GGC International sues Roger Ver

GGC International, linked to Genesis Global Capital, has accused the Bitcoin.com founder Roger Ver of failing to settle the debt on cryptocurrency options trades. Иск filed in the Supreme Court of the State of New York.

According to filings, the expiry occurred on December 30, 2022. The company demanded the defendant be compensated for damages “in an amount to be determined by the court but no less than $20.86 million.”

Ver must file a response within 20 days. Otherwise, a default judgment will be entered in favour of the plaintiff.

GGC International Limited (British Virgin Islands) принадлежит Genesis Bermuda Holdco Limited. The latter is a subsidiary of Genesis Global Holdco LLC — one of the entities included in insolvency filing Genesis Global Capital.

This is not Ver’s first lawsuit in the past year. On June 24, 2022, the cryptocurrency derivatives platform CoinFLEX suspended withdrawals due to “extreme market conditions” and “counterparty uncertainty.”

Later, the firm’s chief executive Mark Lamb said the mentioned counterparty was Roger Ver, who owes CoinFLEX $47 million. Because the Bitcoin.com founder did not meet his obligations, the company sent him notice of default.

Earlier, the firm approached the Hong Kong International Arbitration Centre to recover $84 million from Ver. The initial damage estimate by CoinFLEX representatives was deemed inaccurate because it did not account for the founder’s substantial debt in FLEX tokens.

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