Home Bitcoin News Genesis desires $20.9 million from 'Bitcoin Jesus' for expired choices – Markets Insider

Genesis desires $20.9 million from 'Bitcoin Jesus' for expired choices – Markets Insider

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  • A unit of Genesis International says a dealer generally known as “Bitcoin Jesus” has but to settle all his crypto choices trades.
  • GGC Worldwide’s declare was a part of a January 23 submitting in New York State Supreme Courtroom.
  • Genesis filed for chapter this month after being impacted by the bankruptcies of FTX and Three Arrows. 

GGC Worldwide, a department of Genesis Global, alleged that veteran dealer Roger Ver, additionally know as “Bitcoin Jesus,” has but to settle a few of his cryptocurrency choices trades, in accordance with January 23 courtroom filings first cited by CoinDesk.

The claims have been famous in paperwork with the New York State Supreme Courtroom in Manhattan shortly after Genesis’ chapter 11 chapter submitting earlier this month.

The Genesis subsidiary is a British Virgin Islands firm that provides spot buying and selling and derivatives for digital property, and is owned by Genesis Bermuda Holdco Restricted, the report famous. That is one of many names included in Genesis’ chapter submitting. 

Courtroom paperwork present GCG Worldwide seeks “cash damages for defendant’s failure to settle cryptocurrency choices transactions that expired on Dec. 30, 2022, in an quantity to be decided at trial however a minimum of $20.9 million.”

So-called Bitcoin Jesus was an early advocate for the world’s hottest token, however has also been a polarizing figure inside the crypto and blockchain communities. 

In the meantime, crypto lender Genesis had been going through points lengthy earlier than the latest collapse of FTX, as Insider beforehand reported. Months earlier than Sam Bankman-Fried’s alternate imploded, Genesis was impacted by the autumn of hedge fund Three Arrows Capital. A wave of government departures ensued later within the 12 months, and insiders say they felt like they have been at the hours of darkness relating to the steadiness of the agency.

This is what Derar Islim, interim CEO of Genesis, stated in a January 19 assertion:

“Whereas we have now made important progress refining our enterprise plans to treatment liquidity points attributable to the latest extraordinary challenges in our trade, together with the default of Three Arrows Capital and the chapter of FTX, an in-court restructuring presents the best avenue via which to protect property and create the absolute best end result for all Genesis stakeholders.”

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