Roger Ver, known as the “Bitcoin Jesus,” is now embroiled in a legal dispute with the defunct cryptocurrency lender Genesis Global.
Ver is often called “Bitcoin Jesus,” because he was one of the early investors in cryptocurrency. He not only adopted it for his companies, but he also advocated it tirelessly.
Why Is Ver Being Sued?
After the Bitcoin advocate failed to settle crypto options transactions before the payment date, Genesis issued a summons to Ver demanding that he pay back at least $20.9 million in damages.
Additionally, the insolvent firm requests that the court reimburse it for the legal expenses it incurred while pursuing the lawsuit against Ver. The Bitcoin evangelist is required to respond to the claims within the following twenty days; failing to do so would result in a default judgment being entered against him.
The petition for bankruptcy was made by a British Virgin Islands-based subsidiary of Genesis, which identified New York County as the location of the trial. According to the complaint, the validity period for the options transactions at issue ended on December 30.
In the event that Ver does not respond to the summons, he will be obliged to make a repayment of at least $20,869,788, in addition to Genesis’ charges, expenditures, and attorney’s fees.
Note that this is not the first time Roger Ver has been sued by a crypto company. The cryptocurrency exchange CoinFlex filed a lawsuit against the Bitcoin advocate in July 2022 for a total of $84 million, claiming that he had failed to settle a margin obligation. Ver was an early investor in Bitcoin and associated firms such as BitPay. He also began pushing for Bitcoin Cash when it arose from a schism in the blockchain.
Even though the year 2022 has been a roller coaster ride, the start of 2023 has been pretty much on a positive note as the crypto market seems to be recovering. The star cryptocurrency, Bitcoin which was struggling to even move beyond $15,000, has now successfully captured $17.5 levels. This has resulted in a bullish market.
However, as Ethereum bulls are making a gradual move one of the ETH whales has pulled out 15,500 Ethereum (ETH) which is worth nearly $20 million. This withdrawal has been made from various liquidity pools and this $20 million was then moved to Binance exchange. This was confirmed by Lookonchain, a on-chain analytic firm via Twitter post where the firm claimed that the whale has withdrawn the said amount from Convex, Lido, Curve and Balancer liquidity pools.
Ethereum Witness Decreasing Trade Volume
The firm also stated that in September 2022, the whale had 30,000 ETH and now after the withdrawal, the whale is worth just $19.58. Furthermore, over the last 10 days the whale has sent nearly 20,000 ETH to Binance. Hence, the crypto space believes that Ethereum price is about to plunge.
Meanwhile, it’s been observed that Ethereum price trade is not that productive when compared to that of Bitcoin’s. In the last 24hrs, Bitcoin has gained $0.85 while Ethereum has managed to rise only 0.02%. Also Ethereum’s trading volume has plummeted 12% over the last 24hrs which suggests that ETH is losing interest.
At the time of publication, Ethereum price is selling at $1,331 after a surge of 0.02% in the last one day. The lead altcoin should hold on its trade above $1,300 to see its next climb of $1,400 and then $1,500.