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Roger Ver says he can afford to pay Genesis $20M but insolvency changes the agreement

Ver believes that his contract compelled the company to stay in business.

On January 25, Bitcoin Cash enthusiast Roger Ver stated that he can afford to pay money purportedly owed to Genesis, but that he may not need to do so.

On Monday, Ver was called by a Genesis subsidiary for a $20.86 million claim relating options that he allegedly failed to settle in late December.

Ver stated today that he has “adequate assets on hand” to cover that amount and that he is willing to pay whatever amount owed to the company.

However, he also stated that his arrangement with Genesis required the company to remain solvent, something the corporation appears to have failed to achieve. Since mid-2022, Genesis has been unable to ensure Ver of its solvency, according to Ver.

In a Reddit post, Ver stated:

Genesis was required by our agreement to remain solvent — as Genesis can’t ask its clients to play a “heads clients lose, tails Genesis wins” game. It appears that at points since at least last June Genesis dipped under the solvency line.

Ver mainly believes that there is a disparity between Genesis’ valuation of its client collateral and its own digital assets. When Ver contacted Genesis for more information regarding its financial situation, the company declined to provide clarity, prompting the firm to file the allegations seen this week.

Ver made no mention of Genesis’ latest bankruptcy case. That filing only touched the company’s loan section, not its other businesses. As a result, Genesis does not appear to be completely bankrupt, which will undoubtedly have an influence on Ver’s case in court.

Ver will be forced to pay the money asked by the corporation if he does not react to the claims within 20 or 30 days of his Jan. 23 summons. It is unknown whether Ver has filed a legal response to the charges published on Monday.

In June 2022, Ver was sued by CoinFLEX, another faltering cryptocurrency business. According to the charges, Ver owes the corporation $47 million. There have been no developments in that lawsuit since arbitration began last summer in Hong Kong.

 

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