Roger Ver has made himself well known in Bitcoin(BTC) circles for his defense of Mt. Gox before its infamous hack and shutdown. Unfortunately the claims by Roger Ver led many trusting parties to lose access to their Bitcoin(BTC). The case has barely moved towards a resolution after almost a decade of litigation, and the former CEO Mark Karpeles is now launching a shady NFT to defrauded Mt. Gox customers.

Back in the Spotlight

Roger Ver is back in the spotlight because of an allegation that he owes 47 million dollars in uncollateralized loans to CoinFLEX. This information has since been confirmed by the CEO of CoinFLEX, Mark Lamb, who stated that they “have served a notice of default” to Roger Ver.

Lamb also appeared on Bloomberg to advertise an extremely questionable token, which is somehow linked to the debt accumulated by Ver, that offers 20% annual returns. The “recovery token” titled “rvUSD” seems to be a play on “roger-ver-USD”, and is an attempt to tokenize the Ver debt. The tokenomics at play here is as close to the definition of a ponzi scheme as you can get.

Roger Ver snapped back with his own allegation, saying that “this counter-party owes me a substantial sum of money.”

Systemic Risk in the Bear Market?

While the waters are still murky for Ver and his counterparty, defaults are starting to pile up in this Bitcoin(BTC) “bear market” cycle. Recently the company BlockFi issued a statement about their risk management, which led to fears that they were insolvent. Just 5 days later the CEO of FTX issued a statement that they injected $250 Million into BlockFi. Matt Odell mocked the statement with the famous Mt. Gox video of Ver. BlockFi swiftly raised their interest rates on lending in what looks like an attempt to call the bluff of critics.

Warren Buffet’s famous saying rings true to this day: “Only when the tide goes out do you discover who’s been swimming naked.”