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Genesis, a cryptocurrency lender, has initiated legal proceedings against its former partner, Gemini, aiming to recover a sum exceeding $689 million. The filed court documents In a complaint filed in New York bankruptcy court Tuesday, Genesis Global alleges Gemini Trust received more than $689 million in withdrawals in the three months As per a court filing on 21 November, Genesis alleges that within the 90-day period before declaring bankruptcy in January, Gemini withdrew around $689,302,000, disadvantaging other In a court filing dated November 21, Genesis alleged that its former business partner Gemini made a substantial withdrawal of $689,302,000 in gross privileged payments Bankrupt crypto lender Genesis Global Capital has filed a lawsuit against cryptocurrency exchange Gemini to recover $689 million in preferential transfers, according to Genesis, a cryptocurrency lender, has initiated legal proceedings against its former partner, Gemini, aiming to recover a sum exceeding $689 million. The filed court Genesis Global Capital, a cryptocurrency lender, has filed a lawsuit against the Gemini cryptocurrency exchange, seeking the return of over $689 million in alleged Genesis Global Capital files lawsuit against Gemini, seeking $689M for alleged preferential transfers during cryptocurrency market turmoil. Legal battle follows FTX The lawsuit alleges that during the 90-day period before Genesis filed for bankruptcy in January, Gemini withdrew an “aggregate gross amount of no less than approximately $689,302,000” at

Gemini in Hot Water: Genesis Seeks Recovery of $689M in Lawsuit

The cryptocurrency world is abuzz with news of a major legal battle. Genesis Global Capital, a cryptocurrency lender, has filed a lawsuit against cryptocurrency exchange Gemini, seeking the return of over $689 million in alleged preferential transfers. This comes amidst ongoing turmoil in the cryptocurrency market and follows the fallout from FTX\'s collapse.

Genesis, a cryptocurrency lender, has initiated legal proceedings against its former partner, Gemini, aiming to recover a sum exceeding $689 million. The filed court documents reveal a complex situation, alleging that Gemini received preferential treatment in the lead-up to Genesis\'s bankruptcy filing. Bankrupt crypto lender Genesis Global Capital has filed a lawsuit against cryptocurrency exchange Gemini to recover $689 million in preferential transfers, according to court documents.

Details of the Genesis Lawsuit Against Gemini

The lawsuit, filed in New York bankruptcy court Tuesday, alleges Gemini Trust received more than $689 million in withdrawals in the three months prior to Genesis declaring bankruptcy. Genesis Global alleges that within the 90-day period before declaring bankruptcy in January, Gemini withdrew around $689,302,000, disadvantaging other creditors. As per a court filing on 21 November, Genesis alleges that within the 90-day period before declaring bankruptcy in January, Gemini withdrew around $689,302,000, disadvantaging other creditors. In a court filing dated November 21, Genesis alleged that its former business partner Gemini made a substantial withdrawal of $689,302,000 in gross privileged payments.

Why is Genesis Suing Gemini?

Genesis Global Capital files lawsuit against Gemini, seeking $689M for alleged preferential transfers during cryptocurrency market turmoil. The core of the lawsuit revolves around what Genesis claims are "preferential transfers." The lawsuit alleges that during the 90-day period before Genesis filed for bankruptcy in January, Gemini withdrew an “aggregate gross amount of no less than approximately $689,302,000” at a time when Genesis was facing significant financial difficulties. Genesis believes these withdrawals unfairly prioritized Gemini over other creditors.

This legal battle adds another layer of complexity to the already troubled landscape of cryptocurrency lending and highlights the risks associated with partnerships and withdrawals during times of market instability. The outcome of this lawsuit could have significant implications for both Genesis and Gemini, as well as the broader cryptocurrency industry. Stay tuned for further updates on this developing story.

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