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Home » Embattled Crypto Lender Genesis Files Lawsuit Against Gemini in an Effort To Recover Over $689,000,000 – The Daily Hodl

Embattled Crypto Lender Genesis Files Lawsuit Against Gemini in an Effort To Recover Over $689,000,000 – The Daily Hodl

Embattled Crypto Lender Genesis Files Lawsuit Against Gemini in an Effort To Recover Over $689,000,000 – The Daily Hodl

Beleaguered crypto lender Genesis is suing cryptocurrency exchange Gemini to recover over half a billion dollars in preferential transfers.A preferential transfer is paid off by an insolvent firm to a creditor typically within 90 days before filing for bankruptcy.If certain conditions are met, the recipient may have to return the funds so that payments to the bankrupt company’s creditors are equitably disbursed.In a new court filing, Genesis says it is seeking to recover over $689 million in withdrawals that were made through the Gemini Earn Program during the 90-day period prior to its filing for Chapter 11 bankruptcy.The two firms previously… 

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