Early Bitcoin adopter and executive chair of Bitcoin.com, Roger Ver, said he has “sufficient funds” to pay Genesis Global after being hit by a lawsuit by the now-bankrupt crypto broker’s unit – GGC International.
The Bitcoin Cash proponent noted that he is happy to pay the amount he owes but pointed out that the agreement requires Genesis to remain solvent. In a new Reddit post, Ver claimed that Genesis failed to provide him assurances about its finances.
The Digital Currency Group broker and lending desk slid into bankruptcy after weeks of fresh fundraising attempts. The court documents reveal that it has over $150 million to fund its restructuring efforts.
Ver allegedly owes around $21 million to Genesis.
Genesis Vs. Roger Ver
Ver, who was once known as “Bitcoin Jesus,” claimed that the financial information provided by Genesis has been called into question by recent events. He even said that the crypto broker refused to clarify the information it had provided him and instead chose to file suit.
The Bitcoin evangelist accused Genesis of causing “discrepancies between the valuation of customer collateral and their own digital assets.”
“Genesis can’t ask its clients to play a “heads clients lose, tails Genesis wins” game. It appears that at points since at least last June Genesis dipped under the solvency line.”
GCC filed the suit against Ver in the New York State Supreme Court earlier this week, accusing the blockchain-industry veteran of failing to settle crypto options transactions that expired back on December 30. A total of 20 days was given to Ver to answer the summons, a failure of which will require him to pay the total amount by default.
Spat With CoinFLEX
This isn’t the first time Ver has been embroiled in a controversy surrounding the failure of payment. He made headlines last summer for allegations of defaulting on a debt. The company’s CEO, Mark Lamb, claimed that Ver owes the firm $47 million in USDC stablecoin and was bound by a written contract and added that he had been issued a default notice for the same.
Ver, on the other hand, vehemently refuted the allegations and instead claimed that the company owed him money.
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- Source: https://cryptopotato.com/roger-ver-breaks-silence-on-genesis-lawsuit-claims-he-has-sufficient-funds-to-pay/