Genius Group based in Singapore Genius Group claims that it was temporarily forbidden to extend his Bitcoin treasure after the US court order forbid him to sell shares, collect funds and employ investor funds to buy more Bitcoins.
The District Court in Modern York issued a preliminary order (PI) and transient ordering (TRO) on March 13 in connection with a wider dispute related to the merger of Fatbrain AI, Genius Group he said In a statement of April 3.
Fatbrain AI and Genius group completed The agreement on the merger and purchase in March 2024, but until October 30, the genius initiated arbitration procedures to terminate, accusing the fraud by the management of Fatbrain AI related to the contract.
Source: Roger James Hamilton
In February, the directors of Fatbrain Ai Michael Moe and Peter Ritz submitted an application for TRO and indefinite order, blocking the brilliant group of sales of their shares, collecting funds and buying more bitcoins in anticipation of arbitral result.
The order forced the Genius Group to close divisions, stop marketing and sell 10 Bitcoins (BTC) from 440, worth over $ 23 million at current prices to continue financing its activities. The company did not rule out much sales in the future.
“Genius takes all necessary measures to minimize Bitcoin sales, but he expects him to reduce his Bitcoin treasure in the coming months, if Pi remains in place,” said the company.
FatBRAIN AI shareholders also filed two lawsuits against the directors of Fatbrain AI, including Moe and Ritz and Genius Group, in April 2024, family violation of federal provisions regarding securities in connection with the merger, ASX LAW LAW he said In a statement from the October.
Two lawsuits against Fatbrain and alleged behavior during the merger were dishonest, which deceived shareholders of $ 30 million. Source: ASX right
The group’s genius was then voluntarily rejected from the suits on February 14.
Genius Group claims that this breaking the law in Singapore, according to the order
Genius Group claims that the US court order also forced him to break the law in Singapore by stopping compensation for employees under employment contracts.
“We have never dreamed that it is possible that the US court may block the company before issuing the action, collecting funds or buying Bitcoins – all activities that the shareholders or the management of a public company normally decide, not the court,” said Roger James Hamilton, General Director of Genius Group.
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He said that the company “would continue to fly a flag for Bitcoin,” even when it legally forbade the treasure building.
Fatbrain AI did not immediately answer at CointeLraph’s request for commentary.
The brilliant group of the Artificial Intelligence company announced for the first time in November 2024 that they took her first steps to build the Bitcoin treasure by buying 110 Bitcoin for $ 10 million.
The company has previously announced its overall goal of 90% or more current and future Bitcoin reserves, with the initial goal of USD 120 million, which caused an raise in share prices by 66%.
The price of the Genius Group shares dropped by 9.80% in the last trade session to 0.23 USD, and another 3.74% dropped to Bell to USD 0.22, Google finances data can be seen.
The price of the Genius Group shares fell during the last trade session and after Bell. Source: Google Finance
The shares reached the highest level of over USD 96 in June 2022, but since then he lost over 99% of its value.
