Roger Ver Pursues Closing Up of Matrixport in Seychelles Lawsuit Over $8 Million Dispute

cryptonews.com:

A legal battle has been ongoing between Roger Ver, an investor also known as ‘Bitcoin Jesus,’ and Jihan Wu, the co-founder and chairman of Matrixport subsidiary Smart Vega, in Seychelles since last year over frozen cryptocurrency funds.

Ver alleged that Matrixport, through its subsidiary Bit.com, confiscated $8 million from him as a result of financial losses that Wu incurred due to the collapse of CoinFLEX, a separate cryptocurrency exchange.

Ver alleges that Bit.com is refusing to allow him to withdraw the $8 million, and he filed a lawsuit in the Seychelles to address the issue. The lawsuit claims that the insolvency of CoinFLEX is the basis for Wu’s decision to withhold the funds and that it has nothing to do with any sums that Matrixport owes to Ver.

In his affidavit filed in the Seychelles Supreme Court, Ver asserted that Wu’s instruction to withhold his funds was based on a false belief that Ver owed money to a third party (CoinFLEX), who, in turn, owed money to Wu. Ver accused Wu of improperly blending his interests with the defendant.

Wu, a creditor of CoinFLEX, claims he suffered financial losses when CoinFLEX filed for restructuring.

Matrixport offers a different perspective, alleging that Ver was in breach of contractual obligations related to margin trading irregularities. They also stated that Ver would need to pay a penalty fee for defaulted margin calls.

However, Ver and his attorney contend that Matrixport’s terms of service do not allow such penalties. They assert that no legal justification has been provided for withholding the funds beyond the penalty and that the ongoing litigation should not be a reason for retaining the funds.

Matrixport’s spokesperson, Ross Gan, claimed that Ver had made unreasonable