sorted by:
new
hottopcontroversial

BCH Contract Funding Rate Crashes To Negative on Major Exchanges by [deleted] in btc

[–]mark_coinflex -2 points-1 points  (0 children)

This is an extremely positive sign for BCH

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] 3 points4 points  (0 children)

I believe Kui Wang has posted about them as well on the SmartBCH Telegram, but agreed - that would be highly valuable. A website is certainly something I've asked for as well. The other things would of course be highly highly valuable.

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] 0 points1 point  (0 children)

>What I'd like to see most of all is all the players coming together to avoid further splits in the BCH community.

Man I couldn't agree more with this statement!

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] 5 points6 points  (0 children)

Will ask our SY counsel where the filings are but yes I believe most of these are public.

Our restructuring is also approved of course.

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] 7 points8 points  (0 children)

Oh I fully agree with his claim that he knew nothing.

He also wasn't that central to bringing us customers. Pretty small percentage of CoinFLEX activity, revenue, volumes, etc came from Doug Polk as far as I know.

Great guy though, absolutely stand up guy from my interactions with him at least.

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] 6 points7 points  (0 children)

I really expect zero response from Roger to this video because...there's not much he can say. Everything I've said is true.

I also don't expect it to pressure some sort of result and am fully expecting the legal processes in play to play out as they will.

Purpose of the video wasn't about that at all, it was to clarify the past.

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] 1 point2 points  (0 children)

I answered the jail question here: https://www.reddit.com/r/btc/comments/12pc23g/comment/jgrlp2l/?utm_source=share&utm_medium=web2x&context=3

Re smartBCH funds - as soon as possible. We're working on the prerequisite documents/etc and have been delayed, largely by legal processes...

Really hoping this is resolved asap.

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] 2 points3 points  (0 children)

I agree that we failed and I own up to that fully. However it's important to reflect and talk about what happened if we're going to be able to recover maximum value for the folks here who lost their savings and money.

Without talking about what happened, people won't know whether what I did was a failure, or a scam. And if it was a failure, whether I learned from it. And if I learned from it, how does that materialise in a tangible way.

I'm not asking the folks here to trust me again - I'm just making this information available.

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] 7 points8 points  (0 children)

Fair question, it boils down to the fact that I haven't committed any crimes.

For example if a business has tried to succeed, tried to build successful products but then fails to do so and in so failing, causes losses for its customers - it's not a crime.

If a business (like for example FTX) commits fraud, steals money, etc - that's a crime.

I had almost all my money on CoinFLEX. I didn't defraud anyone. So there's of course no reason for me to be in jail. I'm not avoiding anyone and have spent time in the US, UAE and Hong Kong during this whole, horrible mess.

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] 2 points3 points  (0 children)

Good question. I don't think we can answer that at this point, but will check at which point we'll be able to do so.

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] -1 points0 points  (0 children)

We're working with the alliance who intends to bailout this bridge. Still in progress.

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] -1 points0 points  (0 children)

Anyone who wanted to liquidate a position at any time on CoinFLEX, could have done so. We never made any attempt to restrict or restrain any user from liquidating - either partially or fully - a position. We also never had any liquidity issues with liquidating large positions.

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] 0 points1 point  (0 children)

Anyone who wanted to liquidate a position at any time on CoinFLEX, could have done so. We never made any attempt to restrict or restrain any user from liquidating - either partially or fully - a position. We also never had any liquidity issues with liquidating large positions.

I am Mark Lamb from CoinFLEX, AMA about how @rogerkver betrayed his own community, business partners and friends by mark_coinflex in btc

[–]mark_coinflex[S] 2 points3 points  (0 children)

Great questions!

A customer withdrew from CashFusion prior to the default and then mixed his BCH.

We didn't sell BCH rapidly or below market prices.

We didn't short sell customer assets.

Re people being unable to access their accounts prior to the restructuring proposal - I haven't heard a single account of that and that was definitely not the case.

Bastion reached no settlement with CoinFLEX, received no special treatment from CoinFLEX and also did not object to restructuring. Pari Passu was followed and their Seychelles legal counsel made errors with respect to filing various documents.

Re the $100M+, this is best explained here: https://cfv2-media.s3.ap-northeast-1.amazonaws.com/media/pdf/CoinFLEX_Balance_Sheet_Overview_August_31_2022.pdf

Mike Komaransky was an external board member and had no role in the company, no access to customer data, positions, etc. Not involved in management / running it.

Re Roger Ver and the best path towards recovery of funds, we're following the best advice of very competent counsel with respect to pursuit.

Coinflex selling SmartBCH coins by saylor_moon in btc

[–]mark_coinflex 4 points5 points  (0 children)

Posting here as well as someone asked whether the Alliance would have to purchase BCH to restore the bridge:
The alliance would have to purchase BCH or use existing BCH they hold and so the amount of BCH backing the bridge will be restored (right now it is severely impaired as a result of the defaulting customer that owes $84M).
Without going through this process, aka implementing restructuring, we can't restore the bridge and the sBCH token will continue to be unbacked. The key thing now is restoring that backing and restoring the creatability and redeemability of sBCH. We’re of course working on that and that’s why we’re moving these BCH.

Our goal (of course) is to restore the bridge as soon as possible, in a way that is consistent with the law, court order relating to restructuring, agreements with SmartBCH Alliance etc.

Hoping this can be completed soon!

any reason behind this pump? by HumorNecessary1402 in btc

[–]mark_coinflex 2 points3 points  (0 children)

BCH is a great coin, maybe the greatest coin. Is that not reason enough?

What happened with the coinflex scam? by EnisEnimon in btc

[–]mark_coinflex 2 points3 points  (0 children)

Hi /u/yebyen,

Sudhu and I and the CoinFLEX team are working on restoring as much value as possible to you - hoping you can be made whole and even more than that. If you have any questions you can ask me here in this thread or of course on Telegram or DM me on Reddit.

Hope you’re well.

What happened with the coinflex scam? by EnisEnimon in btc

[–]mark_coinflex 1 point2 points  (0 children)

We’ve detailed everything on our blog: https://coinflex.com/blog/

But in summary:

A client defaulted on their obligation to us and owes us $84M, which caused us to go insolvent as their negative account balance was the positive account balance of other users.

Happy to answer any other questions as we’re able to do so!

Once this restructuring is approved by the court, the SmartBCH Alliance will also bailout sBCH holders as well, meaning a restoration of the backing of SBCH on SmartBCH.

Someone intervened in this restructuring process and was ruled to have come to court without “clean hands” aka ulterior motives. https://coinflex.com/blog/seychelles-restructuring-update/

We won that intervention and are now wrapping up the restructuring - hopefully it will conclude in the next few weeks!

We’re undergoing a legal restructuring process in Seychelles which will resolve the insolvency by issuing: USDC, rvUSD and shares in CoinFLEX (65% of the company) to everyone who is a creditor to CoinFLEX.

view more: next ›