• GGC International has filed a court case against Bitcoin Cash (BCH) advocate Roger Ver.
• The lawsuit is over his failure to settle crypto options transactions worth over $20.8 million.
• Ver has been given 20 days to respond to the complaints filed against him, and failure to do so will result in a default judgment against him.
Crypto lending firm Genesis has been dealing with bankruptcy, and one of its offshoots, GGC International, has taken legal action against Bitcoin Cash (BCH) advocate Roger Ver. According to a January 23 court filing made available at the New York State Supreme Court, GGC is suing Ver for failing to settle crypto options transactions worth over $20.8 million. Furthermore, the firm has requested that Ver bear the costs of the court proceedings.
The filing states that Ver was due to make payment by December 30, but he defaulted on the payment. GGC has now given Ver 20 days to respond to the complaints filed against him, after which a default judgment will be issued if he fails to do so.
Ver has not yet responded to the filing, and it remains to be seen how he will address the allegations. This is not the first time Ver has been in legal trouble, as he was sued by the SEC in 2019 for allegedly violating securities laws. He later settled the case and was ordered to pay a $200,000 fine.
The lawsuit against Ver is just one of many legal issues that Genesis has been dealing with in recent months. The company has been struggling to keep up with its debts and has sought to restructure its business.
The lawsuit against Ver is significant because it is an example of how crypto firms are increasingly subject to legal scrutiny. These firms are now being held accountable for their actions, and this could be a sign of things to come for the industry as a whole.
It remains to be seen how the lawsuit against Ver will play out, but it is likely to be closely watched by the crypto community. The outcome of the case could set a precedent for other firms in the industry, and it could have far-reaching implications for the industry as a whole.