Bitcoin Cash’s Ver Has $20 Million Owed to Genesis, But There’s a Twist

Bitcoin Cash promoter Roger Ver says that while he can pay the money he supposedly owes to Genesis unit GGC International, you may not need to, according to a statement on Wednesday, January 25.

ONLY IN: Genesis sues Roger Ver for $20 million for unresolved crypto options transactions

—Whalechart.org (@WhaleChart) January 25, 2023

Genesis subsidiary files case against Roger Ver

Genesis subsidiary GGC International summoned Ver on Monday in connection with a $20.86 million claim on options that it allegedly failed to settle as of late December.

Margin called and Roger didn’t answer.

Genesis Issues Subpoenas To Roger Ver For Failing To Settle $20 Million In Crypto Options pic.twitter.com/jZRKz4pxuw

– database (@tier10k) January 24, 2023

The embattled cryptocurrency firm filed a lawsuit on Jan. 23 against Roger Ver in New York Supreme Court, alleging that he failed to settle the cryptocurrency options trades, which expired on Dec. 30.

However, according to Ver, he has “sufficient funds available” to pay that amount and is willing to pay any amount owed to the company. “I have sufficient funds available to pay Genesis the amounts supposedly owed, and I am happy to pay what I actually owe,” Ver said in a Reddit statement.

On the subject of #Genesis: https://t.co/2a0fYu5P3E pic.twitter.com/a6tA0HISMo

—Roger Ver (@rogerkver) January 25, 2023

However, the founder and former CEO of Bitcoin.com and an early investor in bitcoin and crypto also said his deal with Genesis required the company to remain solvent, something the firm apparently failed to do, with Ver adding that Genesis has not been able to assure it of its solvency since mid-2022. Citing a Reddit post, the Bitcoin Cash evangelist using the username “MemoryDealers” wrote:

Our agreement required Genesis to remain solvent, as Genesis cannot ask its customers to play a game of “heads, customers lose, tails, Genesis wins.” It appears that in points since at least last June, Genesis fell below the solvency line.

Ver mainly insists that there is an inconsistency between Genesis’ valuation of its client’s collateral and the valuation of its own digital assets, noting that when it asked the company for more information about its financial position, Genesis refused to provide clarity, which led them to file the lawsuit. charges that are covering the media this week.

Last June, I asked Génesis for guarantees of its solvency. In exchange, Genesis provided me with financial information that has been called into question by recent events.

He also added that he expected Genesis to explain how exactly they valued some of the questionable line items, including what appeared to be discrepancies.

Ver never mentioned Genesis’ recent bankruptcy filing

Notably, at no time did Ver mention Genesis’s recent bankruptcy filing, which is likely because the filing only affected the company’s lending division and not Genesis’s other areas of operations. Consequently, Genesis does not appear to be completely insolvent, a situation that is presumed to have an effect on Ver’s case in court.

Ver had 20 days to respond, after which he would have to return it by default. If he doesn’t respond to the claims within 20 to 30 days of his January 23 summons, the court may have to enter a default judgment forcing him to pay the sum demanded by Genesis. However, there is as yet no clarity on whether Ver has issued a legal response to the charges announced on Monday, January 23.

Previously, in June 2022, another cryptocurrency company, CoinFLEX, which was also in trouble, had sued Ver alleging that the Bitcoin Cash promoter owed the company $47 million. So far, there has been no progress in that case since the arbitration began last summer in Hong Kong.

Crypto lender Genesis Global Holdco LLC filed for Chapter 11 bankruptcy protection last week. This makes it the most recent addition to the list of collapsed companies after the rapid decline of the cryptocurrency exchange. FTX and last year’s digital asset trail.

More news:

Fight Out (FGHT) – New Move to Earn project

• CertiK audited and CoinSniper KYC verified
• Early stage presale live now
• Earn free cryptocurrencies and meet your fitness goals
• LBank Laboratories Project
• Associated with Transak, Block Media
• Rewards and participation bonuses