Genesis Global Capital, a cryptocurrency lender, has filed a lawsuit against its former business partner, Gemini Trust, seeking the recovery of over $689 million.
The court filing, made late on Tuesday, alleges that Gemini engaged in ‘preferential transfers’ totaling approximately $689,302,000 from Genesis.
Genesis and Gemini Clash in Legal Battle
The lawsuit contends that these preferential transfers were made at the detriment of other creditors and urges the court to address and rectify this perceived unfairness.
The conflict between Genesis and Gemini has been characterized by public disputes and legal battles triggered by the collapse of FTX. Genesis filed for bankruptcy in January, followed by a lawsuit from Gemini against its parent company, Digital Currency Group (DCG), in July. DCG dismissed the lawsuit as “defamatory” and a “publicity stunt.”
In September, Genesis took legal action against its parent company, DCG, aiming to recover multiple loans totaling over $600
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