Cryptocurrency derivatives platform CoinFLEX has applied to the Hong Kong International Arbitration Center (HKIAC) to recover $84 million in debt from Roger Ver after forcibly liquidated its position.

At the end of June, the platform suspended withdrawals due to “extreme market conditions” and “counterparty uncertainty”. Later, the head of the company, Mark Lamb, said that this counterparty was Roger Ver, the founder of Bitcoin.com.

“Bitcoin-Jesus” allegedly received a loan from CoinFLEX on unique terms. He does not have any liquidation price for his position – in return he provided liquidity to the platform. Ver himself denied being in debt.

The company stated that the initial loss estimate to liquidate Ver’s position was incorrect because it did not take into account its “significant” collateral in FLEX tokens.

The CoinFLEX team plans to save $84 million through HKIAC. The company emphasized that the lawyers positively evaluated the possibility of success in this case.

“The arbitration process is a long process. We estimate that it will take approximately 12 months for a court order to be received in Hong Kong. After that, we will be able to pledge their assets around the world.”

CoinFLEX said the company expects to raise funds from investors. The platform will also offer large clients to “convert part of the deposit into equity.”

Earlier, the company announced the launch of the Recovery Value USD (rvUSD) token. With the help of the respective token sale, the platform was expected to pay off Vera’s debt and proceed with the withdrawal of funds.

According to the publication, rvUSD is used “to increase liquidity in the original or modified format.”

Recall that in July CoinFLEX delayed the resumption of withdrawal of funds, citing lengthy negotiations with investors.

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