In a document published last Monday (23), a subsidiary of Genesis is charging R$107 million (US$20.9 million) from Roger Ver, otherwise known as the “Jesus of Bitcoin” for evangelizing Bitcoin in its early days.
In short, GGC International Ltd. claims that the amount refers to an unconcluded negotiation, which expired on December 30 of last year. As for the parent company, Genesis was declared bankrupt last Friday (20).
This can therefore be a measure for the company to recover financially while its creditors wait for a solution. The biggest name affected by Genesis’ bankruptcy was Gemini, a brokerage owned by the Winklevoss brothers.
Roger Ver again accused of default
It is not the first time that Roger Ver has been accused by a brokerage firm. In June last year, CoinFlex claimed that the “Bitcoin Jesus” owed them BRL 221 million. On that date, the brokerage even blocked withdrawals from other clients due to insolvency. Ver denied such allegations at the time.
Now it is the turn of a brokerage linked to the bankrupt Genesis to launch a similar accusation, claiming that Ver owes R$107 million for a failed negotiation.
Bitcoin.com owner Roger Ver was hated by the community when he tried to promote Bitcoin Cash (BCH) as the real Bitcoin in 2017, using his website’s strong domain to trick most laymen.
Moreover, his bet on BCH also failed. Although it threatened BTC at launch, BCH has already lost 98.72% against BTC since then, which is still the subject of jokes among investors.
“This is cruel”noted Cobra, responsible for the Bitcoin.org website when he found out “Roger Ver once had 400,000 BTC.” Today, such an amount would be equivalent to R$47 billion.
That’s cruel. https://t.co/JbSCjjPcrI
— Cobra (@CobraBitcoin) January 18, 2023
As for his debts with brokers, it is hard to know what the negotiations were, but it is possible that they are related to Bitcoin Cash.
Until the closing of this case, Roger Ver has not publicly commented on the lawsuit costing him R$107 million.
Bitcoin’s recent rally can be linked to the Genesis crash
While yet another possible bankruptcy unsettled the market, the revelation of the fact ultimately helped Bitcoin. Last Friday (20), shortly after Genesis filed for bankruptcy, BTC skyrocketed 8.7% on the same day.
So the market seemed happy to turn another page just like it did with FTX. Now it is up to us to monitor how far this contagion will go.
One of the main concerns is other companies in the Digital Currency Group (DCG), Genesis’ parent company, but the bankruptcy process seems to have protected them. Another big one to watch is Gemini, especially since the SEC is also closely monitoring the matter.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
