👉 #Gemini sued #Genesis to court to determine who is the legal owner of a large amount of #GBTC shares worth nearly 1.6 billion USD.
Gemini contends that Genesis has committed to using these GBTC shares to secure loans through the Gemini Earnings Program.
Currently, Genesis is bankrupt, so Gemini wants to revoke its shares to protect its users. Both Gemini and Genesis encountered financial difficulties following the collapse of crypto hedge funds and exchange #FTX in 2022.
The New York Attorney General also sued Gemini and other companies for alleged fraud, causing investors to lose more than $1 billion through the Gemini Earn program.