A subsidiary of the crypto currency lending company Genesis, known as GGC International, has filed a lawsuit against Roger Ver, a well-known advocate for Bitcoin Cash (BCH), as the company Genesis starts to grips with its impending bankruptcy.
Ver is allegedly being sued for failing to settle crypto currency options transactions totaling more than $20.8 million, as stated (1) in a court file made accessible on the 23rd of January at the New York State Supreme Court. In addition, GGC demands that Ver be responsible for any and all fees incurred by the company during the court proceedings.
The Fight Between Roger Ver and Genesis
According to the petition, Ver was expected to settle by the 30th of December. But Ver did not make the required payment, which may now be shown to be an obvious instance of default. GGC has now given Ver a total of twenty days to react to the complaints lodged against him due to his default.
This implies that he has until the 12th of February to come forward and clarify his grounds for failing to complete his financial commitments. He has failed to satisfy his financial obligations.
On the other hand, in the case that he does not comply with the request, Ver will be subjected to a judgment by default. That is, if he does not pay, he will be subject to the obligation of paying the entire sum.
However, as this article was published, Ver has not yet issued any declaration of recognition over the matter.
Roger Ver Is No Stranger to Debt
It is important to remember that Roger Ver is not unfamiliar with dealing with situations involving debts similar to the one at hand.
In June of the previous year, Ver was also featured in the media for a case that was quite similar. CoinFLEX, a crypto currency exchange located in Hong Kong, said that Ver had breached an agreement and was indebted to them for around $47 million USDC (USDC).
Even though Ver subsequently refuted such assertions, he did so without mentioning the corporation by name. Moreover, it is thought that Ver's debt finally reached a staggering $84 million. And that was a major factor in CoinFLEX's decision to seek reorganization later in August.
Meanwhile, Ver's debt to GGC has now made it so that Digital Currency Group cannot tolerate any more of its financial obligations (DCG). CoinFLEX and Genesis, which he owes enormous sums of money to, are both a part of DCG's portfolio if that information is helpful.
However, DCG is in a precarious financial situation and is searching high and low for more funding. If the company wants to continue operating and avoid filing for bankruptcy, Ver is definitely not the type of debtor it had hoped to secure.
Bitcoin Cash Has been trading at $ 129.5. It has been up 35% since the inception of this year. Still it is down more than 90% from its ATH which was $ 1650.