Odaily News Gemini is suing bankrupt crypto lending company Genesis to determine the ownership of nearly $1.6 billion worth of shares in the Grayscale Bitcoin Trust. Gemini said in a bankruptcy court filing that Genesis has no right to the more than 60 million GBTC shares pledged as collateral for Gemini Earn products. The shares in dispute remain largely held by Genesis or its affiliates and should not be used to repay Genesis other creditors. Genesis previously proposed a settlement with its parent company, Digital Currency Group, but has now chosen to sue the company, a settlement that would have allowed Genesis creditors to recover 70 to 90 cents on the dollar. Gemini disputes these estimates. Through this lawsuit, Gemini aims to clarify the value of its claim against Genesis and plans to eventually use GBTC shares to repay its users. Representatives of Genesis have not yet responded to the lawsuit. (Bloomberg)