Bankrupt crypto lender Genesis sues Gemini to recover $689M of ‘preferential transfers’ By Cointelegraph

Bankrupt crypto lender Genesis Global Capital has filed a lawsuit against cryptocurrency exchange Gemini to recover $689 million in preferential transfers, according to a Nov. 21 court filing.

The lawsuit alleges that during the 90-day period before Genesis filed for bankruptcy in January, Gemini withdrew an “aggregate gross amount of no less than approximately $689,302,000” at the expense of other creditors and continues to benefit through retaining the property Genesis seeks to recover. Genesis’s council requested the court to use the remedies provided by the United States Bankruptcy Code to correct the “unfairness and return Defendants to the same position as Plaintiff’s other similarly-situated creditors.”