The so-called “Bitcoin Jesus”, Roger Ver, has been ordered to pay over $20 million in damages to Genesis after failing to settle certain cryptocurrency options trades by the payment deadline.
The investor has 20 days to respond to the summons, after which he will be forced to pay reparations by default.
- As reported Per Offshore Alert, the case was submitted by a subsidiary of Genesis domiciled in the British Virgin Islands, which named New York Country as the location of the trial.
- The record indicates that the options trades in question expired on December 30. Failure to respond to the subpoena will require Ver to repay at least $20,869,788, plus Genesis’ costs, expenses, and attorney’s fees.
- This isn’t the first time Ver has gotten into legal trouble this crypto winter. In July, Seychelles-based crypto exchange CoinFlex sued Ver for $84 million for failing to repay its margin debt.
- CoinFlex had made a special arrangement for Ver in which he agreed not to liquidate the collateral on his transaction when it reached the regular limit, due to his trust in him as a counterparty. The company filed for restructuring in August.
- Genesis also filed for bankruptcy, after falling as largest unsecured creditor in the bankruptcy of FTX.
- A Genesis attorney recently said in Manhattan court that a deal could be reached with creditors within a week. Filings show the company still has $1.6 billion more in assets than liabilities.
- Ver is a longtime member of the crypto space and a strong supporter of Bitcoin Cash (BCH) – a Bitcoin hard fork with an increased block size limit to facilitate faster transactions. His margin loan with CoinFlex was against BCH, which is down 53% from a year ago.
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