Cryptocurrency exchange Gemini, Co-Owned by Tyler & Cameron Winklevoss, has filed a lawsuit against crypto lender Genesis seeking control over $1.6 billion worth of Grayscale Bitcoin Trust (GBTC) shares that were pledged as collateral for Gemini’s Earn program.
Keypoints
- Gemini has filed a lawsuit against Genesis seeking control of 60 million shares of the Grayscale Bitcoin Trust (GBTC) worth about $1.6 billion. These were pledged as collateral for the Gemini Earn product.
- Gemini says obtaining the GBTC shares would allow it to fully repay all Earn customers whose funds have been frozen since Genesis halted withdrawals last year.
- Genesis, Gemini, and CoinDesk are all owned by Digital Currency Group.
- The lawsuit alleges Genesis has taken actions to harm Earn users and hinder recovery of their assets.
- It comes a week after the New York AG sued Gemini, Genesis, and DCG for allegedly defrauding over 230,000 investors out…
