivatives, amidst the market downturn in June 2022.

The conflict has emerged in the wake of the CoinFLEX incident, where Ver was identified by the exchange as the customer who failed to meet a margin call, leading to a significant financial shortfall for the platform.

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CoinFLEX’s management has been seeking to recover $84 million tied to this event through arbitration. Ver’s lawsuit now opens a new chapter in the saga, highlighting the complex and sometimes fraught relationships within the cryptocurrency industry.

Ver contends that the public discourse surrounding his dispute with CoinFLEX has been skewed due to a breach of confidentiality in the ongoing arbitration proceedings. He insists that he was the one to initiate the legal challenge against CoinFLEX, not the other way around, and is claiming substantial damages.

In an update, Ver stated to CoinDesk that he began arbitration in June 2022, seeking $200 million in damages and emphasized that CoinFLEX was the party being sued, which only later set forth a counterclaim for $84 million.

Ver’s case against CoinFLEX also includes allegations of misconduct by other parties on the exchange. He claims to have evidence that his large positions on CoinFLEX were leaked to third parties who then traded against him, causing significant financial harm.

Matrixport, for its part, has responded to the lawsuit by framing Ver as a customer of Bit.com who had engaged in margin trading activities that did not comply with the platform’s policies. 

Their investigation suggested that Ver had violated contractual terms, resulting in penalty fees for not meeting margin calls. Matrixport maintains that Ver had the opportunity to withdraw his funds after the penalties were applied but chose instead to challenge the fines, leading to the current legal impasse.

CoinFLEX Faces Allegations Amid Restructuring Efforts

As CoinFLEX navigates through its restructuring process, granting creditors control over the company, CEO Mark Lamb has drawn scrutiny with the launch of OPNX. Critics claim OPNX is utilizing CoinFLEX’s resources, which may breach the terms of the restructuring and could be to Lamb’s personal benefit. 

Allegations suggest that CoinFLEX’s technology and staff, as well as its funds and tokens, were diverted to support OPNX’s operations. Further concerns arose over potential token price manipulation and restricted withdrawals for certain users. In the latest development, creditors have taken legal action against Lamb, accusing him of commandeering CoinFLEX’s assets for the new venture.

Xavier Jackson

Xavier Jackson

Xavier Jackson is a talented and versatile news writer with a knack for delivering compelling stories. With a dedication to accurate reporting and a captivating writing style, his articles provide readers with insightful and thought-provoking perspectives on current events.

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