Genes will Pay Bitcoin Cash $20 Million
2023.01.25 06:08
Genes will Pay Bitcoin Cash $20 Million
By Tiffany Smith
Budrigannews.com – A unit of the crypto lending company Genesis has filed a lawsuit against Bitcoin Cash (BCH) advocate Roger Ver for $20.8 million in unresolved crypto options.
The suit against Ver was filed on January 23 in the New York State Supreme Court by GGC International, a subsidiary of the bankrupt crypto lender. In it, GGC International alleged that Ver had failed to settle crypto options transactions that had expired on December 30.
Ver had a total of twenty days to respond to the summons. In the event that the BCH advocate does not respond within that time frame, he will automatically be responsible for paying the entire amount. The BCH proponent has not yet responded to the case as of this writing.
According to the Genesis website, GGC International is a British Virgin Islands-based business. Under the umbrella of Genesis Global Holdco, a company mentioned in the bankruptcy filing, Genesis Bermuda Holdco Limited owns the business.
At the time of writing, Cointelegraph was unable to obtain a comment from Roger Ver.
Ver also made headlines last year due to allegations of debt default. Mark Lamb, CEO of CoinFLEX, claimed that Ver was bound by a written contract and owed the company $47 million USD Coin (USDC). Ver also denied these claims on June 28 without mentioning the company in any way.
The crypto lender submitted a Chapter 11 bankruptcy petition in the Southern District of New York on January 20. To advance the business, the company began a court-supervised restructuring. A special committee with the goal of achieving the best possible outcome for Genesis customers and Gemini Earn users will oversee the process.
In the meantime, Genesis creditors are targeting Genesis Global’s parent company, Digital Currency Group (DCG). Genesis creditors filed a securities class action lawsuit against DCG and Barry Silbert, the company’s founder and CEO, on January 24. By offering securities that had not been registered, the creditors alleged that the company had broken federal securities laws.
