Genesis wants Gemini's $700M in 'unfair' transfers made before bankruptcy
Bankrupt crypto lender Genesis has slapped long-time enemy Gemini with a new lawsuit, alleging the exchange received “unfair preferential transfers” to the tune of nearly $700 million right before Genesis went bankrupt. The document filed yesterday has asked for $689.3 million that Gemini transferred to be returned, which allegedly gave the exchange an unfair advantage over other creditors. During the 90 day period before Genesis filed for bankruptcy, Gemini “withdrew an aggregate gross amount of no less than approximately $689,302,000” from Gemini, the filing read. “As a result of these withdrawals, [Gemini] benefitted at the expense of [Genesis’] other creditors, and continue to benefit to this day through their retention of the property Plaintiff seeks to avoid and recover here.” Genesis is asking the court to “correct this unfairness.” Long live the Genesis v Gemini spat This lawsuit follows a lengthy battle between the tw...