Genesis wants $20.9 million worth of ‘Bitcoin Jesus’ for expired options

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A unit of Genesis Global says a trader known as “Bitcoin Jesus” has yet to settle all of his crypto options trades. GGC International’s claim was part of a January 23 case filed in the New York State Supreme Court. Genesis filed for bankruptcy this month after being hit by the bankruptcies of FTX and Three Arrows. LoadingSomething is being loaded.

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GGC International, a subsidiary of Genesis Global, has alleged that veteran trader Roger Ver, also known as “Bitcoin Jesus”, has yet to settle some of his cryptocurrency options trades, the documents show. January 23 court cases cited for the first time by CoinDesk.

The claims were noted in papers with the New York State Supreme Court in Manhattan shortly after Genesis filed for Chapter 11 bankruptcy earlier this month.

The Genesis subsidiary is a British Virgin Islands company that offers spot trading and derivatives for digital assets, and is owned by Genesis Bermuda Holdco Limited, the report said. This is one of the names included in Genesis’ bankruptcy filing.

Court documents show that GCG International is seeking “damages for the defendant’s failure to settle cryptocurrency options trades that expired on December 30, 2022, in an amount to be determined at trial but not less than $20. $9 million.”

The so-called Bitcoin Jesus was an early advocate for the world’s most popular token, but he’s also been a polarizing figure within the crypto and blockchain communities.

Meanwhile, the Genesis crypto lender had been facing problems long before FTX’s recent collapse, as Insider previously reported. Months before the implosion of the Sam Bankman-Fried exchange, Genesis was hit by the fall of hedge fund Three Arrows Capital. A wave of executive departures ensued later in the year, and insiders say they felt like they were in the dark about the stability of the business.

Here is what Derar Islim, interim CEO of Genesis, said in a January 19 statement:

“While we have made significant progress in refining our business plans to address liquidity issues caused by recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, a legal restructuring presents the most effective path by which to preserve assets and create the best possible outcome for all Genesis stakeholders.”

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