A Genesis affiliate filed a lawsuit against Roger Ver in New York State Supreme Court for unresolved cryptocurrency options. The amount totaled $20.8 million. GGC International was part of the defunct crypto lender and filed the suit against Ver on Jan 23 at the New York State Supreme Court. GGC International brought the suit on behalf the bankrupt crypto-lender.
Ver was given twenty days to respond to the summons.
If the BCH advocate doesn’t respond in the given time, he may be held responsible for the full amount.
The proponent of BCH has yet to respond to this article as it is being written.
According to the Genesis website information, GGC International is an organization that operates from the British Virgin Islands.
Genesis Bermuda Holdco Limited is the owner of this company. It is a subsidiary to Genesis Global Holdco. Ver was also accused of having defaulted on loans the year before.
Mark Lamb, CoinFLEX’s CEO, stated that Ver was bound to pay Ver $47 million USD Coin (USDC), and that this obligation was written into a contract.
Ver refuted the allegations on June 28th but avoided mentioning the corporation directly.
On January 20, the cryptocurrency lender filed a petition for Chapter 11 bankruptcy with the Southern District New York.
To improve the company’s operations, the company started a reorganisation. This was overseen and approved by the court.
An expert committee will oversee the process. They aim to satisfy Genesis customers as well as users of Gemini Earn.
In the interim, Genesis Global’s creditors have focused their attention on Digital Currency Group (DCG), the parent of Genesis Global.
Creditors of Genesis filed a securities class-action lawsuit against DCG, Barry Silbert and the founder and chief executive officer of the company on January 24.
According to the creditors, the company sold unregistered securities in violation of federal securities laws.