Cryptocurrency: CoinFLEX Gave Unsecured Loans Thus Imploding Itself

[grarpamp]

All sorts of derivatives, leverage, yields, exchanges, etc
imploding during recent selloffs, locking client funds, etc,
wash them all out... use only the voluntarily transparent.
Major Layer1 networks now on sale... including privacy coins.


@rogerkver Recently some rumors have been spreading that I have
defaulted on a debt to a counter-party. These rumors are false. 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. Jun 28, 2022 · 4:34 PM UTC
The SEC denied @Grayscale’s proposal to convert GBTC to an ETF. The
SEC claims to protect investors but their decision hurts everyone who
already invested in $GBTC. Investors would be protected better if the
SEC was replaced with private rating agencies like @ConsumerReports




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FatMan @FatManTerra

FatMan from the Terra Research Forum I provide research, updates, and
analysis on the Terra situation as it unfolds. Views are my own
opinions.
fatmanterra.eth
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FatMan retweeted
Michel de Cryptadamus @Cryptadamist
21h
🧵about stuff I've learned about @CoinFLEXdotcom and @MarkDavidLamb.
started looking into these characters in depth a few days before they
became a hot item so this is an attempt to consolidate what i've
learned.
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FatMan @FatManTerra
22h
Even after getting caught with your hand in the cookie jar lying to
customers about where their money is going and how their yield is
being generated, there is still recourse. All you have to do is be
transparent and apologize to earn back some goodwill. But they didn't.
(3/21)
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FatMan @FatManTerra
22h
Instead, the Hodlnaut team refused to answer questions and began
banning all reasonable critics from their Discord and Telegram chats
indiscriminately. I could not understand this destructive, obviously
shady behaviour, until a Hodlnaut insider messaged me with some info.
(4/21)
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FatMan @FatManTerra
22h
I was shown internal messages (authenticity verified) from Juntao, the
CEO, about the truth behind why they added UST in April. In this
conversation, JT admits that Hodlnaut added UST in order to unload the
company's UST position using retail as exit liquidity. (5/21)
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FatMan @FatManTerra
22h
The plan was simple. Hodlnaut had amassed a huge UST position by
silently swapping customers' USDC & USDT into UST to generate yield.
They were likely looking to de-risk, but their Anchor and UST 3Crv
positions were behemoths. Risking a depeg would not be wise. (6/21)
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FatMan @FatManTerra
22h
As we know, an 85M sell in the Curve pool was the first domino
kick-starting the depeg, and Hodlnaut had 120M in the pool alone
etherscan.io/tx/0x6cb387f4a9… (not to mention hundreds of millions in
Anchor itself). Instead of dumping it, they started soliciting
customer funds. (7/21)
Ethereum Transaction Hash (Txhash) Details | Etherscan

Ethereum (ETH) detailed transaction info for txhash
0x6cb387f4a9f8701ce531f9a390745ebd97201edf49c52039d40fced8cb177fb9.
The transaction status, block confirmation, gas fee, Ether (ETH), and
token...
etherscan.io
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FatMan @FatManTerra
22h
Now, whenever customers deposited UST, JT could square up company
liabilities in the background and convert their own UST into USDC
without publicly unwinding their whale positions (which large funds
were closely monitoring) thus offloading the position to retail.
(8/21)
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FatMan @FatManTerra
22h
The plan didn't work out - while they did allegedly get around 20M UST
in client UST deposits, it wasn't enough to dump all of their
exposure, and the depeg happened anyway. Hodlnaut then publicly
unwound (and did the aforementioned degen trades) as Nansen picked up
on. (9/21)
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FatMan @FatManTerra
22h
How did this affect retail users with UST? In a nutshell, since their
deposits weren't being made immediately available (withdrawals & swaps
were locked) due to all the on-chain shenanigans, users suffered
losses - many were forced to hold through the bulk of the depeg.
(10/21)
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FatMan @FatManTerra
22h
While customers' UST was locked through the depeg, Hodlnaut (or their
"custodian") was using UST to perform degen trades like cross-margin
shorting UST. They also used UST to execute the highly profitable LUNA
arbitrage, which potentially netted them millions. (11/21)
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FatMan @FatManTerra
22h
There is no transparency or data from their end, so my guess is they
successfully recovered the UST losses (they were selling some as low
as $0.40) and luckily saved themselves from insolvency. But some of
this was on the back of the retail clients who held the bag. (12/21)
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FatMan @FatManTerra
22h
Is Hodlnaut solvent? I speculate, yes. Will there be a deep bank run?
I speculate, no. But the facts we have at hand indicate that they do
not have integrity and can no longer be trusted. They have plainly and
blatantly lied about their Anchor exposure & yield methods. (13/21)
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FatMan @FatManTerra
22h
Another question you may have - why lie so much? When caught out via
blockchain evidence, why desperately cover everything up and double
down? Why ban, block, and astroturf? Other than the obvious erosion of
trust, leading to less investors and less bags to farm... (14/21)
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FatMan @FatManTerra
22h
Was any of this legal? (Refer to GIF.) If the MAS discovers that a
Singaporean firm made a DeFi spinoff entity to surreptitiously execute
extremely high-risk trades while fraudulently lying to customers about
real exposure and risk... Game over. The golden goose is gone. (15/21)
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FatMan @FatManTerra
22h
As far as customer risk goes, here is an analogy. Let's say you give
your friend $10k as an investment in his chicken rice stall, which he
claims is a profitable business, and he pays you $5 a day in share
profits. Everything looks good and you are being paid out fairly.
(16/21)
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FatMan @FatManTerra
22h
But one day, you catch him playing blackjack with your money at MBS
Casino. He is counting cards and is still profitable, but his risk of
ruin is non-negligible, and if a bad run of cards comes along, despite
his profitable strategy, he will lose all of your money. (17/21)
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FatMan @FatManTerra
22h
Yes, everything is going fine for now and you are being paid out. You
will probably be paid out in the future. But does this new knowledge
create a fresh risk profile for your investment that you deserve to
know about? I think, yes. Symmetry of information is important.
(18/21)
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FatMan @FatManTerra
22h
In conclusion, while I do not think Hodlnaut customers are currently
at risk of losing money or being unable to withdraw, I think there is
sufficient evidence proving that they have misrepresented risks to
their investors time and time again and that they lack integrity.
(19/21)
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FatMan @FatManTerra
22h
Lying to investors about in-kind yield generation, lying about Anchor
exposure, executing (or lending to people who execute) degen trades,
tortiously blocking withdrawals, and ruthlessly banning anyone who
asks important questions or seeks transparency is not a good look.
(20/21)
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FatMan @FatManTerra
22h
I would not recommend having funds on *any* CeFi platform in the
current environment for obvious reasons, but this especially extends
to Hodlnaut as they have no qualms about viewing their customers as
dumb & sources for more yield. Trust is key, and they have lost mine.
(21/21)
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FatMan @FatManTerra

