Genesis Files Lawsuit Against Gemini Seeking $689M in 'Preferential Transfers'

Genesis Global Capital has filed a lawsuit against cryptocurrency exchange Gemini Trust, seeking to recover over $689 million in preferential transfers. The legal battle between the two companies began after the collapse of FTX, with Genesis filing for bankruptcy in January. The saga has also involved legal action from U.S. authorities, including allegations of selling unregistered securities and defrauding investors. Gemini is accused of making "unprecedented withdrawals" before the bankruptcy filing, contributing to a "run on the bank."