• Sat. Jun 22nd, 2024

Genesis Global Subsidiary Sues Bitcoin Jesus Over Default In $20.86M Loan Repayment


ByMaria Fairchild

Jan 28, 2023

A subsidiary of the now-defunct crypto lending platform Genesis, GGC International Limited, sued an advocate for Bitcoin Cash (BCH), Roger Ver, for failing to repay a $20.86M loan he took from the company in 2019.

Default In Repayment of Loan

The claim filed in court alleged that Ver, also called “Bitcoin Jesus” refused to pay up the loan he got from the company in 2019. 

This loan was given to him on the premise of him wanting to settle crypto options transactions, however he defaulted in paying it before and even after the deadline.

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GGC International claimed that this loan was given to Ver on the premise of settling crypto options transactions, and since then, Ver refused to repay back the loan despite demand and complaint from the company.  

The filing also mentioned that Ver didn’t give an explanation to why he failed to hold up his end of the agreement.  

This claim is rather shocking to the crypto community as Ver is a reputable advocate of BCH and has loudly expressed his criticism of Bitcoin over the years.

Ver has been a vocal advocate for BCH since its hard fork from Bitcoin, likewise vocally criticising Bitcoin, claiming BCH is a better alternative to it. 

The court filing also reveals that GGC International is appealing to regain the full amount loaned to Ver coupled with interest and damages incurred due to Ver failing to repay the undertaken loan. 

It is uncertain how this legal dispute will pan out but it is sure to wreak more havoc for Ver whose reputation has taken a big blow already. 

Court’s Response To Filing

The court has given Ver a 20 day window to appear in court to answer these allegations. 

If he fails to appear in court to answer these allegations, a judgement would be passed in his absence.

This is not Ver’s first occurrence of getting into a legal dispute, he was previously sued by a board member of Bitcoin.com for allegedly misleading investors and misappropriating company’s funds. 

This case also stresses on the challenges faced by the crypto lending industry, which has witnessed a number of high-profile bankruptcies in recent years.

The collapse of Genesis and the filing against Ver will likely raise further questions about the stability and sustainability of the crypto lending industry.

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