FatMan from the Terra Research Forum I provide research, updates, and
analysis on the Terra situation as it unfolds. Views are my own
opinions.
fatmanterra.eth
Joined May 2022

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FatMan @FatManTerra
22h
Ever since the original thread, Hodlnaut has gone into full cover-up
mode and is desperately trying to hide questions & evidence. I have
also found some more information that adds important colour to their
trustworthiness and true intentions. nitter.net/FatManTerra/stat…
(1/21)
FatMan @FatManTerra
Jun 26
🧵 CeFi degeneracy knows no bounds. Here's a case study into Hodlnaut
- a centralized yield platform - and why I believe they have both lied
to & misrepresented stablecoin staking risks to customers. These
websites are not as trustworthy as you may think. (1/25)
Show this thread
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FatMan @FatManTerra
22h
I think it's important for people to know this name and understand
their behaviour, as well as why it's harmful, before they grow to a
dangerous Celsius-level size - their clever masquerading, regulatory
connections, and relentless astroturfing make this a very real risk.
(2/21)
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FatMan @FatManTerra
Jun 28
Let me get this straight... CoinFLEX tried selling debt tokens to
people without revealing the debtor's name, while knowing the debtor
in question is refusing to pay up? Looks like the crypto space is
speedrunning the 2008 CDO/CDS scenario, except with way more scamming.
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FatMan @FatManTerra
Jun 28
The CEO of CoinFLEX has just confirmed that Roger Ver is indeed the
individual who owes them the $47m debt and that the claim by Ver of
them owing him money is categorically false. Roger has failed to meet
their latest margin call on his BCH long position.
Mark Lamb 💪 @MarkDavidLamb
Jun 28
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.
Show this thread
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FatMan @FatManTerra
Jun 28
A verified insider has confirmed that the "high net worth individual"
who owes CoinFLEX money is Bitcoin Cash advocate & CoinFLEX
shareholder Roger Ver. Ver had a long on BCH, and the platform allowed
him to run a deficit because he personally guaranteed he would pay
them back.
FatMan @FatManTerra
Jun 27
This is incredible. A centralized yield service, CoinFLEX, gave a $47m
uncollateralized loan to someone who can't pay it right now. To fund
other customers' withdrawals, they are now turning his debt into a
token and selling it to people, offering 20% APY on it. Amazingly
degen.
Show this thread
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FatMan @FatManTerra
Jun 28
In the rvUSD whitepaper, CoinFLEX refers to Ver as a "high integrity
person," which is a controversial view in the Bitcoin community.
Ironically, here's a video of CoinFLEX's current ambassador, Doug
Polk, criticizing Ver and his character in 2018.
piped.kavin.rocks/watch?v=yUO1DvqT…
Crazy Altcoin Man NEEDS TO STOP

Roger Ver is a controversial figure in cryptocurrency. He is the owner
of Bitcoin.com, despite seeming to hate Bitcoin and advocating
tirelessly for Bitcoin ...
youtube.com
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FatMan @FatManTerra
Jun 27
This is incredible. A centralized yield service, CoinFLEX, gave a $47m
uncollateralized loan to someone who can't pay it right now. To fund
other customers' withdrawals, they are now turning his debt into a
token and selling it to people, offering 20% APY on it. Amazingly
degen.
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FatMan @FatManTerra
Jun 27
They also pitch a pivot into a new model with increased transparency,
pseudonymous balance tracking, and public liquidation points. Little
do they know, they just accidentally reinvented DeFi.
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FatMan @FatManTerra
Jun 27
For the legally curious, here's a transcript from February of a US
District Court judge explaining why the US has jurisdiction over TFL
in the SEC v. Do Kwon Mirror case. TFL's appeal against this was
rejected this month. Similar reasoning may apply to our UST class
action.
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FatMan @FatManTerra
Jun 26
This thread really blew up, but Nexo's response has gone totally
unnoticed. I would like to share it, since many of the details in the
original thread are just outright false. Give it a read to understand
the whole situation. nexo.io/blog/the-anatomy-of-…
The Anatomy of Fake News: The Latest Attack on Nexo • Nexo
nexo.io
otteroooo @otteroooo
Jun 26
NEXO FOUNDER & FAMILY SIPHONED FUNDS FROM CHARITY FOR SICK KIDS, USED
DONATIONS AS PERSONAL SLUSH FUND, EVEN BUILT A PALACE FOR THEMSELVES
Evidences presented in full by otter below no bueno! 🦦 👇🏼 🧵 🦦
Show this thread
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FatMan @FatManTerra
Jun 26
To be as clear as possible: I am not endorsing Nexo as a platform and
I would not recommend depositing with any CeFi services in this
environment. All I'm saying is too much nonsense gets propagated too
quickly without proper fact checks, and people deserve to read both
sides.
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FatMan @FatManTerra
Jun 26
The admins then began demanding an apology from the banned user for
asking pointed questions (which I thought were highly relevant) and
making comments like "their silence is deafening" - as another user
points out, this sudden shift in behaviour looks like a red flag.
(18/25)
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FatMan @FatManTerra
Jun 26
I sought out my own answers - I joined the Hodlnaut Discord and asked
the team to be honest about their Anchor/UST losses. Luckily, I took a
screenshot of the team stating they had no Anchor exposure, because
shortly after I joined, they silently deleted the message. (19/25)
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FatMan @FatManTerra
Jun 26
I have also spoken to a few industry experts who told me that it is
common for a company to set up a separate legal entity for DeFi
trading to circumvent certain liability issues and disclosures, even
if the wallets are owned and operated by the same people. (20/25)
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FatMan @FatManTerra
Jun 26
The facts: Hodlnaut's own spinoff entity (likely) or a counterparty
they lend to (unlikely) had millions in exposure to Anchor long before
they ever listed UST. They lied to clients about the safety of their
deposits (in-kind yield generation), and they lied about Anchor.
(21/25)
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FatMan @FatManTerra
Jun 26
The best case scenario: Hodlnaut parked funds with a custodian who
degen shorted UST by locking in a massive amount of their AUM on FTX
and arbed LUNA to escape their losses. When everything was crumbling
down, they made a high-risk play with client money, and it worked.
(22/25)
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FatMan @FatManTerra
Jun 26
The worst case scenario: Hodlnaut's own spinoff entity lost millions
trading UST - losses were ameliorated but not completely mitigated,
and to avoid a deep bank run & cashflow insolvency, they are appearing
strong on the outside by hiding their true losses & exposure. (23/25)
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FatMan @FatManTerra
Jun 26
I wish there was more transparency - Hodlnaut needs to tell customers
what really happened here. But, in either scenario, Hodlnaut has done
highly irresponsible things with clients' money. They misrepresented
risks and all this could have potentially turned out far worse.
(24/25)
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FatMan @FatManTerra
Jun 26
The truth is, many of these CeFi platforms are far more irresponsible
& degenerate than you can imagine, and the public needs to know the
*real* risks behind all the magical 8% stablecoin APYs. It's
self-custody season. The tide is receding. Don't be the one caught
next. (25/25)
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FatMan @FatManTerra
Jun 26
PS. Huge shout-out to @Die_Nub_Plz and @Cycle_22 for the invaluable
research work & evidence provision.
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FatMan @FatManTerra

FatMan from the Terra Research Forum I provide research, updates, and
analysis on the Terra situation as it unfolds. Views are my own
opinions.
fatmanterra.eth
Joined May 2022

