Crypto Credit Company Genesis Sues This Cryptocurrency Exchange!

Crypto lender Genesis Global Capital has filed a lawsuit against its former business partner, cryptocurrency exchange Gemini Trust, to recover more than $689 million, according to a court filing late Tuesday.

Genesis Sues Cryptocurrency Exchange Gemini

The lawsuit alleges that Gemini made transfers from Genesis at the expense of other creditors totaling a gross amount of not less than approximately $689,302,000 and asks the court to correct this injustice.

Genesis and Gemini have been in a public and legal feud since the collapse of FTX. Genesis filed for bankruptcy in January.

Its parent company, Digital Currency Group (DCG), was sued by Gemini in July over allegations it described as defamatory and promotional.

In September, Genesis sued its parent company, DCG, demanding repayment of multiple loans worth more than $600 million.

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

During these events, US authorities also filed lawsuits. In January, days before Genesis filed for bankruptcy, the U.S. Securities and Exchange Commission (SEC) alleged that Genesis and Gemini were selling unregistered securities.

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

*This is not investment advice.