Genesis Seeks $20.9M From ‘Bitcoin Jesus’ Over Crypto Options Trades That Weren’t Settled
The court action seeks damages from Bitcoin Cash backer Roger Ver related to the alleged failure to settle cryptocurrency options transactions that expired on Dec. 30, 2022.
A unit of Genesis Global, the crypto lender that filed for bankruptcy protection in New York last week, claims blockchain-industry veteran and Bitcoin Cash (BCH) backer Roger Ver – sometimes referred to as “Bitcoin Jesus” based on his early evangelism for the industry – failed to settle cryptocurrency options trades.
The allegation against Ver by GGC International Ltd. was contained in a Jan. 23 filing to the New York State Supreme Court in Manhattan.
According to the Genesis website, GGC International is a British Virgin Islands company, wholly owned by Genesis Bermuda Holdco Limited, that carries out spot trading activity and hedges exposure with derivatives on digital assets. Genesis Bermuda Holdco Limited, in turn, is a unit of Genesis Global Holdco LLC, one of the entities included in last week's bankruptcy filing, according to a document presented in the case.
According to the filing, GGC International seeks “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.”
Ver didn’t immediately reply to requests for comment sent via email and Telegram.
A Genesis press representative declined to comment.
Genesis is a subsidiary of Digital Currency Group (DCG), a crypto conglomerate that also owns CoinDesk.
CORRECTION (4:21 UTC): After initial publication of this story, Genesis corrected erroneous information that had been posted on its website regarding the ownership of GGC International Limited. According to the updated information, GGCI is a unit of Genesis Bermuda Holdco Limited, not Genesis Global Capital, as previously reported.
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