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Bankrupt Genesis Sues Crypto Firm Gemini to Recover $690 Million

Bankrupt crypto lender Genesis Global Holdco LLC is suing Gemini Trust Co. to recover nearly $690 million that Genesis says the crypto platform withdrew from Genesis in the months before the company’s Chapter 11 filing in January. Genesis said in a Tuesday complaint in New York bankruptcy court that the withdrawals made by Gemini were unprecedented and amounted to a run-on-the-bank that came at the expense of the crypto lender’s other creditors. The lawsuit escalates disputes in the bankruptcy between Genesis and Gemini, which collaborated on its Gemini Earn program that let clients collect about 8% interest on their digital-asset holdings.

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