Crypto lender Genesis Global Capital has filed a lawsuit against its former business partner, cryptocurrency exchange Gemini Trust, to recover a staggering $689 million. The lawsuit alleges that Gemini intentionally made preferential transfers of this amount at the expense of other creditors, aimed at correcting this "unfairness". The case is part of an ongoing dispute between the companies, as Genesis has recently also sued its parent company Digital Currency Group (DCG) over multiple loans worth more than $600 million. In September, the United States Securities and Exchange Commission (SEC) and New York Attorney General Letitia James also filed separate lawsuits against DCG, Genesis and Gemini for allegedly defrauding hundreds of thousands of investors. The filing for the recent lawsuit claims that amidst the market turmoil Genesis faced, Gemini made "unprecedented withdrawals" before the bankruptcy filing, resulting in a "run on the bank". The legal wranglings between Genesis and Gemini have caused multiple regulatory authorities to become involved, with action being taken by the US SEC and AG Letitia James. The ongoing feud between the two firms will no doubt continue to generate news attention as more focus and attention shifts to the cryptocurrency industry.



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