Genesis wants $20.9 million from 'Bitcoin Jesus' for expired options

Bankrupt crypto lender Genesis wants 'Bitcoin Jesus' to pay $20.9 million over expired options trades

The claims were noted in documents with the New York State Supreme Court in Manhattan shortly after Genesis' chapter 11 bankruptcy filing earlier this month.

The Genesis subsidiary is a British Virgin Islands company that offers spot trading and derivatives for digital assets, and is owned by Genesis Bermuda Holdco Limited, the report noted. That's one of the names included in Genesis' bankruptcy filing. Court documents show GCG International seeks"money damages for defendant's failure to settle cryptocurrency options transactions that expired on Dec. 30, 2022, in an amount to be determined at trial but no less than $20.9 million."within the crypto and blockchain communities. Insider

previously reported. Months before Sam Bankman-Fried's exchange imploded, Genesis was impacted by the fall of hedge fund Three Arrows Capital. A wave of executive departures ensued later in the year, and insiders say they felt like they were in the dark regarding the stability of the firm.

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