- The BCH proponent did not settle crypto options transactions that expired at the end of last year
- Ver also owes CoinFLEX $47 million USD Coin
Early Bitcoin adopter and executive chair of Bitcoin.com Roger Ver has been hit with a lawsuit by GGC International, a part of bankrupt crypto lender Genesis. He faces legal action over unsettled crypto options amounting to $20.8 million, CoinTelegraph reported.
GGC International, a unit of the lender, filed the lawsuit on January 23 in the New York State Supreme Court. They claim the Bitcoin Cash proponent did not settle crypto options transactions that expired at the end of last year.
GGC International is a company based in the British Virgin Islands, property of Genesis Bermuda Holdco Limited. This entity operates under Genesis Global Holdco, a company listed in the bankruptcy filing.
A series of challenges for Ver
Ver has around three weeks to answer the summons. He will have to pay the whole amount if he doesn’t answer by the deadline. He has not responded so far.
These are not the first accusations of this kind against Ver. In the summer of last year, he was accused of defaulting on a huge debt. CoinFLEX CEO Mark Lamb claimed Ver owed his company $47 million USD Coin under a written agreement. Ver denied this on June 28.
Genesis’ trials and tribulations
Genesis filed for Chapter 11 bankruptcy in the Southern District of New York on January 20. The company launched a court-supervised restructuring process to keep operating. A special committee that seeks an outcome that’s optimal for Gemini Earn clients and Genesis clients will govern the process.
DCG under fire
Genesis creditors filed a class action lawsuit against Digital Currency Group (DCG), the parent company of Genesis Global, on January 24. DCG CEO and founder Barry Silbert is also a defendant in the case. The creditors accused DCG of selling unregistered securities, thereby violating federal securities laws.
