Genius Group, which is based in Singapore, says it temporarily prevents the bitcoin wardrobe after it was prevented by an order from the United States Court from selling shares, collecting money and using investor money to buy more bitcoin.
A local court in New York has issued a preliminary judicial order (PI) and the temporary restriction order (TRO) on March 13 regarding a broader conflict that surrounds its merging with Fatbrain Ai, The Genus Group He said In April 3 statement.
Fatbrain Ai and Genius Group complete Integration and purchase agreement in March 2024, but by October 30, the genius of the arbitration procedures began to end, claiming fraud by the executives from the AI FATBrain connected to the deal.
source: Roger James Hamilton
In February, FATBRAIN AI, Michael Mo and Peter Ritz, applied to TRO and Artainent Group, prevent Genius Group from selling their shares, collecting money and buying more bitcoin waiting for the arbitration results.
The Genius Group group forced the sections closing, stopping marketing activities and selling 10 Bitcoin (BTC) from its 440 hidden hideout, worth more than $ 23 million at current prices, to continue financing its operations. The company has not excluded more sales in the future.
The company said: “Genus takes all the measures necessary to reduce bitcoin sales, but it expects that it will need to reduce the size of the Bitcoin wardrobe in the coming months if PI remains in place.” AI FATBrain AI’s shareholders also filed a lawsuit against FATBrain AI executives, including MEE and Ritz, and Genius Group, in April 2024, on the pretext of violating federal securities laws regarding integration, ASX Law He said In the October statement. Two of the shareholders’ claims against the alleged artificial intelligence during the fraudulent integration process, which withdrew the shareholders of $ 30 million. source: ASX Law The Genius Group was later rejected in the case on February 14. Genus Group says that the US court has also forced her to break the Singapore law by stopping stock compensation for employees as part of employment agreements. “We have never dreamed that the American court could prevent the company from the ability to issue shares, collect money, or buy bitcoin – all procedures that the public company or the board of directors usually decide instead of a court,” said Roger James Hamilton, CEO of Genus Group. Related to: Rumble hosts the encryption strategy in the Trump era with the purchase of $ 17 million BTC He said that the company “will continue to fly the flag to Bitcoin”, even when it was legally banned from building the treasury. FATBrain AI did not respond immediately to order Cointelegraph for comment. Genius Group announced for the first time in November 2024 that it had taken the first steps to build a Bitcoin wardrobe by buying 110 Bitcoin for $ 10 million. The company had announced earlier its general goal of committing 90 % or more of its current and future reserves in Bitcoin, with a first goal of $ 120 million, which witnessed the share price of 66 %. Genius Group shares price decreased by 9.80 % in the last trading session to $ 0.23, with a decrease of 3.74 % after the bell to $ 0.22, Google financing data He appears. The price of Genius Group fell during the last trading session and after the bell. source: Google Financing The stock has reached the highest level of more than $ 96 in June 2022, but has since lost more than 99 % of its value.
Genus Group claims that it breaks the Singapore law by following the matter
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