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FatMan @FatManTerra
Jun 26
🧵 CeFi degeneracy knows no bounds. Here's a case study into Hodlnaut
- a centralized yield platform - and why I believe they have both lied
to & misrepresented stablecoin staking risks to customers. These
websites are not as trustworthy as you may think. (1/25)
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FatMan @FatManTerra
Jun 26
Hodlnaut is a relatively small CeFi service akin to Celsius - it
currently has $350m AUM and operates in Singapore, sporting the
elusive in-principle approval from the Monetary Authority of
Singapore. To be fair, there is a lot that makes Hodlnaut appear
trustworthy. (2/25)
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FatMan @FatManTerra
Jun 26
1. A regulatory nod from the Singaporean government 2. Responsible
rate management (they lowered interest rates before the Celsius
debacle) 3. They rejected 3AC's loan requests since Su Zhu didn't want
to provide audited balance sheets 4. An esteemed reputation (3/25)
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FatMan @FatManTerra
Jun 26
On the 6th of April, Hodlnaut added UST to their stablecoin
repertoire, boasting some great interest rates. 14% on a CeFi platform
is very high for a stablecoin, even higher than what 3AC was offering
lending platforms without even factoring in the site's disbursement
vig. (4/25)
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FatMan @FatManTerra
Jun 26
But despite this, once Terra collapsed, Hodlnaut stated that they had
no exposure to Anchor. Although they blocked UST swaps & withdrawals
for some time during the depeg, they maintained to customers that they
weren't simply storing money in Anchor and skimming off a cut. (5/25)
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FatMan @FatManTerra
Jun 26
They also insist that stablecoin yields are generated in-kind (they
weren't just swapping your USDC to UST and putting it into Anchor).
Last month, an account messaged me claiming to be friends with the
founder and stated this was happening, but I ignored it - no proof.
(6/25)
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FatMan @FatManTerra
Jun 26
The other day, an anonymous account, @Cycle_22, messaged me with some
information and wallet addresses allegedly proving Hodlnaut had
massive UST exposure during the depeg. My initial instinct was
skepticism - surely Hodlnaut wouldn't brazenly lie to their customers.
(7/25)
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FatMan @FatManTerra
Jun 26
I sent the addresses to one of my new researcher friends,
@Die_Nub_Plz, and I also asked Hodlnaut some questions. After
reviewing all of this, I have come to the conclusion that Hodlnaut has
indeed been misrepresenting their yield sources and risk profile.
(8/25)
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FatMan @FatManTerra
Jun 26
The majority of Hodlnaut's funds flow to
0x99fd1378ca799ed6772fe7bcdc9b30b389518962, marked by Nansen as
Hodlnaut's trading wallet. I traced a few large direct Hodlnaut
deposits to here as well. For the time being, we will consider
Nansen's tagging to be credible. (9/25)
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FatMan @FatManTerra
Jun 26
For a while, Hodlnaut was in the UST/3Crv pool. Here's an example
transaction of them withdrawing $120m from it fairly late:
etherscan.io/tx/0x6cb387f4a9…. But in January of this year, Hodlnaut
began moving funds into Anchor en masse without telling their
customers. (10/25)
Ethereum Transaction Hash (Txhash) Details | Etherscan

Ethereum (ETH) detailed transaction info for txhash
0x6cb387f4a9f8701ce531f9a390745ebd97201edf49c52039d40fced8cb177fb9.
The transaction status, block confirmation, gas fee, Ether (ETH), and
token...
etherscan.io
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FatMan @FatManTerra
Jun 26
Here is the Terra address Hodlnaut's trading wallet bridges to:
terra1ny3ndl9awztxn52ktuakw8zrtdkmvu0cc8g32g. It has some interesting,
highly degenerate activites, especially during the depeg. Here's
@Die_Nub_Plz's great breakdown with tx evidence:
docs.google.com/document/d/1… (11/25)
Copy of CeFi

