This is not the first time Ver has faced legal action; last year, CoinFLEX CEO Mark Lamb accused him of owing the firm $47 million in USD Coin and being in breach of a written contract. Ver denied the claims.
Bitcoin Cash advocate, Roger Ver, also known as “Bitcoin Jesus,” has been hit with a lawsuit from a unit of the crypto lending firm, Genesis. The suit, filed in the New York State Supreme Court, claims that Ver has failed to settle crypto options transactions worth $20.8 million that expired on December 30th.
GGC International, a subsidiary of the bankrupt crypto lender, is seeking damages from Ver. He has been given 20 days to respond to the summons, and if he fails to do so, he will be required to pay the full amount by default.
GGC International is a company based in the British Virgin Islands according to the Genesis website. The firm is owned by Genesis Bermuda Holdco Limited, under Genesis Global Holdco, an entity included in the bankruptcy filing.
On Jan. 20, the crypto lender, Genesis, filed for Chapter 11 bankruptcy in the Southern District of New York. The firm began a court-supervised restructuring to move the business forward. The process will be led by a special committee that aims to provide an outcome that is optimal for both Genesis clients and Gemini Earn users.
Meanwhile, Genesis creditors are setting their sights on Digital Currency Group (DCG), the parent company of Genesis Global. On Jan. 24, Genesis creditors filed a securities class action lawsuit against DCG and its founder and CEO, Barry Silbert. The creditors alleged that the firm violated federal securities laws by offering unregistered securities.
The lawsuit against Roger Ver is just one of the legal issues currently facing Genesis, as they navigate the bankruptcy process and work to restructure the business. It remains to be seen how the case will play out and what the outcome will be for the crypto lending firm and its creditors.