{"id":73084,"date":"2023-01-26T10:10:55","date_gmt":"2023-01-26T08:10:55","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=73084"},"modified":"2025-09-09T12:08:04","modified_gmt":"2025-09-09T09:08:04","slug":"roger-ver-says-he-can-exercise-a-21-million-ggc-option","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/roger-ver-says-he-can-exercise-a-21-million-ggc-option\/","title":{"rendered":"Roger Ver says he can exercise a $21 million GGC option"},"content":{"rendered":"

“Bitcoin Jesus” and Bitcoin.com founder Roger Ver said he has $21 million that GGC International, tied to Genesis Global Capital, demanded be paid under an option not exercised at the end of 2022. The Block<\/a> reports.<\/p>\n

Ver explained the decision was motivated by a desire to obtain Genesis’s “solvency guarantees,” which were one of the conditions of the agreement. The Bitcoin.com founder stressed that he “would be glad to pay the amount he owes.”<\/p>\n

In response to a request for solvency information, Ver was denied and became a defendant in a lawsuit <\/a> brought by GGC International in the New York State Supreme Court.<\/p>\n

\n

“I look forward to Genesis’ explanations of how they valued certain positions, most notably the apparent discrepancy between the valuation of client collateral and their own digital assets,”<\/em> he commented.<\/p>\n<\/blockquote>\n

This is not Ver’s first lawsuit of the last year. On June 24, 2022, the cryptocurrency derivatives platform CoinFLEX suspended withdrawals<\/a> due to “extreme market conditions” and “counterparty uncertainty.”<\/p>\n

Later, CoinFLEX CEO Mark Lamb said that the counterparty was Roger Ver, who owed $47 million. Because the Bitcoin.com founder did not meet his obligations, the company sent him a default notice<\/a>.<\/p>\n

The firm turned to the Hong Kong International Arbitration Centre to recover $84 million from Ver<\/a>. Representatives for CoinFLEX said the initial damage estimate was incorrect because it did not account for the founder’s substantial debt in FLEX tokens.<\/p>\n

Recall Genesis Global Capital filed for bankruptcy<\/a> on January 20, amid the fallout from the collapse of hedge fund Three Arrows Capital<\/a> in June and the FTX collapse<\/a> in November 2022.<\/p>\n

In early 2023, SEC<\/span> accused<\/a> Gemini and GGC of selling unregistered securities.<\/p>\n

Follow ForkLog’s bitcoin news on our Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

“Bitcoin Jesus” and Bitcoin.com founder Roger Ver said he has $21 million that GGC International, tied to Genesis Global Capital, demanded be paid under an unexercised option from late 2022. The Block reports.<\/p>\n","protected":false},"author":1,"featured_media":73085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1162,1380,105],"class_list":["post-73084","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-court-cases","tag-genesis-global-capital","tag-roger-ver"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73084","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=73084"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73084\/revisions"}],"predecessor-version":[{"id":73086,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/73084\/revisions\/73086"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/73085"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=73084"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=73084"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=73084"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}