Genesis Initiated a Legal Process Against Gemini

The lawsuit alleges that Gemini made transfers totaling not less than $689,302,000 from Genesis and asks the court to rectify this situation. The legal dispute between the two companies has been ongoing since the collapse of FTX, and Genesis filed for bankruptcy in January.

The parent company, Digital Currency Group (DCG), was sued in July by Gemini over defamation and advertising claims. In September, Genesis demanded the repayment of a series of loans exceeding $600 million against its parent company DCG.

In October, Gemini sued Genesis for Grayscale Bitcoin Trust’s (GBTC) approximately $1.6 billion worth of 60 million shares.

In addition to these legal disputes, US authorities also stepped in. In January, before Genesis’ bankruptcy application, the US Securities and Exchange Commission (SEC) launched an investigation into Genesis and Gemini on allegations of selling unregistered securities.

Last month, New York Attorney General Letitia James filed a lawsuit against DCG, Genesis, and Gemini, alleging that they defrauded more than 230,000 investors, including at least 29,000 New Yorkers, of more than $1 billion.

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