Home News Genesis sues Roger Ver for unpaid debt of $21 Million

James Carter

25 Jan 2023

Genesis sues Roger Ver for unpaid debt of $21 Million

Roger Ver, an early supporter of Bitcoin (BTC) who now backs Bitcoin Cash (BCH), is being sued by the now-bankrupt cryptocurrency lender Genesis because he didn’t meet a $21 million margin call.

Genesis is going to court over a crypto option trade that expired late last year and that Roger Ver, who is often called “Bitcoin Jesus” for his early efforts to spread the word about Bitcoin, allegedly never settled.

According to the lawsuit filing, Genesis wants “damages for defendant’s failure to settle cryptocurrency options transactions that expired on December 30, 2022, in an amount to be determined at trial but no less than $20.9 million.”

GGC International Ltd., a company registered in the British Virgin Islands that is part of Genesis’ corporate structure, made the filing.

Chapter 11 of the US Bankruptcy Code says that Genesis has filed for bankruptcy. This was done on January 19. In a statement at the time, the company made it clear that the filing did not apply to subsidiaries of Genesis that were involved in derivatives, spot trading, or custody businesses.

Genesis and the companies it works with are part of Barry Silbert’s huge crypto company, Digital Currency Group (DCG).

Roger Ver hasn’t said anything about the suit yet.

Some people made fun of Ver on Twitter by saying that he probably couldn’t pay his bills because he stopped using BTC and “went full crypto degen:”

In the second case of Roger Ver

Genesis is suing Ver just a few months after the crypto derivatives exchange and yield platform CoinFLEX sent him a notice of default for unpaid debts.

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Mark Lamb, the CEO of CoinFLEX, said that Ver owed the exchange $47 million in USDC, a stablecoin. The exchange’s CEO said, “Ver has a written contract with us that says he has to personally guarantee any negative equity on his CoinFLEX account and regularly top up margin.”

“He is denying that the debt is his, so we felt it was important to let the public know that yes, the debt is 100% on his account,” Lamb said at the time, adding that a notice of default had already been sent.

Roger Ver has said in public that he doesn’t owe CoinFLEX any money and that the exchange owes him money: