An affiliate of the cryptocurrency loan company Genesis has filed a lawsuit against the Bitcoin Cash (BCH) supporter Roger Ver for unresolved crypto options totaling $20.8 million. In the lawsuit that was filed against Ver on January 23 in the New York State Supreme Court, GGC International, which was a part of the defunct crypto lender, claimed that the BCH proponent had failed to settle crypto options transactions that had expired on December 30. GGC International filed the suit on behalf of the bankrupt crypto lender.
A total of twenty days was allotted to Ver in order for her to respond to the summons.
In the event that the BCH advocate does not provide a response within the allotted length of time, he will be required to pay the whole sum by default.
As this article is being written, the proponent of BCH has not yet provided a response to the case.
According to information provided on the Genesis website, GGC International is a business that operates out of the British Virgin Islands.
Genesis Bermuda Holdco Limited, which is a subsidiary of Genesis Global Holdco and is listed as an entity in the bankruptcy petition, is the owner of the company. In addition, Ver was in the news the previous year due to charges that he had defaulted on a loan.
Mark Lamb, the CEO of CoinFLEX, said that Ver was obligated to pay the company $47 million USD Coin (USDC) and that this obligation was stipulated in a written contract.
On June 28th, Ver also refuted these allegations while avoiding making direct reference to the corporation.
The cryptocurrency lender filed its petition for Chapter 11 bankruptcy in the Southern District of New York on January 20.
In order to advance the company's operations, the company initiated a reorganisation that was overseen by the court.
A specialised committee will be in charge of the process, and their goal is to provide results that are satisfactory not just to Genesis customers but also to users of Gemini Earn.
In the meanwhile, creditors of Genesis have turned their attention to Digital Currency Group (DCG), the parent company of Genesis Global.
On January 24, creditors of Genesis filed a securities class action lawsuit against DCG and Barry Silbert, the company's founder and chief executive officer.
The creditors asserted that the company had broken federal securities laws by selling unregistered securities, which they said was done in violation of the laws.