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COINTURK NEWS > Bitcoin News > Genius Group Faces Legal Hurdles While Liquidating Bitcoin Assets
Bitcoin News

Genius Group Faces Legal Hurdles While Liquidating Bitcoin Assets

In Brief

  • Genius Group is liquidating Bitcoin assets due to a U.S. court ruling.

  • The case raises legal risks for similar companies in the industry.

  • Genius Group's strategy could influence other institutions facing legal challenges.

Fatih Uçar
Fatih Uçar 2 months ago
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Singapore-based education and technology firm Genius Group has been compelled to liquidate its Bitcoin $107,560 assets due to a court ruling in the United States. The imposed restrictions reportedly hindered the company’s fundraising, stock issuance, and new Bitcoin purchases.

Contents
Legal Proceedings Against Genius GroupBitcoin Strategy and Other Institutions

Legal Proceedings Against Genius Group

The Southern District Court of New York issued a ruling that imposed restrictions on Genius Group’s financial activities. The court implemented a temporary injunction that prevents the company from generating revenue from stock sales.

The foundation of this legal process stems from contract disputes between Genius Group and Fatbrain AI. While attempting to terminate the agreement with Fatbrain AI, the company faced allegations of misconduct from certain shareholders. Following these allegations, the U.S. Securities and Exchange Commission also initiated an investigation.

Bitcoin Strategy and Other Institutions

Due to legal restrictions, Genius Group was forced to convert its Bitcoin reserves into cash. This situation negatively impacted the company’s stock price, which fell from $0.47 to $0.22, resulting in a decrease in market value.

Roger James Hamilton: Bitcoin is a priority in Genius Group’s financial strategy.

In April 2024, Genius Group adopted a significant strategy to prioritize Bitcoin in its financial reserves. The company stated that Bitcoin, viewed as part of its crypto assets portfolio management, serves as a safeguard against market uncertainties.

The Genius Group case highlights potential legal risks for other companies in similar situations. However, it’s worth noting that there hasn’t been a broader movement initiated by the court against companies investing in cryptocurrencies. This legal action appears to be an exception relevant solely to Genius and similar companies.

If legal proceedings continue, an increase in Bitcoin sales by Genius Group is anticipated. The strategy employed by the company is generating discussions in financial markets and may serve as an example for other institutions.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 4 April, 2025 - 1:39 am 4 April, 2025 - 1:39 am
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