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

Bitcoin Cash (BCH) advocator Roger Ver has sued by a portion of crypto lending steadfast Genesis implicit unsettled crypto options amounting to $20.8 million. 

GGC International, a portion of the bankrupt crypto lender, filed the suit against Ver successful the New York State Supreme Court connected Jan. 23, claiming that the BCH proponent has failed to settee crypto options transactions that expired backmost connected Dec. 30,.

Ver was fixed a full of 20 days to reply the summons. Should the BCH advocator neglect to reply wrong that clip frame, helium volition beryllium obliged to wage the full magnitude by default. At the clip of writing, the BCH proponent has not yet responded to the case.

A snippet of the lawsuit filing against Roger Ver. Source: New York Supreme Court

The Genesis website states that GGC International is simply a institution based successful the British Virgin Islands. The steadfast is owned by Genesis Bermuda Holdco Limited, nether Genesis Global Holdco, an entity included successful the bankruptcy filing. 

Roger Ver had not responded to Cointelegraph’s petition for remark astatine the clip of writing.

Last year, Ver besides made headlines for allegations of defaulting connected a debt. CoinFLEX CEO Mark Lamb claimed that Ver owes the steadfast $47 cardinal USD Coin (USDC) and was bound by a written contract. On June 28, Ver besides denied these claims without straight mentioning the company.

Related: Genesis bankruptcy lawsuit scheduled for archetypal hearing

On Jan. 20, the crypto lender filed for Chapter 11 bankruptcy successful the Southern District of New York. The steadfast began a court-supervised restructuring to determination the concern forward. The process volition beryllium led by a peculiar committee that aims to supply an result that is optimal for some Genesis clients and Gemini Earn users.

Meanwhile, Genesis creditors are mounting their sights connected Digital Currency Group (DCG), the genitor institution of Genesis Global. On Jan. 24, Genesis creditors filed a securities people enactment suit against DCG and its laminitis and CEO, Barry Silbert. The creditors alleged that the steadfast violated national securities laws by offering unregistered securities.