Early Bitcoin (BTC) evangelist and now Bitcoin Cash (BCH) advocate Roger Ver has become a defendant in a lawsuit filed by bankrupt crypto lender Genesis over his failure to meet a $21 million margin call.
The lawsuit filed by Genesis is related to cryptocurrency options trading that expired late last year and which Roger Ver, often referred to as “Bitcoin Jesus” for his early preaching, allegedly never settled.
Genesis is seeking “monetary damages for the defendant’s failure to pay for the cryptocurrency options transactions that expired on December 30, 2022, in an amount to be determined at trial, but not less than $20.9 million,” the suit said. submissions lawsuit
The application was submitted by GGC International Ltd., registered in the British Virgin Islands, which is part of the Genesis corporate structure.
Genesis filed for Chapter 11 bankruptcy on January 19. The company’s announcement at the time made it clear that the filing did not apply to Genesis’ derivatives and spot trading subsidiaries, as well as its depository business.
Genesis and its affiliates are part of Barry Silbert’s huge crypto conglomerate Digital Currency Group (DCG).
Roger Ver has yet to comment on the lawsuit.
On Twitter, some users mocked Ver, saying that he probably won’t be able to pay his debts because he moved away from BTC and instead “went full crypto.”
The second case related to Ver
Genesis’ lawsuit comes just months after Ver received a notice of default from cryptocurrency derivatives exchange and yield platform CoinFLEX over unpaid debts.
According to Mark Lamb, CEO of CoinFLEX, Ver owes the exchange $47 million. The CEO said his exchange had “a written contract with [Ver]which required him to personally guarantee any negative equity in his CoinFLEX account and regularly top up the margin.”
“He denies that the debt is his, so we felt the need to make it clear to the public that yes, the debt is 100% related to his account,” Lamb said at the time, adding that they had already sent a default message.
Roger Ver has publicly denied that he owes CoinFLEX any money, and even claimed that the exchange itself owed him money:
