Roger Ver Says He Won’t Pay Genesis $20M For Bad Trades

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Bit­coin Cash pro­po­nent Roger Ver is once again feud­ing with an embat­tled cryp­to com­pa­ny over bad trades worth mil­lions of dol­lars — this time, it’s bank­rupt lender Genesis.

Gen­e­sis sub­sidiary GGC Inter­na­tion­al filed a court sum­mons in New York ear­li­er this week, demand­ing Ver pay no less than $20 mil­lion to cov­er a set of cryp­to options, which expired at the end of December.

Ver, once referred to as “Bit­coin Jesus” for his BTC evan­ge­lism before staunch­ly sup­port­ing the Bit­coin Cash hard fork in 2017, says he won’t be pay­ing up. 

In a Red­dit post Wednes­day, Ver claimed he has enough funds to pay Gen­e­sis, and even said he’d be “hap­py to pay,” but it’s Gen­e­sis that failed to hold up its end of the bargain.

“… Gen­e­sis was required by our agree­ment to remain sol­vent — as Gen­e­sis can’t ask its clients to play a ‘heads clients lose, tails Gen­e­sis wins’ game,” Ver wrote. He fur­ther claimed that he’d asked Gen­e­sis in June for assur­ances of its sol­ven­cy, but didn’t receive what he want­ed to know.

GGC Inter­na­tion­al is a British Vir­gin Island com­pa­ny that facil­i­tates cryp­to deriv­a­tives and spot trad­ing, accord­ing to Gen­e­sis’ web­site

Gen­e­sis, itself a sub­sidiary of Bar­ry Silbert’s cryp­to-con­glom­er­ate Dig­i­tal Cur­ren­cy Group, filed for bank­rupt­cy last week, about two months after halt­ing cus­tomer with­drawals and loan orig­i­na­tions. But the con­cerned sub­sidiary itself hasn’t filed for bank­rupt­cy just yet.

Block­works has reached out to both Ver and Gen­e­sis for comment. 

While it’s unclear whether courts will com­pel Ver to cov­er the expired options, this isn’t the first time he’s been chal­lenged on trad­ing debt.

Last July, he was entan­gled with a small­er plat­form, Coin­FLEX, after CEO Mark Lamb accused him of owing the com­pa­ny $47 mil­lion in USDC after he failed to meet a mar­gin call. 

Coin­FLEX lat­er filed legal action in Hong Kong against Ver, say­ing its esti­mat­ed loss­es from Ver’s refusal to pay the debt, which had near­ly dou­bled to $84 million. 

Ver denied owing Coin­FLEX and instead alleged the now-bank­rupt exchange actu­al­ly left him out of pocket.


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