Jan 25, 2023
Genesis Says ‘Bitcoin Jesus’ Owes Millions From Unsettled Trades
(Bloomberg) -- A Genesis unit is seeking more than $20 million from Bitcoin Cash backer Roger Ver, alleging that he failed to settle cryptocurrency options transactions that expired in December.
Ver, known to some as “Bitcoin Jesus” for his evangelistic role in the early days of crypto, was named in a court summons in New York on Tuesday by GGC International Limited. The filing included a notice seeking no less than $20.9 million in monetary damages, in addition to legal costs and expenses.
Crypto lender Genesis Global Holdco LLC filed for Chapter 11 bankruptcy last week, owing its top 50 creditors more than $3 billion. The firm is controlled by Digital Currency Group, a crypto conglomerate founded in 2015 and once valued at $10 billion.
- Read: Crypto Lending Teeters Near Extinction After Genesis Collapse
Ver, the head of Bitcoin.com, said on Twitter that he has sufficient funds to pay the alleged amount owed but that Genesis was in violation of their agreement. He didn’t respond to a request for further comment.
Crypto exchange CoinFlex entered into a similar dispute with Ver last summer, alleging that he had failed to pay $47 million in a margin call, denominated in Circle’s USDC stablecoin. Ver said he had no debt to CoinFlex at the time.
--With assistance from Olga Kharif.
(Corrects to remove a reference identifying the bankrupt unit as the entity seeking the action. The story ran Jan. 25.)
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