The controversial BitcoinCash proponent is facing more legal troubles
to respond to a demand for $20 million in crypto options payment by Genesis Global Limited. The demand was made as part of a summons issued by the Supreme Court of New York County.
The summons alleged that Ver had failed to settle cryptocurrency options transactions that expired on December 30, 2022. Genesis Global is seeking damages in an amount of no less than $20,869,788 from the Bitcoin Cash proponent., Genesis, a subsidiary of Barry Silbert's Digital Currency Group, filed for bankruptcy earlier this month.
If the Court takes a default judgment against Ver as a result of his failure to respond to the summons, he could face extensive legal costs and potentially punitive damages. The latest development comes just a few months after Ver was served a notice of default by cryptocurrency exchange CoinFLEX. As reported by U.Today, CEO Mark Lamb alleged that Ver owed his company $47 million worth of USD Coin tokens after failing to meet margin requirements.
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