🌋 Genesis vs. Gemini: Escalating Conflict
posted 22 Nov 2023
The bankrupt crypto lender Genesis has filed a lawsuit against the
crypto exchange Gemini, seeking recovery of $689 million in preferential
transfers.
According to the lawsuit, Gemini withdrew this amount 90 days prior to
Genesis declaring bankruptcy in January. This move purportedly placed
other creditors at a disadvantage.
Genesis's
legal team is leveraging the U.S. Bankruptcy Code to rectify the
perceived unfairness, aiming to equalize the situation for all
creditors.
This
conflict between the two crypto titans transformed into legal disputes
following the collapse of the FTX crypto exchange in November 2022.
Earlier, Gemini had initiated legal action against Genesis concerning
the utilization of shares from its Grayscale Bitcoin Trust as collateral
for loans granted by Genesis through the Gemini Earn program.
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