Genesis sues Roger Ver for $20M over unsettled crypto options trades

Bitcoin Cash (BCH) advocate Roger Ver has sued by a unit of crypto lending agency Genesis over unsettled crypto options amounting to $20.8 million. 

GGC International, part of the bankrupt crypto lender, filed the go well with towards Ver within the New York State Supreme Court on Jan. 23, claiming that the BCH proponent has did not settle crypto options transactions that expired again on Dec. 30.

Ver was given a complete of 20 days to reply the summons. Should the BCH advocate fail to reply inside that time-frame, he can be obliged to pay the whole quantity by default. At the time of writing, the BCH proponent has not but responded to the case.

A snippet of the case submitting towards Roger Ver. Source: New York Supreme Court

The Genesis web site states that GGC International is an organization based mostly within the British Virgin Islands. The agency is owned by Genesis Bermuda Holdco Limited, beneath Genesis Global Holdco, an entity included within the chapter submitting. 

Roger Ver had not responded to Cointelegraph’s request for remark on the time of writing.

Last yr, Ver additionally made headlines for allegations of defaulting on a debt. CoinFLEX CEO Mark Lamb claimed that Ver owes the agency $47 million USD Coin (USDC) and was sure by a written contract. On June 28, Ver additionally denied these claims with out instantly mentioning the corporate.

Related: Genesis chapter case scheduled for first listening to

On Jan. 20, the crypto lender filed for Chapter 11 chapter within the Southern District of New York. The agency started a court-supervised restructuring to maneuver the enterprise ahead. The course of can be led by a particular committee that goals to supply an final result that’s optimum for each Genesis purchasers and Gemini Earn customers.

Meanwhile, Genesis collectors are setting their sights on Digital Currency Group (DCG), the mum or dad firm of Genesis Global. On Jan. 24, Genesis collectors filed a securities class motion lawsuit towards DCG and its founder and CEO, Barry Silbert. The collectors alleged that the agency violated federal securities legal guidelines by providing unregistered securities.