Roger Ver – often dubbed “Bitcoin Jesus” and the founder and former CEO of Bitcoin.com – says he’s willing to pay up when it comes to the $20 million lawsuit posed against him by Genesis, the now bankrupt crypto lending division of the Digital Currency Group (DCG).
Roger Ver Discusses the Genesis Lawsuit
On Reddit, Ver posted the following:
I have sufficient funds on hand to pay Genesis the sums allegedly owed, and I’m happy to pay what I owe. However, Genesis was required by our agreement to remain solvent, as Genesis can’t ask its clients to play a ‘heads clients lose, tails Genesis wins’ game.
Genesis filed a lawsuit against Ver in late January of this year in the New York Supreme Court. The company alleges that Ver did not settle crypto options transactions that were supposed to expire on the 30th of December. While Ver reportedly had 20 days to respond, the company claims he failed to do so. As a result, he must now pay back all the transactional funds and costs out of pocket by default.
Continuing his statement on the matter, Ver said:
Last June, I asked Genesis for assurances of their solvency. In return, Genesis provided me with financial information that has been called into question by recent events. When I asked Genesis to clarify the financial information [that] they had provided me, they refused, and instead chose to file suit. I look forward to an explanation from Genesis as to how exactly they valued some of the questionable line items, including what appear to be discrepancies between the valuation of customer collateral and their own digital assets.
Genesis is one of the latest crypto firms to file bankruptcy, doing so in the middle of January. The company is now looking to preserve the few assets it still has and is working with creditors to see about how best to do this. One of the methods that has been proposed is a trust fund of sorts that gradually distributes whatever’s left to creditors to ensure they are paid what they’re owed in due time.
The company mentioned:
The plan contemplates a dual track process in pursuit of a sale, capital raise, and/ or equitization transaction that would enable the business to emerge under new ownership. The company will initiate a marketing and sale process to monetize GGH’s assets or otherwise raise capital, using the transaction proceeds to pay creditors fairly and equitably. If the marketing process does not result in a sale or capital raise, creditors will receive ownership interests in reorganized GGH.
So Many Bankruptcies in the Books
The crypto space has been hit by numerous bankruptcies over the last several months.
Big names that come to mind in this category include lending platform Celsius and crypto exchange FTX.
