Genesis Sues Gemini to Recover ‘Preferential Transfers’ Worth $689M

Genesis and Gemini have been embroiled in a public and legal feud ever since the collapse of FTX. Genesis filed for bankruptcy in January. Its parent company, Digital Currency Group (DCG), was sued by Gemini in July over allegations that DCG then described as “defamatory” and a “publicity stunt.” In September, Genesis sued its parent company, DCG, seeking the repayment of multiple loans worth over $600 million. And then, in October, Gemini sued Genesis over 60 million shares of the Grayscale Bitcoin Trust (GBTC), valued at around $1.6 billion. Gemini’s co-founders are the Winklevoss twins, Tyler and Cameron.