Roger Ver: Genesis Bankruptcy Voids $20 Million Demand

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  • Roger Ver has claimed that he doesn’t owe Genesis over $21 million
  • The Bitcoin Cash advocate said that in filing for bankruptcy, Genesis had voided its contract with him
  • Ver is also involved in a dispute over unpaid margin with Coinflex

Roger Ver has claimed that he doesn’t owe Genesis over $20 million in unsettled margin trades because its bankruptcy voids their contract. Ver responded to a Reddit post on the subject to say that he was happy to pay what he owed, if he owed it, but the fact in filing for bankruptcy Genesis has voided their contract together. Genesis filed a lawsuit against Ver in New York this week, but clearly Ver will prefer to add this fight to his legal battle against Coinflex instead of ponying up, which is fair enough if that’s what’s in the contract.

Genesis was “Required to Stay Solvent”

Genesis sued Ver 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.” The lawsuit came a week after it filed for bankruptcy owing over $3 billion, so it’s understandable that it is seeking to claw back any funds it can, especially with bankruptcy lawyers not coming cheap.

However, Ver yesterday hit back at the demand, saying that Genesis was playing foul, saying “…Genesis was required by our agreement to remain solvent — as Genesis can’t ask its clients to play a “heads clients lose, tails Genesis wins” game.”

Ver Doubts Veracity of Financial Statements

Ver added that he approached Genesis for “assurances of their solvency” but in return it provided him with financial information on the state of the company that has been “called into question by recent events”. Ver added that he looked forward to Genesis explaining their financial situation in court given what has transpired since, with the Bitcoin Cash supporter saying that what he was given appeared to include “discrepancies between the valuation of customer collateral and their own digital assets”

In a sign that he plans to take this case to court, Ver said he was now “forced to get to the bottom of this in discovery,” which will eat up his funds as surely as his Coinflex lawsuit over an alleged $84 million will also be doing right.