Genius Group forced to sell Bitcoin after court orders

Genius Group, the AI ​​Education Company, has announced that it must sell its Bitcoin estate after the US court order has blocked the company to sell actions, raising funds or buying Bitcoin.

The American District Court for South District New York issued a preliminary ban 13. Marta, preventing the genius group accessed its $ 150 million funding and continuing Bitcoin-First Strategy.

As a result, the company reduced its Bitcoin (Btc) Holdings from 440 to 430 bitcoin to Funds operationsAccording to the company record.

Multiple lawsuits

The legal battle derives from the attempt at the Genius Group to terminate the Property Purchase Agreement with Fatbrain AI, a contract It has become a focus of multiple lawsuits.

In October 2024. Genius Group initiated arbitration to exit the agreement. Until December, both companies agreed to a preliminary ban on the APA.

Fatbrain and shareholders later submitted lawsuits against the company and its executives, Michael Moe and Peter Ritz, stating the APA fraud. Sex also brought allegations of cheating shareholders against Fatbrain AI, according to Genius Group.

In response, Moe and Ritz demand A temporary restricting order and a preliminary prohibition against the genius group, which the Court approved 14. February.

False statements

Genius Group claims that the ban is based on false statements and filed movements to raise restrictions. The company also filed a transcript of a meeting with a ritz, stating that a detailed strategy was to use the court order to draw money from the Genius Group.

Fatbrain AI shareholders also filed this transcript in their lawsuit against Moe and Ritz in Florida, in accordance with the note.

The genius General Manager Roger James Hamilton said the company did not provide for the US court to limit its financial decisions.

“We never dreamed that the American court could block the company to perform the actions, collect funds or buying Bitcoin – all actions that would usually decide the shareholders or the board of public enterprise, not the court,” Hamilton said.

The court order was coercion Genius Group to restructure its business, including reduction, closure of division and stopping sponsorship, marketing and investment. The company has also failed to issue compensation based on partially based on employees, which it says that it is in the violation of the Singapore Law on Labor.

“We will not bend on fraud and manipulators in the market that is the subject of multiple lawsuits for fraud and misconduct,” Hamilton said.

From restrictions, Genius Group’s Share the price 53% fell, and its market capitalization is now at 40% of its bitcous value of the cash register. The company submitted urgent movement with the American Court of Appeals for the second round to overturn the ban.

Genius Group is in November 2024. adopted the BitCoin-First Strategy The goal of holding Bitcoin as his basic means to maintain a vault. Despite being forced to sell some farms, the company reiterated its commitment to Bitcoin and its belief in its long-term value.