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    <p>Bankrupt crypto lender Genesis has slapped long-time enemy Gemini with a new lawsuit, alleging the exchange received “unfair preferential transfers” to the tune of nearly $700 million right before Genesis went bankrupt.</p>
    <p>The document filed yesterday has asked for $689.3 million that Gemini transferred to be returned, which allegedly gave the exchange an unfair advantage over other creditors.</p>
    <p>During the 90 day period before Genesis filed for bankruptcy, Gemini “withdrew an aggregate gross amount of no less than approximately $689,302,000” from Gemini, the filing read.</p>
    <p>“As a result of these withdrawals, [Gemini] benefitted at the expense of [Genesis’] other creditors, and continue to benefit to this day through their retention of the property Plaintiff seeks to avoid and recover here.”</p>
    <p>Genesis is asking the court to “correct this unfairness.”</p>
    <h2 class="wp-block-heading" id="h-long-live-the-genesis-v-gemini-spat">Long live the Genesis v Gemini spat</h2>
    <p>This lawsuit follows a lengthy battle between the two former partners. <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a>, owned by Digital Currency Group (DCG), was forced to halt withdrawals after FTX collapsed last year. The crypto lender filed for <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> in January.</p>
    <p>Crypto exchange Gemini and its owners, the Winklevoss twins, said they were forced to take legal action — claiming that DCG and its chief Barry Silbert borrowed massively from Genesis, gave huge loans to irresponsible firms, and knowingly covered up insolvency from investors.</p>
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       Timeline: Attorney General says Barry Silbert lied about risky Gemini Earn
      </blockquote><iframe class="wp-embedded-content" sandbox="allow-scripts" security="restricted" style="position: absolute; clip: rect(1px, 1px, 1px, 1px);" title="“Timeline: Attorney General says Barry Silbert lied about risky Gemini Earn” — Protos" src="https://protos.com/timeline-attorney-general-says-barry-silbert-lied-about-risky-gemini-earn/embed/#?secret=pJMY17ANdG#?secret=D1URaccTpc" data-secret="D1URaccTpc" width="500" height="282" frameborder="0" marginwidth="0" marginheight="0" scrolling="no"></iframe>
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    <p><em>Read more: Sources say Winklevoss twins withdrew $280M from <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> before it collapsed</em></p>
    <p>Both <a rel="noopener noreferrer nofollow" title="Genesis" href="https://thebittimes.com/tag/genesis.html">Genesis</a> and <a rel="noopener noreferrer nofollow" title="Gemini" href="https://thebittimes.com/tag/gemini.html">Gemini</a> are separately being sued by the Securities and Exchange Commission (SEC) for selling unregistered securities.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/genesis-wants-gemini-s-700m-in-unfair-transfers-made-before-bankruptcy-tbt71251.html">https://thebittimes.com/genesis-wants-gemini-s-700m-in-unfair-transfers-made-before-bankruptcy-tbt71251.html</a></p>

Genesis wants Gemini's $700M in 'unfair' transfers made before bankruptcy

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