Genesis Subsidiary Seeks $20.9 Million In Damages From Bitcoin.com Founder Roger Ver

Key Points:

• GGC International Limited filed a lawsuit in court that Roger Ver, an early investor in Bitcoin and the founder of Bitcoin.com, was unable to settle crypto options transactions.
• The charges are outlined in documents filed on January 23 in the New York State Supreme Court in Manhattan.
• According to the filing, GGC is seeking damages from the defendants for failing to settle crypto options trades that expired on December 30, 2022, for an amount to be determined at trial.

GGC International Limited, a wholly-owned subsidiary of the bankrupt Genesis Global Capital, filed a lawsuit with the court that Roger Ver, an early investor in Bitcoin and founder of Bitcoin.com, failed to settle cryptocurrency options transactions.

The charges are contained in documents filed on January 23 in New York State Supreme Court in Manhattan. According to the filing, GGC is seeking damages from the defendants for failing to settle cryptocurrency options transactions expiring on December 30, 2022, in an amount to be determined at trial, but not less than $20,869,788 million.

Roger Ver has encountered legal issues before during this crypto winter. Ver was sued for $84 million in July by cryptocurrency exchange CoinFlex of Seychelles for not paying back his margin obligation.

Due to its confidence in Ver as a counterparty, CoinFlex had created a unique agreement with him under which it promised not to liquidate the collateral on his deal when it reached the standard limit. In August, the company filed for reorganization.

According to the Genesis website, GGC International Limited is a British Virgin Islands company wholly owned by Genesis Global Capital, engaged in spot trading activities and hedging risk exposure through digital asset derivatives.

After ranking as the largest unsecured creditor in FTX’s bankruptcy, Genesis has also declared bankruptcy.

A Genesis attorney reportedly predicted that a deal with creditors might be struck in a week in a Manhattan court. According to filings, the corporation still has more assets than liabilities, totaling $1.6 billion.

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Harold

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