Genesis sues Gemini to recover $689 million worth of priority transfers

Odaily News Genesis Global Capital is suing its former business partner Gemini Trust to recover more than $689 million. The lawsuit alleges that Gemini made preferential transfers from Genesis in an aggregate amount of no less than approximately $689.3 million, to the detriment of other creditors, and asks the court to rectify this injustice. Genesis and Gemini have been in a public and legal dispute since the collapse of FTX. Genesis filed for bankruptcy in January this year. Previously, the U.S. Securities and Exchange Commission (SEC) accused Genesis and Gemini of selling unregistered securities.