Genesis has sued Gemini Trust to recover $689302000. This is a new twist on an old dispute.

Financial dispute

     Genesis Global Capital was a crypto lender, and Gemini Trust was (is) a cryptocurrency exchange; both were business partners, but with the collapse of Terra Luna on May 9, 2022, Genesis was ruined, which also started financial disputes with Gemini Exchange.

Litigation Dispute

     Genesis' parent company, DCG, was sued by Gemini in July and by Genesis in September. But Gemini-Genesis' disruption began in October when Gemini sued Genesis over shares in another DCG subsidiary, Grayscale Bitcoin Trust (GBTC).

How has the government remained involved?

     The controversy sparked in January when the SEC accused Genesis and Gemini of selling unregistered securities. In October, New York Attorney General Letitia James filed a lawsuit against DCG, Genesis, and Gemini for defrauding New York investors.