Joel Frank
In a Reddit post on Wednesday, Bitcoin.com CO Roger Ver said that he has the funds to pay bankrupt crypto lender Genesis subsidiary GGC International Limited after failing to settle a cryptocurrency options trade worth $21 million last December. GGC International Limited is a British Virgin Islands-based company that facilitates crypto spot and derivatives trading and is a subsidiary of Genesis.
Genesis filed for chapter 11 bankruptcy protection last week, two months after it halted customer withdrawals and new loan origination. In his post on Reddit, Ver claimed that he was “happy to pay”, but that this would require Genesis to hold to the terms of his agreement.
According to Ver, 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”. For what it’s worth, Genesis last week claimed to have more than $150 million in cash on hands to provide liquidity to support business operations and facilitate restructuring.
Roger Ver was once referred to as “Bitcoin Jesus” given his staunch support of the cryptocurrency, though switched to back the Bitcoin Cash hard fork of the original Bitcoin blockchain in 2017.
Ver Has CoinFLEX Problems, Genesis Has SEC Problems
Both Roger Ver and Genesis are involved in separate disputes. Ver, who seemingly has a history of refusing to pay up when his trades lose, was accused of by CoinFLEX CEO Mark Lamb last year of owing the platform $47 million in USDC. Allegedly, Ver missed a margin call, with CoinFLEX later filing legal action in Hong Kong and claiming that these losses had now nearly doubled to $84 million.
Genesis, meanwhile, is currently stuck in a lawsuit against the US Securities and Exchange Commission (SEC). The SEC is accusing Genesis and Gemini, who worked together to offer a yield to Gemini customers via a lending program, of offering an unregistered security.
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This article was written for Business 2 Community by Joel Frank.
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