Matrixport Faces Heat Inside Roger Ver's $8 Million Lawsuit

Matrixport Faces Heat: Inside Roger Ver’s $8 Million Lawsuit

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In a startling revelation, renowned crypto entrepreneur Roger Ver, famously known as ‘Bitcoin Jesus,’ has initiated legal action against Matrixport’s subsidiary, Smart Vega Holding Limited, in a high-stakes lawsuit amounting to $8 million. The case, which was filed a year ago, recently surfaced publicly after Ver’s disclosure.

Roger Ver
Roger Ver

Ver’s lawsuit stems from his inability to withdraw funds from, a derivative-focused platform operated by Matrixport. According to Ver, his withdrawal request was blocked by none other than Jihan Wu, the co-founder of Bitmain, allegedly due to Wu’s personal losses at CoinFLEX. This revelation comes in the wake of accusations made against Roger Ver by CoinFLEX, claiming he defaulted on a substantial sum of $47 million owed to the company in June 2022.

Ver’s frustration reached a breaking point, leading him to file the lawsuit against Matrixport’s subsidiary. In a court filing made in September 2022, Ver stated, “The reason my Funds were unavailable for withdrawal was because Wu had instructed Respondent not to release them to me,” further asserting that Wu’s actions were based on false and irrelevant beliefs about Ver’s financial obligations.

In an effort to substantiate his claims, Ver presented compelling evidence—a Telegram chat wherein Wu explicitly stated his position. Wu’s message read, “My position is very simple. I am a creditor of CoinFlex, and CoinFlex is a creditor of you. You just send your USDC back to CoinFlex to repay the debt there, and CoinFlex release the 5m$ USDC to me.”

Jihan Wu

Contrary to Ver’s accusations, a representative from Matrixport had a different perspective. The representative claimed that Ver had breached contractual obligations at, subjecting him to penalty fees. According to Matrixport, Ver was free to withdraw his funds, but he chose to raise objections concerning these penalties instead.

It’s worth noting that Roger Ver and Jihan Wu, both influential figures in the crypto world, played pivotal roles in the creation of Bitcoin Cash through a hard fork in August 2017. Their collaborative efforts reshaped the landscape of cryptocurrency, but the recent legal battle between Ver and Matrixport’s subsidiary underscores the complexities and challenges inherent in the crypto industry.

Stay tuned as this legal saga unfolds, providing a glimpse into the intricate web of financial dealings and contractual disputes within the crypto realm. We will continue to bring you updates on this evolving story.