CoinFlex Is Suing Roger Ver in HKIAC over $84 Million Deficit

CoinFlex to sue Roger Ver for refusing to pay millions of dollars to CoinFlex for a leveraged position that was liquidated. Traders that wish to leverage their positions are automatically liquidated when they fall below the required threshold.

However, Roger Ver was placed under manual margin call. When the fallout of USDT ripped the crypto markets apart, CoinFlex provided Roger Ver with a grace period to add more funds, which regular customers do not receive.

Ver asked CoinFlex to liquidate the positions, assuring the exchange he will transfer the required capital. CoinFlex liquidated the position but the promised funds were not delivered. As a result, CoinFlex was left with a gap of $84 million.

In a statement released on their website CoinFlex explained what happened:

‘The individual first asked us to liquidate his account, but then continued to tell us for some considerable time afterwards that he wanted to send significant funds to the  exchange 
Exchange

An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectively relevant with real-time pricing.Depending upon where you reside, an exchange may be referred to as a bourse or a share exchange while, as a whole, exchanges are present within the majority of countries. Who is Listed on an Exchange?As trading continues to transition more to electronic exchanges, transactions become more dispersed through varying exchanges. This in turn has caused a surge in the implementation of trading algorithms and high-frequency trading applications. In order for a company to be listed on a stock exchange for example, a company must divulge information such as minimum capital requirements, audited earnings reports, and financial reports.Not all exchanges are created equally, with some outperforming other exchanges significantly. The most high-profile exchanges to…