Genesis Sues Roger Ver for $20M for Unpaid Crypto Options

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Genesis Sues Roger Ver for $20M for Unpaid Crypto Options
  • Genesis has sued Roger Ver for unpaid crypto options.
  • The Genesis subsidiary based in British Virginia Islands filed the paperwork.
  • Genesis Global Holdco filed for bankruptcy the previous week.

Roger Ver, the self-proclaimed World’s first Investor in Bitcoin startups, has been summoned to pay Genesis over $20 million in damages for the latter’s loss caused due to his failure to honor his financial obligations. This report is according to a court filing published on Monday to the Supreme Court of the State of New York, located in Manhattan.

The paperwork was allegedly filed by the Genesis subsidiary, which has its headquarters in the British Virgin Islands as reported by Offshore Alert.

According to people familiar with the issue, there does not seem to be a response from Ver to the case yet, and Genesis has not provided any new information on the issue either.

The previous week, Genesis Global Holdco submitted a petition for protection under the Bankruptcy Code. However, the filing only covered the company and its two lending subsidiaries, Genesis Global Capital and Genesis Asia Pacific Pte. Ltd.

According to the documents filed in bankruptcy, the company has total liabilities ranging from $1.2 billion to $11 billion, and it has identified more than 100,000 creditors in a “mega” bankruptcy case.

In related news, this is not the first time Roger Ver has been captured in similar circumstances.

For instance, in June of last year, the Hong Kong-based and Seychelles-registered CoinFLEX exchange said that Ver had defaulted on a $47 million marker despite having offered “stringent personal assurances regarding account equity and margin calls.”

In the end, reports have revealed that Ver’s debt reached a staggering $84 million, prompting CoinFLEX to file for restructuring in Seychelles as part of its plan to improve its financial situation.

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