Major advocate of Bitcoin Cash accused of default: BCH price sinks 7%

Bitcoin Cash (BCH) today dropped to a low of $102.08 following reports that a major advocate of the blockchain had been accused of default.

Roger Ver, the former CEO of Bitcoin.com and a big advocate for Bitcoin Cash, was on Wednesday accused of owing $47 million to crypto exchange CoinFlex.

Coinflex CEO Mark Lamb disclosed a written agreement between the exchange and Roger Ver that obligates the Ver to guarantee any negative equity.

Roger Ver owes CoinFLEX $47 Million USDC. We have a written contract with him obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly. He has been in default of this agreement and we have served a notice of default.

— Mark Lamb 💪 (@MarkDavidLamb) June 28, 2022

Lamb indicated that they have already written notice of default to Roger Ver for defaulting on the agreement.

In a subsequent tweet thread, Lamb went ahead to clarify that the debt in question pertains to Ver’s account.

He is denying that the debt pertains to him and so we felt the need to clarify to the public that yes – the debt is 100% related to his account. Roger Ver a citizen of the European Union who we believe has significant assets in the US, UK and other relevant jurisdictions

— Mark Lamb 💪 (@MarkDavidLamb) June 28, 2022

But in a rejoinder, Roger Vertook to Twitter to deny Lamb’s claims of owing any debt and rather accused CoinFlex of owing him a substantial amount of money and revealed that he was seeking the return of his funds.

Roger Ver’s relations with Bitcoin Cash

Roger Ver has been the biggest promoter of Bitcoin Cash since it hard forked from Bitcoin.

The main reason Ver supports Bitcoin Cash is that he believes that Bitcoin should be a peer-to-peer transaction system instead of just being a store of value like it currently is.

The position or trade-in question is a leveraged 600-800K BCH long that Roger Ver holds on CoinFlex exchange.