Bitcoin Cash advocate Roger Ver sued for $20.8 million

An affiliate of the cryptocurrency loan company Genesis has filed a lawsuit against the Bitcoin Cash (BCH) supporter Roger Ver for unresolved crypto options totaling $20.8 million. In the lawsuit that was filed against Ver on January 23 in the New York State Supreme Court, GGC International, which was a part of the defunct crypto lender, claimed that the BCH proponent had failed to settle crypto options transactions that had expired on December 30. GGC International filed the suit on behalf of the bankrupt crypto lender.

A total of twenty days was allotted to Ver in order for her to respond to the summons.

In the event that the BCH advocate does not provide a response within the allotted length of time, he will be required to pay the whole sum by default.

As this article is being written, the proponent of BCH has not yet provided a response to the case.

According to information provided on the Genesis website, GGC International is a business that operates out of the British Virgin Islands.

Genesis Bermuda Holdco Limited, which is a subsidiary of Genesis Global Holdco and is listed as an entity in the bankruptcy petition, is the owner of the company. In addition, Ver was in the news the previous year due to charges that he had defaulted on a loan.

Mark Lamb, the CEO of CoinFLEX, said that Ver was obligated to pay the company $47 million USD Coin (USDC) and that this obligation was stipulated in a written contract.

On June 28th, Ver also refuted these allegations while avoiding making direct reference to the corporation.

The cryptocurrency lender filed its petition for Chapter 11 bankruptcy in the Southern District of New York on January 20.

In order to advance the company’s operations, the company initiated a reorganisation that was overseen by the court.

A specialised committee will be in charge of the process, and their goal is to provide results that are satisfactory not just to Genesis customers but also to users of Gemini Earn.

In the meanwhile, creditors of Genesis have turned their attention to Digital Currency Group (DCG), the parent company of Genesis Global.

On January 24, creditors of Genesis filed a securities class action lawsuit against DCG and Barry Silbert, the company’s founder and chief executive officer.

The creditors asserted that the company had broken federal securities laws by selling unregistered securities, which they said was done in violation of the laws.


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CoinFlex to Allow Users to Withdraw up to 10% of their Balance

According to Bloomberg News, CoinFlex will allow users to later withdraw 10% of their balance after suspending withdrawals last month.


On June 29, CoinFlex CEO Mark Lamb revealed on Twitter that cryptocurrency investor Roger Ver owes the company $47 million. The founder failed to repay CoinFlex, and the crypto exchange suspended withdrawals in June.

CoinFlex canceled pending withdrawals on July 15 and then closed trading on the platform. After that, users can only withdraw up to 10% of their balance, and the rest will be frozen.

CoinFlex says it has taken legal action to cover losses and is trading with another cryptocurrency after a counterparty to cryptocurrency investor Roger Ver failed to pay a $47 million margin call, negotiating the signing of the joint venture.

The cryptocurrency exchange platform was founded in 2019. The company is a smaller crypto exchange focusing on derivatives trading. CoinFlex’s halt in withdrawals has come at a time when the crypto industry has been experiencing liquidity problems and contagion.

Earlier, Ver had tweeted, “Recently some rumors have been spreading that I have defaulted on a debt to a counter-party. These rumors are false. Ver denies he defaulted on his debt to CoinFlex.

CoinFlex said in July 14: “We are continuing to work on all avenues to resolve this situation. This ranges from possible further withdrawals and potential new equity investors to the acquisition of CoinFLEX and combinations in between.”

The company said it will release its latest update on July 22.

CoinFlex announced in late June that it planned to raise funds by issuing a new token that would offer a 20% annual return. The cryptocurrency exchange plans to issue $47 million in “recovery dollar” tokens as a solution to re-enable withdrawals.

Image source: Shutterstock


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SiennaSwap adds Bitcoin, Monero trading pairs in push for privacy-focused DeFi

Cross-chain DeFi protocol Sienna Network has enabled Bitcoin (BTC) and Monero (XMR) trading pairs on its decentralized exchange, giving users the ability to transact privately in two of the world’s most recognizable cryptocurrencies. 

Effective immediately, users of the privacy-focused SiennaSwap DEX will have the ability to trade BTC and XMR against the protocol’s native Sienna token, chief evangelist Monty Munford confirmed with Cointelegraph. The decision to incorporate Bitcoin and Monero transactions follows a “huge amount of requests for additional yield options” from both communities, he said.

Sienna’s infrastructure is built on the Secret Network, a custom blockchain that supports private transactions but, perhaps just as critically, doesn’t endorse trading techniques based on anonymity. Regulators have cast a dark shadow over cryptocurrencies that provide enhanced anonymity, with several exchanges moving to delist privacy-centric cryptocurrencies XMR, Zcash and Dash earlier this year.

As part of its mandate, Sienna Network is attempting to provide an environment where crypto transactions are kept private without the added stigma and regulatory implications of anonymity.

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Since launching on Oct. 7, SiennaSwap has generated over $254 million in cumulative trade volumes, further highlighting the growing popularity of decentralized exchanges.

Cryptocurrency entrepreneur and Bitcoin Cash (BCH) proponent Roger Ver has come out in favor of SiennaSwap’s recent additions. “Maintaining privacy while enabling DeFi for Monero and Bitcoin is crucial and Sienna Network seems to be doing exactly that,” he said. Ver has long been an advocate for crypto-oriented privacy tools and their role in promoting freedom.

Related: DeFi privacy project Panther raises $22M in 1.5-hour public sale

The crypto industry as a whole has been criticized for not making privacy a tier-one priority. Although the media’s role in conflating privacy and anonymity (and thus nefarious behavior) is partly to blame, builders of the new economy have also favored other priorities, such as security, decentralization and scalability. Whereas privacy-focused projects had a strong presence during the 2017-18 crypto bull market, the 2021 market melt-up has been driven largely by DeFi, nonfungible tokens and, more recently, GameFi and Metaverse concepts.

Sienna Network reiterated that privacy of financial transactions is not only a personal right but also a legal obligation in Europe and the United States.