Bankrupt crypto lending platform Genesis Global Capital files lawsuit against cryptocurrency exchange Gemini Trust, asking court to recover $689 million in priority transfers Archive Performance on November 22nd.
The lawsuit alleges that Gemini prioritized transfers of approximately $689,302,000 from Genesis at the expense of other creditors, and asks the court to correct this unfairness.
Two cryptocurrency giants are embroiled in a public feud over the recovery of funds following the collapse of FTX cryptocurrency exchange, which escalated into a lawsuit.
Previously, Gemini filed an opponent lawsuit against bankrupt Genesis on October 27, requesting the use of 62,086,586 shares of Grayscale Bitcoin Trust (GBTC). The shares were used as collateral to secure loans to Genesis through the Gemini Earn program for 232,000 Gemini users. Based on current market conditions, the collateral value increases to $1.6 billion.
This is a developing story and more information will be added as it becomes available.
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