Singapore artificial firm says that the genius group is temporarily prohibited from expanding its bitcoin treasury after it was banned by a United States court order from selling shares, raising funds and using investor funds to buy more Bitcoin.
A New York district court issued a preliminary injunction (PI) and temporary restraining order (TRO) on March 13 in connection with a broader dispute surrounding its integration with Fatbrain AI, the Genius Group Says In a statement of April 3.
Fatbrain AI and Genius Group completed An aggregation and purchase agreement in March 2024, but on October 30, genius began arbitration procedures to end, allegedly fraud by Fatbrain AI’s Fatbrain Ai executives connected to the deal.
Source: Roger James Hamilton
In February, Fatbrain AI executives filed and Peter Ritz filed for TRO and permanent injunction, blocked buying more bitcoin The outcome of arbitration is pending.
The injunction forced the genius group to close divisions, stop marketing activities and sell 10 bitcoin (Btc) from Its stash of 440It costs more than $ 23 million in current prices, to continue funding its operations. The firm has not ruled out more sales in the future.
“Genius is taking all the necessary steps to reduce Bitcoin sales but it is hoped that it will need to overthrow the Bitcoin treasury in the coming months in case the PI stays in place,” the company said.
Fatbrain AI shareholders also filed two suits against Fatbrain AI executives, including Moe and Ritz, and Genius Group, in April 2024, allegedly violating federal security laws related to integration, ASX laws Says In an October statement.
Two shareholders’ suits against Fatbrain AI allegedly in the event of a combination are fraudulent, deceiving shareholders of $ 30 million. Source: ASX Law
The genius group was subsequently removed from the suits in February. 14.
Genius Group claims Breaking Singapore Law by following the adoption –
The Genius Group said the US court injunction was also forced to break the law of Singapore by stopping to share compensation with employees as part of working agreements.
“We never dreamed that it was possible that a US court could hinder the company from the ability to issue shares, raise funds or buy Bitcoin – all actions that shareholders or boards of a public company would usually decide,” said Genius Group CEO Roger James Hamilton.
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He said the firm was “continued to fly the flag for Bitcoin,” despite the legal banned from the formation of its treasury ark.
Fatbrain AI did not immediately respond to Cointelegraph’s request for comment.
Artificial Intelligence Firm Genius Group was first announced in November 2024 that it had took the first steps to produce a Treasury of Bitcoin By buying 110 Bitcoin for $ 10 million.
The firm had previously announced the general purpose of Makes 90% or more of the present and future reserves held in Bitcoin, with an initial $ 120 million target, which has seen a stock price advance of 66%.
Genius Group’s sharing price dropped 9.80% in the final trading session to $ 0.23, with an additional 3.74% fall after bell at $ 0.22, Google Finance data Shut up.
The price of sharing of the genius group dropped to the final trading session and after the bell. Source: Finance on Google
The stock struck a full time high over $ 96 in June 2022 but since the lost more than 99% of its value.
