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Bitcoin Jesus fails to settle $20.9 million in options trades with BVI affiliate of bankrupt Genesis

  • Bitcoin Jesus, Roger Ver has failed to settle crypto options transactions that expired on December 30. 
  • GGC International Limited, an affiliate of bankrupt crypto lender Genesis has sued the early Bitcoin evangelist for no less than $20.9 million. 
  • The allegation against Ver is contained in a January 23 filing to the New York State Supreme Court.
Bitcoin Jesus fails to settle $20.9 million in options trades with BVI affiliate of bankrupt Genesis
Ekta MouryaEkta MouryaFXStreet

Bitcoin Jesus Roger Ver has found himself in legal trouble again with an affiliate of the bankrupt crypto lender Genesis Global. British Virgin Island-based GGC International Limited
has summoned Ver to repay at least $20.9 million in damages after the Bitcoin evangelist failed to settle crypto options transactions with the broker before the payment deadline. 

Also read: Jim Cramer warns investors to stay away from crypto: another buy signal for Bitcoin?

Bitcoin evangelist Roger Ver finds himself in legal trouble again

According to the filing, Ver, an early Bitcoin evangelist, popularly known as “Bitcoin Jesus,” has 20 days to answer the January 23 summons, after which he will be forced to pay reparations by default.

The filing was submitted by a British Virgin Islands-domiciled affiliate of Genesis CGC International Ltd, which designated New York Country as the place of trial. The filing stated that the options transactions in question expired on December 30. 

If Ver fails to answer the summons, he will be required to repay at least $20,869,788, alongside GGC’s costs, expenses, and attorney’s fees. This is not the first time that the Bitcoin evangelist found himself in legal trouble. 

In July, Seychelles-based crypto exchange CoinFlex brought legal charges against the Bitcoin evangelist for $84 million for failing to repay a margin debt. 

GGC International Ltd, the firm that brought the allegations against Ver is wholly owned by Genesis Bermuda Holdco Limited. Neither of these, however, appear as debtors on Genesis Global's bankruptcy filling. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

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