Crypto lending company Genesis has filed a lawsuit against Bitcoin Cash proponent Roger Ver for $20.8 million in unsettled cryptocurrency options. Ver has 20 days to answer the summons.
According to a court filing published on Jan. 23, crypto lending firm Genesis is taking legal action against Roger Ver for his “failure to settle cryptocurrency options transactions” that expired on Dec. 30, 2022.
The total amount of the options is approximately $20.8 million. The lawsuit was filed in the New York State Supreme Court in Manhattan.
Ver has 20 days to respond to the summons. If he fails to do so, he will have to pay the total cost of reparations by default. This is the latest development in the ongoing saga of Genesis, which has been struggling through bankruptcy proceedings.
This is not the first time that Ver has found himself in legal trouble. In 2020, he failed to pay $47 million in margin debt to crypto exchange CoinFlex.
The Seychelles-based exchange filed a lawsuit against Ver to recover $84 million in losses after liquidating his account. The case is still pending and is expected to be resolved this year.
Ver’s legal troubles come amid a difficult time for the crypto industry, which has been hit hard by the crypto winter. Companies have struggled to stay afloat and many have gone bankrupt. This has caused a lot of uncertainty in the market.
Despite these challenges, Genesis is showing some signs of recovery. The company is currently in the process of resolving its dispute with creditors and is expected to exit Chapter 11 proceedings by the end of May.
Acting CEO Derar Islim has stated that the bankruptcy process would be quick and efficient, which would help to ease the concerns of creditors.
In conclusion, the lawsuit filed by Genesis against Roger Ver is a significant development in the crypto industry. Ver has 20 days to respond to the summons, and if he fails to do so, he will have to pay the total cost of reparations by default.
This legal case comes amid a difficult time for the crypto industry, which has been hit hard by the crypto winter, and it is yet to be seen how it will play out.
