Genesis is suing Roger Ver for $20 million for failing to resolve encryption options

The so-called “Bitcoin Jesus,” Roger Ver, has been subpoenaed to pay more than $20 million in damages to Genesis after failing to settle some cryptocurrency options transactions before the payment deadline.

The investor is given 20 days to respond to the summons, after which they are forced to payout by default.

  • like mentioned From Offshore Alert, the request was submitted by the BVI branch of Genesis, which identified New York City as the location.
  • The notification states that the option transactions in question expired on December 30. If no answer is given to the summons, Ver must reimburse Ver a minimum of $20,869,788, along with Genesis costs and expenses and attorneys’ fees.
  • This isn’t the first time Ver has run into legal trouble this crypto winter. In July, Seychelles-based CoinFlex sued Ver for $84 million for failing to pay its marginal debt.
  • CoinFlex did one special arrangements For Ver where it was agreed that his trade collateral would not be liquidated when it reached the normal limit, due to trust in him as a counterparty. The company filed for restructuring in August.
  • Genesis even filed for bankruptcy, having fallen under the name The largest unsecured creditor In FTX’s bankruptcy.
  • A Genesis attorney recently told a Manhattan court that an agreement could be reached with creditors within a week. The filings show the company still has more than $1.6 billion in assets than liabilities.
  • Ver is a longtime member of the crypto space and a vocal supporter of Bitcoin Cash (BCH) – a hard fork of Bitcoin with a larger block size limit to facilitate faster transactions. His margin loan was with CoinFlex for BCH, which is down 53% in the last year.

The post in which Genesis is suing Roger Ver for $20 million for failing to resolve crypto options first appeared on CryptoPotato.

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