Wallet: terra1ny3ndl9awztxn52ktuakw8zrtdkmvu0cc8g32g Dec 23, 2021 When
the wallet first had activity Jan 20, 2022 72.9m received
https://finder.terra.money/classic/tx/68CBF0C9C51934904D90CB07620099...
docs.google.com
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FatMan @FatManTerra
Jun 26
Remember, Hodlnaut only listed UST in April, and claimed that they
generated yield in-kind. But this is clearly a lie - before they ever
listed UST, they were moving millions upon millions of dollars into
Anchor (and were also paying better rates than competitors). (12/25)
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FatMan @FatManTerra
Jun 26
Things ramp up during the depeg. They start providing bETH collateral
to Anchor and borrow millions in UST to send it to Binance. They also
begin burning UST for LUNA and sending it to exchanges, presumably to
arbitrage the huge price difference at the time. (13/25)
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FatMan @FatManTerra
Jun 26
To give them the benefit of the doubt, there are ways to hedge their
nine-figure aUST position such as shorting on FTX, but this would
require Hodlnaut to collateralize the majority of their AUM on an
exchange, which is highly irresponsible to say the least. (14/25)
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FatMan @FatManTerra
Jun 26
They sold some UST as low as $0.40, degen shorted through bETH
cross-margining, had huge, risky shorts on exchanges in the best case
scenario, and in a hilarious move of brave defiance, they even
re-entered Anchor after the collapse (small size).
finder.terra.money/classic/t… (15/25)
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FatMan @FatManTerra
Jun 26
I have tried getting straight answers from Hodlnaut about the degen
activites of their trading wallet. They deny that it belongs to them -
they tell some people it's a custodian, and they tell others it's a
counterparty, but the lack of transparency is alarming. (16/25)
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FatMan @FatManTerra
Jun 26
A user in their Telegram chat began asking some questions about their
transactions. He was banned shortly after. After this, the CEO
clarified that Hodlnaut does not own these wallets 'directly' and that
they were 'custodian wallets undergoing rebalancing'. (17/25)
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FatMan @FatManTerra
Jun 24
Wonder if people realize that we are living through the most
historically significant time period for crypto by far The crazy
events we are witnessing and will witness in the next few years will
shape our world forever Enjoy these times - one day you will miss the
wild West.
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FatMan @FatManTerra
Jun 24
In Korea, he lived in Galleria Foret - an eye-wateringly expensive
residence in the poshest neighbourhood of Seoul. In Singapore, his
primary residence was on Nassim Road, Singapore's most expensive &
aristocratic residential area. scmp.com/magazines/style/lux… (14/15)
Beverly Hills of Singapore? Take a stroll down the exclusive Nassim Road

Take a peek at Singapore’s most expensive street, Nassim Road, where
some of the wealthiest and most influential people call home …
scmp.com
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FatMan @FatManTerra
Jun 24
And since then, he has allegedly purchased a new Singaporean condo -
one of the most expensive apartments that money can buy. This, and
testimony from his friends, does not indicate that Do Kwon is frugal.
It indicates that Do Kwon is, as we know, a manipulative liar. (15/15)
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Mark Lamb 💪 @MarkDavidLamb

CEO @CoinFLEXdotcom. First Physically Delivered Crypto Futures
exchange. Full time bitcoiner and exchange guy since 2012. I love BCH.
Dubai, United Arab Emirates
CoinFLEX.com
Joined April 2012

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Mark Lamb 💪 @MarkDavidLamb
Jun 28
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.
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Mark Lamb 💪 @MarkDavidLamb
Jun 28
He had a long track record of previously topping up margin and meeting
margin requirements in accordance with this agreement. We have been
speaking to him on calls frequently about this situation with the aim
of resolving it. We still would like to resolve it.
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Mark Lamb 💪 @MarkDavidLamb
Jun 28
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
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Mark Lamb 💪 @MarkDavidLamb
Jun 28
CoinFLEX also categorically denies that we have any debts owing to
him. His statement is blatantly false. It is unfortunate that Roger
Ver needs to resort to such tactics in order to deflect from his
liabilities and responsibilities.
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Mark Lamb 💪 retweeted
Bloomberg Crypto
@crypto
Jun 28
Crypto futures exchange CoinFlex plans to raise funds by issuing a new
token that will offer a 20% annual return. CEO Mark Lamb explains:
trib.al/E409PJV
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Mark Lamb 💪 retweeted
Austerity Sucks @austerity_sucks
Jun 28
Specs on "rvUSD" -- a $47million note being issued by @CoinFLEXdotcom
to cover the unpaid debt by a high-networth client who has holdings in
many large crypto firms but is illiquid/insolvent (which is why
withdrawals halted) cfv2-media.s3.ap-northeast-1…
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Mark Lamb 💪 retweeted
SBF
@SBF_FTX
Jun 27
Backstopping customer assets should always be primary. Everything else
is secondary.
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Mark Lamb 💪 retweeted
Curtis (🏔️,🔺) @Curtis_DeFi
Jun 27
Replying to @FatManTerra
No. It’s not a uncollateralized loan but just a margin call.
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Mark Lamb 💪 retweeted
Alessio Quaglini @onchainpanini
Jun 28
For as bad as a bailout is for stakeholders, I'd choose this
transparent approach over that of Central Banks, forcing taxpayers to
bear the cost indiscriminately #coinflex #bailout #Blockchain
Mark Lamb 💪 @MarkDavidLamb
Jun 27
Hey everyone, I know you've been waiting to hear about the state of
withdrawals on @CoinFLEXdotcom . We appreciate your patience. Here's
an official update. 👇 bloomberg.com/news/videos/20… I went on @crypto
@BloombergTV to talk about this today and it's time to go into more
depth.
Show this thread
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
In this case, the Individual had an account with personal recourse and
pledged personal guarantees surrounding margin calls in exchange for
not getting liquidated. Manual margin/ credit lines are common
practices with institutional traders in the crypto/traditional
markets.
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
To note -- the Individual had consistently met every margin call
before this incident. However this experience has taught us that
crypto markets may move too sharply for manual margin arrangements to
be effective.
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
We never want to operate in a manner which negatively affects our
users' utilization of our platform, such as restricting their ability
to withdraw. We regret needing to resort to this measure in an effort
to resolve the issue.
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
Importantly, there are no other accounts on CoinFLEX that are in
negative equity.
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
As a solution toward re-enabling withdrawals, CoinFLEX is planning to
monetize this personal guarantee by creating a corresponding liability
in the form of a token called Recovery Value USD (“rvUSD”).
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
The terms of the rvUSD token issuance can be found here:
cfv2-media.s3.ap-northeast-1… We have spoken to potential large buyers
and believe there is significant interest in the terms presented.
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
Opening withdrawals on June 30th will be subject to receiving funds
pursuant to the rvUSD issuance. If the rvUSD token issuance is fully
subscribed, CoinFLEX will re-enable withdrawals and restore the
platform to full functionality in an orderly manner.
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
Through all this, we remain true to our desire to operate with greater
transparency. Looking ahead, CoinFLEX aims to publicize futures
margining data, namely the notional value of every account's futures
positions via an external auditing firm, with hourly attestations.
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
Although the data will be anonymized, we understand the publicity of
this information will come at some expense to traders' privacy.
However, exchange depositors will benefit massively from the greater
transparency and be more equipped to assess their risk.
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
CoinFLEX will be implementing this as a priority following the
restoration of withdrawals. We believe this is the best solution for
futures traders to be comfortable holding large open interest on the
exchange, and for building up the trust of CoinFLEX users moving
forward.
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
I would like to personal thank our clients and the greater community
for your support over the last few days, as we continue to work on
growing @CoinFLEXdotcom and earning back your trust.
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Mark Lamb 💪 @MarkDavidLamb

