Genesis Launches New Lawsuit Against Gemini For ‘Unfair’ $700M Transfers Before Bankruptcy
Summary
Bankrupt crypto lender Genesis has filed a lawsuit against its rival, Gemini, claiming the latter received "unfair preferential transfers" of about $700 million before Genesis declared bankruptcy. The complaint, filed on November 21, seeks recovery of these funds, which Genesis alleges significantly disadvantaged its other creditors. The lawsuit suggests that Gemini continues to benefit from these transfers by holding onto the disputed property. The outcome of this lawsuit could have significant impacts on the crypto lending industry's regulation framework.
