Genesis Goes After BCH Advocate Roger Ver for $20.8M in Unsettled Crypto Options
Genesis has filed a case against Roger Ver for failing to settle crypto options worth $20.8 million.
Ver had previously been sued by CoinFLEX for failing to pay margin debt worth $47 million.
Oy Ver! He gave up his United States citizenship to become a citizen of Saints Kitts and Nevis in 2014. Hah! I nearly moved there a decade ago.
Roger Ver was in hot water last year as well, that time for failing to pay $47 million in margin debt to crypto exchange CoinFlex. The Seychelles-based exchange stated that it had made a settlement arrangement with Ver.
We don't know if on the other side of the trade he holds a profit, but probably not if both cases ended up in court.
He should stick to BCH Defi products!
On a broader note, when I look at crypto Defi derivatives, there are very few constructs that I would trade. Too many automated systems that force you to lose more money than necessary, admittedly on bad trades, but if you've screwed up then man-up and get liquidated, not that the position stays open to dive deeper into the red.
I only use futures and options for hedging purposes, so any such losses are balanced by more profits on the spot prices. And in the reverse direction, it cushions any spot declines.