CEO @CoinFLEXdotcom. First Physically Delivered Crypto Futures
exchange. Full time bitcoiner and exchange guy since 2012. I love BCH.
Dubai, United Arab Emirates
CoinFLEX.com
Joined April 2012

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Mark Lamb 💪 @MarkDavidLamb
Jun 27
Hey everyone, I know you've been waiting to hear about the state of
withdrawals on @CoinFLEXdotcom . We appreciate your patience. Here's
an official update. 👇 bloomberg.com/news/videos/20… I went on @crypto
@BloombergTV to talk about this today and it's time to go into more
depth.
CoinFLEX Launches rvUSD Token to Solve Withdrawal Freeze

CoinFLEX CEO Mark Lamb joins Emily Chang and Bloomberg's Sonali Basak
to discuss CoinFLEX's recent pause of withdrawals following others in
the crypto space having liquidity troubles, and how they...
bloomberg.com
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
The good news is that we're still targeting June 30th as our date to
open up withdrawals. Here's what else you need to know:
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
CoinFLEX made the decision to halt user withdrawals on June 23,
shortly after a long-time customer of CoinFLEX went into negative
equity. In normal circumstances, we would auto-liquidate positions low
on equity at prices prior to the zero-equity price.
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Mark Lamb 💪 @MarkDavidLamb
Jun 27
Looking forward to speaking on @BloombergTV @crypto today @ 5:30 pm ET
Sonali Basak
@sonalibasak
Jun 27
Crypto exchange CoinFLEX is among the firms that paused client
withdrawals in the middle of a liquidity crunch shaking the industry
CEO @MarkDavidLamb is joining @BloombergTV in an exclusive interview
today at 5:30 pm ET on what's next Watch -- and send questions @crypto
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Mark Lamb 💪 retweeted
Sonali Basak
@sonalibasak
Jun 27
Crypto exchange CoinFLEX is among the firms that paused client
withdrawals in the middle of a liquidity crunch shaking the industry
CEO @MarkDavidLamb is joining @BloombergTV in an exclusive interview
today at 5:30 pm ET on what's next Watch -- and send questions @crypto
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Mark Lamb 💪 retweeted
Jeremy Allaire
@jerallaire
Jun 18
Replying to @AriDavidPaul @nic__carter
Keep your $'s in USDC, always on money is better. :)
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Mark Lamb 💪 retweeted
XTRD.IO @xtradeio
Jun 16
We are happy to announce that from now @CoinFLEXdotcom is available
through our OEMS. Both spot and derivatives markets can be accessed
using the same FIX 4.4. API. Find out more in our blog post:
bit.ly/3MVUc6a #crypto #cryptocurrency #cryptotrading
CoinFLEX is now available through XTRD FIX API | XTRD

