Genesis Files Lawsuit Against Gemini to Recover $689 Million in Preferential Transfers

Genesis Global Capital, a bankrupt crypto lender, has filed a lawsuit against cryptocurrency exchange Gemini, seeking to recover $689 million in preferential transfers. Genesis alleges that Gemini withdrew this amount during the 90-day period before Genesis filed for bankruptcy, at the expense of other creditors. The lawsuit aims to correct the unfairness and return Gemini to the same position as other creditors. The two companies have been involved in a public feud over fund recovery, which escalated into lawsuits after the collapse of crypto exchange FTX.