Roger Ver, the figurehead of Bitcoin Cash (BCH) is being sued by a subsidiary of bankrupt crypto firm Genesis for $20.8 million worth of outstanding crypto options.
Genesis-affiliated GGC International sued Ver submitted. This states that the head of BCH has not yet settled the corresponding crypto options that expired on December 30, 2022.
Ver now has 20 days to respond to the allegations, otherwise the already controversial crypto pioneer will automatically be forced to repay the amount in question in full. At press time, Ver had yet to respond to the lawsuit.
According to the company website of Genesis, GGC International is the British Virgin Islands-based offshoot of the crypto lender. The company is owned by Genesis Bermuda Holdco Limited as part of Genesis Global Holdco, which in turn is included in Genesis’ bankruptcy filing.
Roger Ver has not yet responded to Cointelegraph’s request, this article will be updated after receiving feedback.
Ver made headlines last year by defaulting on an outstanding debt. CoinFLEX CEO Mark Lamb states that Ver has given his company $47 million in USD Coin (USDC) due, but this one denied similar liabilities.
Genesis filed for Chapter 11 bankruptcy on Jan. 20 Registered. The company has already drawn up a recovery plan to restructure the debt, which aims to ensure that its own customers, as well as those of its important business partner Gemini, can once again access their funds on the platform as soon as possible.