• Crypto lending firm Genesis has filed a lawsuit against popular Bitcoin Cash (BCH) advocate Roger Ver for defaulting on crypto options transactions worth over $20.8 million.
• GGC International, the offshoot of Genesis, has given Ver 20 days to respond to the complaints filed against him, or else a default judgment will be meted out.
• If Ver fails to respond, he will be liable for any costs that GGC incurs throughout the court proceedings.
Crypto lending firm Genesis has recently taken legal action against popular Bitcoin Cash (BCH) advocate Roger Ver, suing him for defaulting on crypto options transactions worth over $20.8 million. The offshoot of Genesis, GGC International, has now given Ver 20 days to respond to the complaints filed against him, or else a default judgment will be meted out.
The court filing, which was made available at the New York State Supreme Court on January 23rd, states that Ver was due to make payment by December 30th but failed to do so. GGC has now given Ver 20 days to respond to the complaints filed against him, and if he fails to do so, he will be liable for any costs that GGC incurs throughout the court proceedings.
If Ver fails to respond, GGC will be able to file for a default judgment against him. This means that Ver will be held liable for all costs incurred by GGC and will be unable to contest the complaint. This could have significant repercussions for Ver’s reputation within the crypto space, as it could lead to other potential investors being wary of entering into any deals with him.
It is not yet known how this case will turn out, but it is clear that GGC is serious about making Ver pay for his default. It remains to be seen whether Ver will be able to come to a settlement with GGC or if the case will be taken to court. Either way, this case could have a significant impact on Ver’s standing in the crypto community.