Genesis Sues Roger Ver for $20M Over Unsettled Crypto Options Trades

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Bitcoin Cash (BCH) attorney Roger Ver has sued a unit of crypto lending firm Genesis for $20.8 million in unsettled crypto options.

GGC International, part of the bankrupt crypto lender, filed a lawsuit against Ver in the New York State Supreme Court on January 23, claiming that the BCH promoter failed to settle the transactions of crypto options that expired on December 30.

Ver had a total of 20 days to respond to the summons. In the absence of a response from the BCH lawyer within this period, he will be required by default to pay the full amount. As of this writing, the BCH promoter has yet to respond to the matter.

An excerpt from the file filed against Roger Ver. Source: New York Supreme Court

The Genesis website indicates that GGC International is a company based in the British Virgin Islands. The company is owned by Genesis Bermuda Holdco Limited, under Genesis Global Holdco, an entity included in the bankruptcy filing.

Roger Ver had not responded to Cointelegraphs’ request for comment at the time of writing.

Last year, Ver also made headlines for allegations of debt default. CoinFLEX CEO Mark Lamb claimed that Ver owed the company $47 million USD Coin (USDC) and was bound by a written contract. On June 28, Ver also denied those allegations without directly mentioning the company.

Related: Genesis Bankruptcy Case Set For First Hearing

On January 20, the crypto lender filed for Chapter 11 bankruptcy in the Southern District of New York. The company began a court-supervised restructuring to move the business forward. The process will be led by a special committee that aims to provide an optimal outcome for Genesis customers and Gemini Earn users.

Meanwhile, Genesis creditors are setting their sights on Digital Currency Group (DCG), the parent company of Genesis Global. On January 24, Genesis creditors filed a securities class action lawsuit against DCG and its founder and CEO, Barry Silbert. Creditors alleged that the company violated federal securities laws by offering unregistered securities.

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