• Roger Ver, also known as “Bitcoin Jesus”, has been summoned to repay over $20 million in damages to Genesis for failing to settle certain cryptocurrency options transactions before the payment deadline.
• The investor has been given 20 days to answer the 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, which designated New York Country as the place of trial.
Cryptocurrency investor Roger Ver, also known as “Bitcoin Jesus”, is currently in legal trouble with Genesis, an embattled crypto firm. Ver has been summoned to repay over $20 million in damages to the firm after failing to settle certain cryptocurrency options transactions before the payment deadline.
The filing was submitted by a British Virgin Islands-domiciled affiliate of Genesis, which designated New York Country as the place of trial. The filing states that the options transactions in question expired on December 30, and upon failing to settle the payments, Ver was declared in default. The investor has been given 20 days to answer the summons, after which he will be forced to pay reparations by default.
The legal action is the latest in a series of insolvency dramas that have been occurring within the crypto world recently. With the advent of the cryptocurrency industry, the financial landscape has changed drastically, and many firms have been struggling to keep up with the new regulations and norms required to remain compliant.
The dispute between Genesis and Ver is a high-profile case, and one that many in the industry are watching closely. With the looming deadline for payments, the outcome of the case is sure to have an impact on the crypto world and the future of cryptocurrency regulation.
Only time will tell how the dispute between Genesis and Ver will play out. Ver has yet to respond to the summons, and the outcome of the case is still uncertain. Regardless of the outcome, this case highlights the need for increased regulation in the crypto world and serves as a reminder to investors to be wary of the risks associated with cryptocurrency investments.