Bankrupt Genesis sued by Gemini over $1.6B worth of GBTC shares

Gemini filed a complaint on Friday alleging that the bankrupt crypto lender owes Gemini roughly $1.6 billion, or around 62 million shares of Grayscale Bitcoin Trust (GBTC).

Gemini claims that the two companies had a security agreement delineating that the 62 million shares be used as collateral.

The company claims its “efforts have been undermined by Genesis’s actions prior to and following the commencement of its bankruptcy proceeding.”

“Genesis has repeatedly taken actions to harm Earn Users and to hinder and delay Earn Users’ recovery of their digital assets,” Gemini claimed.

But, if the collateral was delivered, then the “amount that would completely secure and satisfy…

Read more on Blockworks

66.4K Reads