We are happy to announce that from now CoinFLEX is available through
our OEMS. Both spot and derivatives markets can be accessed using the
same FIX 4.4. API
xtrd.io
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Mark Lamb 💪 @MarkDavidLamb
Jun 17
I love crypto
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Mark Lamb 💪 retweeted
Nat Eliason @nateliason
Jun 15
One of the big things I've learned from crypto is that anything with a
fixed APR is super sus, is being manipulated in some way, and is much
more prone to blowup. The services with market interest rates seem
much more robust. I'm sure this doesn't apply to TradFi though.
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Mark Lamb 💪 retweeted
TheSkyhopper @TheSkyhopper
Jun 14
Replying to @mgnr_io
So #bitcoin, $doge, $LTC, and maybe $BCH. Ok. Its super duper boring,
but I can work that.
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Mark Lamb 💪 retweeted
Ryan Petersen
@typesfast
Jun 13
It might be that many software business models don't work when
engineers cost $400k/year.
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Mark Lamb 💪 retweeted
Roger Ver
@rogerkver
Jun 13
Today is the best day to buy #crypto in the last 18 months. #BitcoinCrash
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Mark Lamb 💪 retweeted
Richard Craib @richardcraib
Jun 13
considering a crypto rebalance? simply sell every coin from every
project which has put direct efforts into mechanisms designed to
encourage the “speculator class” vs effort into mechanisms designed to
encourage real usage to solve a problem in the real world.
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Mark Lamb 💪 retweeted
Galois Capital @Galois_Capital
Jun 13
Looks like there was too much emphasis on building last cycle and not
enough emphasis on thinking.
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Mark Lamb 💪 retweeted
Ari Paul ⛓️
@AriDavidPaul
Jun 13
The excesses, the ponzis, (and in rare cases, some quality nascent
projects) are getting washed out. This is healthy. Crypto will take
over the world, but bar is being raised. I’ll be here building and
investing in the future in 5 years, will you? See you on the other
side.
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Mark Lamb 💪 @MarkDavidLamb
Jun 12
$FLEX flexUSD will become the most useful stablecoin during a bear
market - only one that pays any interest Other competitors will give
up, especially DeFi “projects” with anon founders. Futures markets on
@CoinFLEXdotcom are growing and growing, directly from flexUSD
growing!
nour @NourHaridy
Jun 12
Bear markets are great for builders Because they’re less distracting?
Nah Because all the other builders either give up or retire and you’re
left with no competition
Show this thread
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Mark Lamb 💪 retweeted
nour @NourHaridy
Jun 12
Bear markets are great for builders Because they’re less distracting?
Nah Because all the other builders either give up or retire and you’re
left with no competition
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Mark Lamb 💪 retweeted
Darren Camas @DarrenCamas
Jun 12
Absolute pleasure to play with some of the best! Got coolered twice,
battled back, great table. Thanks @CoinFLEX_US @MarkDavidLamb
@kennyshih @DougPolkVids @LodgePokerClub for hosting
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Mark Lamb 💪 retweeted
Mark Moran
@itsmarkmoran
Jun 11
CoinFLEX.US @CoinFLEX_US
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Mark Lamb 💪 retweeted
Danny Sacks @danny_sacks
Jun 10
Replying to @therealleslamb0
Tastes just like interest paid every 8 hours *chefs kiss*
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Mark Lamb 💪 @MarkDavidLamb

CEO @CoinFLEXdotcom. First Physically Delivered Crypto Futures
exchange. Full time bitcoiner and exchange guy since 2012. I love BCH.
Dubai, United Arab Emirates
CoinFLEX.com
Joined April 2012

