The so-called “Jesus of Bitcoin”, Roger Ver, has been summoned to pay more than $20 million in damages to Genesis after failing to settle certain cryptocurrency options transactions before the payment deadline.
The investor has 20 days to respond to the summons, after which he will be forced to pay for the repairs by default.
- What reported Per Offshore Alert, the filing was filed by a Genesis affiliate domiciled in the British Virgin Islands, which designated the country of New York as the place of trial.
- The filing states that the option transactions in question expired on December 30. If you do not respond to the subpoena, Ver will be required to pay at least $20,869,788, along with Genesis’s costs, expenses, and attorneys’ fees.
- This is not the first time Ver has run into legal trouble this crypto winter. In July, Seychelles-based cryptocurrency exchange CoinFlex sued Ver for $84 million for failing to pay its margin debt.
- CoinFlex had made a special arrangement to See in which he promised not to liquidate the collateral of his operation when it reached the regular limit, for trusting him as a counterparty. The company filed for restructuring in August.
- Genesis also filed for bankruptcy, after going down like the largest unsecured creditor in the bankruptcy of FTX.
- A Genesis lawyer recently told a Manhattan court that a settlement with creditors could be reached within a week. The files show the company still has $1.6 billion in more assets than liabilities.
- Ver is a longtime member of the crypto space and a strong supporter of Bitcoin Cash (BCH), a Bitcoin hard fork with an increased block size limit to facilitate faster transactions. His margin borrowing with CoinFlex was against BCH, which is down 53% over the past year.
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