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Roger Ver, an early Bitcoin (BTC) evangelist and now Bitcoin Cash (BCH) proponent, has been sued by bankrupt crypto lender Genesis after a failed $21 million margin call. sued.
The lawsuit filed by Genesis is related to cryptocurrency options trading that expired late last year, and Roger Ver, often referred to as the “bitcoin yes” in his early evangelism, said it was never resolved. It is said
Genesys has “financial damages in the amount of more than $20.9 million, as determined by the court, for the defendants’ failure to settle cryptocurrency options contracts that expired on December 30, 2022.” I am looking for filing Said.
The application was made by GGC International Ltd., an entity registered in the British Virgin Islands that is part of the Genesis corporate structure.
Genesis filed for bankruptcy under Chapter 11 of the US Bankruptcy Code on January 19. A company statement at the time clarified that the application would not apply to Genesis subsidiaries involved in derivatives, spot trading and custody businesses.
Genesis and its affiliates are part of Barry Silbert’s giant cryptocurrency conglomerate Digital Currency Group (DCG).
Roger Burr has so far not commented on the lawsuit.
On Twitter, some users poked fun at Ver, stating that he likely couldn’t pay his debts because he left BTC and “moved to full cryptocurrency.”
Second case involving Ver
The lawsuit from Genesis comes just months after Ver received a notice of default on its outstanding debts from CoinFLEX, a crypto derivatives exchange and yield platform.
According to CoinFLEX CEO Mark Lamb, Ver owed the exchange $47 million in USDC stablecoin. CEO said his exchange ‘had a written contract with’ [Ver] We personally guarantee the negative equity of his CoinFLEX account and require him to top up the margin on a regular basis. ”
“Since he denies that the debt is related to him, we felt it necessary to make it clear to the public that Jesus’ debt was 100% related to his account,” Lam said. said at the time, adding that they had already issued a notice of default.
Roger Ver has publicly denied that he owes CoinFLEX money and even claims that it is the exchange that owes him money.