Bitcoin Money evangelist Roger Ver mentioned on Jan. 25 that he can afford to pay cash that he allegedly owes to Genesis, however that he might not want to take action.
On Monday, a subsidiary of Genesis summoned Ver over a $20.86 million declare relating to choices that he allegedly uncared for to settle in late December.
Ver mentioned as we speak that he has “enough funds available” to pay that sum and that he’s keen to pay any quantity that he correctly owes the corporate.
Nevertheless, he additionally mentioned that his settlement with Genesis required the agency to stay solvent — one thing that the corporate has apparently did not do. Ver mentioned that Genesis has been unable to guarantee him of its solvency since mid-2022.
Ver wrote in a Reddit publish:
Genesis was required by our settlement to stay solvent — as Genesis can’t ask its purchasers to play a “heads purchasers lose, tails Genesis wins” recreation. It seems that at factors since not less than final June Genesis dipped below the solvency line.
Ver primarily maintains that there’s a discrepancy between Genesis’ valuation of its buyer collateral and its valuation of its personal digital property. Ver mentioned that when he requested Genesis for additional details about its monetary standing, the corporate refused to supply readability, which lead the agency to file the fees seen this week.
Notably, Ver didn’t point out Genesis’ latest chapter submitting. That submitting solely affected the corporate’s lending division and never its different areas of operation. As such, Genesis appears to not be totally bancrupt, which is able to presumably impression Ver’s case in court docket.
If Ver fails to reply to the allegations inside 20 or 30 days of his Jan. 23 summons, a default judgment will drive him to pay the quantity demanded by the corporate. It’s unclear if Ver has submitted a authorized response to the fees introduced on Monday.
Ver was beforehand sued by one other struggling crypto firm, CoinFLEX, in June 2022. These allegations claimed that Ver owes $47 million to the corporate. There have been no developments in that case since arbitration started in Hong Kong final summer time.