Roger Ver says he can afford to pay Genesis $20M but insolvency changes agreement
Ver claims that his agreement required the company to remain solvent.
Core Scientific also received over $50 million from these institutional investors in DIP loans to continue operations during bankruptcy proceedings.
The lawsuit alleges that Genesis violated the Securities Act and seeks to hold DCG and Silbert liable as "control persons."
The uncensored documents show that nearly half of BlockFi's unadjusted assets are linked to FTX and Alameda — more than previously disclosed.
The company's plans must still be approved by courts and creditors.
The next stage of legal proceedings will take place sooner than expected.
SEC Commissioner Hester Peirce advocates for a more transparent and collaborative approach to crypto regulation, emphasizing the importance of decentralization and the diversity of the crypto space.