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The supposedly "Bitcoin Jesus," Roger ver, was ordered to pay back more than $20 million in damages to Genesis after failing to settle certain cryptocurrency options transactions by the due date.
The investor has 20 days to respond to the subpoena and then will be forced to pay default repairs.
- As reported by Offshore Alert, the filing was submitted by a British Virgin Islands-domiciled affiliate of Genesis, which designated New York Country as the place of trial.
- The deposit indicates that the relevant options trades expired on December 30. Failure to respond to the subpoena will require worm to reimburse at least $20,869,788, as well as genesis fees, expenses and legal fees.
- This is not the first time Ver has had legal difficulties this crypto winter. In July, the Seychelles-based crypto exchange brought an action against Coinflex for $84 million for default on its margin debt.
- CoinFlex had made a special arrangement for Ver in which it agreed not to liquidate the collateral on his trade when it reached the regular limit, due to trust in him as a counterparty. The company requested a reorganization in August.
- Genesis, too, has filed for bankruptcy, after going down as the largest unsecured creditor in FTX’s bankruptcy.
- A Genesis lawyer recently told a Manhattan courthouse that a deal could be struck with creditors in less than a week. The documents submitted show that the corporation still has $1.6 billion in assets over liabilities.
- Worm has a long history in crypto space, and a strong supporter of Bitcoin (bch) money - a hard Bitcoin fork with an increased block size limit to facilitate faster transactions. His margin loan with CoinFlex was against BCH, which is 53% lower than in the previous year.
