Crypto Lender Genesis Sues Gemini to Recover Over $689 Million in Preferential Transfers

Crypto lender Genesis has filed a lawsuit against cryptocurrency exchange Gemini to recover over $689 million in preferential transfers made through the Gemini Earn Program during the 90-day period prior to Genesis filing for Chapter 11 bankruptcy. Genesis claims that these withdrawals benefited Gemini at the expense of other creditors and is demanding the return of the funds. This comes as Gemini has filed a lawsuit against Genesis' parent company, Digital Currency Group, for allegedly masterminding a fraud scheme against creditors.