Crypto lending company Genesis has filed a lawsuit against Bitcoin Cash proponent Roger Ver for $20.8 million in unsettled cryptocurrency options.
The case was filed in the New York State Supreme Court in Manhattan, and Ver has 20 days to answer the summons. If he fails to do so, he will have to pay the total cost of reparations by default.
The lawsuit is the latest development in the ongoing saga of Genesis, which has been struggling through its bankruptcy proceedings.
The company has not offered any updates on the case against Ver, and it remains to be seen how this legal battle will play out.
This is not the first time that Ver has found himself in legal trouble. Last year, he was sued by crypto exchange CoinFlex for failing to pay $47 million in margin debt.
CoinFlex eventually reached a settlement with Ver, allowing him to use his personal creditworthiness to prevent the liquidation of his account. However, CoinFlex later filed a lawsuit seeking to recover $84 million in losses after the liquidation.
As for Genesis, the company is working to resolve its dispute with creditors and exit the Chapter 11 proceedings in late May.
Acting CEO Derar Islim has said that the bankruptcy process will be quick and efficient, which could ease the struggles of creditors.
The crypto industry continues to be plagued by uncertainty and volatility, with companies like Genesis and CoinFlex facing financial hardships.
The lawsuit against Ver is just one example of the challenges facing the industry, and it remains to be seen how this legal battle will play out.