Genesis Global Capital Wants $689 Million From Gemini Trust, Takes Them to Court
The claim alleges that Gemini's preferential transfers of funds from Genesis unfairly disadvantaged other creditors, prompting a plea to the court for rectification.
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The claim alleges that Gemini's preferential transfers of funds from Genesis unfairly disadvantaged other creditors, prompting a plea to the court for rectification.
Earlier this year, regulatory authorities in the United States initiated legal action against Gemini and Genesis Global Capital, accusing them of engaging in the trading of unregistered securities via the Gemini Earn crypto asset lending initiative.
Gemini and Genesis are seeking the dismissal of a lawsuit filed in January by the Securities and Exchange Commission. The SEC accused the firms of the unregistered offer and sales of securities in the form of Gemini’s Earn lending program.
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The chief executive of Gemini is calling the U.S. Securities and Exchange Commission's (SEC) actions against the crypto exchange “counterproductive.”
The beleaguered Gemini Earn program is now the linchpin in a new set of charges filed by the Securities and Exchange Commission against both Genesis and Gemini.
The statement was released in response to reports that Genesis Global and the Gemini exchange have stopped allowing withdrawals.
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