    Tweets 3,048
    Following 1,137
    Followers 6,413
    Likes 4,950

90 Photos and videos

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Mark Lamb 💪 retweeted
Leslie Lamb | Crypto Unstacked @therealleslamb0
Jun 10
Shoutout to the awesome CoinFLEX.US crew for feeding some happy
CoinDesk #Consensus2022 goers with "FLEX"-fil-A chicken biscuits! 🐔
🐔 🐔 Perfecting the line "Chick-fil-a? It's free" since June 10, 2022
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Mark Lamb 💪 retweeted
CoinFLEX.US @CoinFLEX_US
Jun 10
Remember to check out your favourite CEO @MarkDavidLamb’s poker face
on tomorrow’s stream, #FLEXers! ♠️♥️ LINK:
piped.kavin.rocks/f0sF7g3Sxvo
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Mark Lamb 💪 retweeted
Doug Polk
@DougPolkVids
Jun 10
We've been on a bit of a hiatus with the pod, @rob_yong_ was going to
join us but unfortunately came down quite sick and has been out of the
action. Hope to have him on soon. Podcast resumes on the 14th with
@MarkDavidLamb Also on the 20th we will be joined by Eric Persson.
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Mark Lamb 💪 retweeted
The Lodge Card Club @LodgePokerClub
Jun 8
This will be a fun face off between poker players and the crypto camp,
with some falling into both groups. On the poker side: @Liv_Boeree,
@TheBradOwen and @DougPolkVids On the crypto side: @MarkDavidLamb,
@gametheorizing, @ThinkingUSD, @DarrenCamas With a dash of DQ mixed in
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Mark Lamb 💪 retweeted
GunnyHxro @hxrobtc
Jun 6
Had a great chat with my longtime (in crypto years) friend
@SudhuCoinFLEX from CoinFlex. Check it out!
Leslie Lamb | Crypto Unstacked @therealleslamb0
Jun 6
On Crypto Unstacked Trader's Edition, host @SudhuCoinFLEX and Dan
Gunsberg @hxrobtc chat: - Proprietary derivatives trading - Hxro's
generalized derivatives protocol - Building on the #Solana blockchain:
challenges & risk management + more Tune in👇
cryptounstacked.com/deep-div…
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Mark Lamb 💪 retweeted
Roger Ver
@rogerkver
Jun 6
#Bitcoin + #ETH = SmartBCH.org
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Mark Lamb 💪 @MarkDavidLamb
Jun 3
Mashallah
Kyle Davies 🔺 @KyleLDavies
Jun 3
No one in our industry is closer to god than bitcoin miners. Guardian
angels of truth.
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Mark Lamb 💪 retweeted
Kyle Davies 🔺 @KyleLDavies
Jun 3
No one in our industry is closer to god than bitcoin miners. Guardian
angels of truth.
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Mark Lamb 💪 retweeted
Zhu Su 🔺
@zhusu
Jun 2
As an heuristic, I think energy net producers understand scarcity and
like gold and bitcoin Energy net consumers understand innovation and
like tech + PoS
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Mark Lamb 💪 retweeted
kenny.FLEX💪 @kennyshih
Jun 1
Friend found me on the same plane lolll wonder what tipped him off
#CoinFLEX 😅💪
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Mark Lamb 💪 @MarkDavidLamb
May 29
Yes
niccarter.eth
@nic__carter
May 27
terra gave the MSM 10 years worth of fantastic ammo to beat us up
with. the dollar stable promise, retail losses, fintechs putting
client assets in, VCs dumping the top and thumping their chests. it is
what it is. historical L and yes we deserve it. totally failed to
self-police.
Show this thread
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Mark Lamb 💪 retweeted
niccarter.eth
@nic__carter
May 27
terra gave the MSM 10 years worth of fantastic ammo to beat us up
with. the dollar stable promise, retail losses, fintechs putting
client assets in, VCs dumping the top and thumping their chests. it is
what it is. historical L and yes we deserve it. totally failed to
self-police.
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Mark Lamb 💪 @MarkDavidLamb
May 29
Dubai
G∆V!N LOW ⛩ @MrGavinLow
May 28
1/x SG had a very strong chance to be a leader in the Crypto space.
Singh's approach while being really conservative, stifle innovation &
chance for us to stay ahead in this fast-paced industry. There will
always be "Lag" between 1st & 2nd mover
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Mark Lamb 💪 retweeted
Alex Krüger @krugermacro
May 27
List of all liquid crypto assets not down 70% or more from all time
highs. Not very long.
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Mark Lamb 💪 retweeted
Matt Klein 🌱 @mattyklein_
May 27
the sin we must pay for this cycle was conflating TVL with adoption
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Mark Lamb 💪 retweeted
Leslie Lamb | Crypto Unstacked @therealleslamb0
May 27
. at MarkDavidLamb explains that flexUSD is a yield hunter on the futures
markets on @CoinFLEXdotcom flexUSD will deploy $ to go long spot,
short perps (in CoinFLEX's repo markets) at every opportunity and earn
yield.
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Mark Lamb 💪 retweeted
CoinFLEX.US @CoinFLEX_US
May 27
We’re live guys! 🎙 nitter.net/i/spaces/1YqGopj…
This card type is not supported.
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Mark Lamb 💪 retweeted
Leslie Lamb | Crypto Unstacked @therealleslamb0
May 27
Why are rising interest rates great for stablecoins? Tune in to our
@CoinFLEX_US spaces👇 nitter.net/i/spaces/1YqGopj…
This card type is not supported.
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Mark Lamb 💪 retweeted
Big Swinging Decks @bsdpod
May 26
NEW POD: this week we spoke to @MarkDavidLamb and @therealleslamb0 of
@CoinFLEX_US about stablecoins and the crypto selloff in light of the
$40B Terra/Luna collapse Check out the episode here:
piped.kavin.rocks/Iw8rilZFcr4
Ep. 20: The Current State of Crypto / Stablecoins??

Pop off your f1 key and tune into Lit and Mark chatting about the
current state of crypto with Mark and Leslie Lamb of CoinFLEX.US.The
duo talks about what a...
youtube.com
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Mark Lamb 💪 @MarkDavidLamb
May 26
Check it out! We’re talking flexUSD and stablecoins!
Big Swinging Decks @bsdpod
May 26
NEW POD: this week we spoke to @MarkDavidLamb and @therealleslamb0 of
@CoinFLEX_US about stablecoins and the crypto selloff in light of the
$40B Terra/Luna collapse Check out the episode here:
piped.kavin.rocks/Iw8rilZFcr4
Show this thread
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