Genesis Sues Roger Ver for $20 Million

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  • Roger Ver has been sued for over $20 million by crypto platform Genesis
  • Ver is accused of not settling options contracts dating back to last year
  • The lawsuit is the second Ver is fighting on this front

Roger Ver has found himself at the center of a second lawsuit over unpaid dues. Troubled crypto firm Genesis filed a summons with the New York State Supreme Court on Monday that accuses Ver of not paying back over $20 million it says he has failed to settle following cryptocurrency options transactions taken out on its platform that expired at the end of last year, plus court costs. This filing is in addition to Ver’s existing legal battle with Coinflex over an alleged $84 million debt.

Ver Back in Hot Water

GGC International, a subsidiary of Genesis, is a British Virgin Islands-registered company that carries out spot trading activity and enters into derivatives referencing digital assets as a principal. Genesis filed for bankruptcy protection last week, but that only covered itself and two lending subsidiaries.

GGC International, which is involved in derivatives, spot trading and custody businesses, accuses Ver of failing to settle money he owes for options contracts taken out last year. It is seeking “money damages for defendant’s failure to settle cryptocurrency options transactions that expired on Dec. 30, 2022, in an amount to be determined at trial but no less than $20.9 million.”

20 Days to Respond

The summons gives Ver 20 days to respond to a complaint against him for failing to fulfill his financial obligations. If Ver fails to respond, a default judgment will be entered against him. 

Ver is currently involved in a second legal battle with crypto platform Coinflex, which accused him of failing to honor an $84 million debt racked up by margin trading, with the margin itself borrowed from the company. Ver has denied these claims too.