Restrictive measures were taken in connection with a dispute about the merger of the Genius Group with Fatbrain AI. In March 2024, the companies entered into an agreement on a merger and purchase, but at the end of October, Genius tried to terminate the contract, announcing fraud from the leaders of Fatbrain AI at the conclusion of the transaction.
In February, the leaders of Fatbrain AI Michael Moe (Michael Moe) and Peter Ritz asked the court to ban Genius to sell shares so that the company could not spend the funds received on the purchase of bitcoin. The court ordered Genius to close some units, stop marketing activities and sell 10 out of 440 BTCs who were owned by the company. Genius does not exclude new bitcoins sales in the future.
“Genius Group takes all the necessary measures to reduce the sales of bitcoins, but in the coming months we will have to reduce our reserves of cryptocurrencies again if the trial is valid,” Genius said.
In April 2024, Fatbrain AI shareholders filed two claims against the company’s leaders, including MO and Ritz, as well as Genius Group, accusing them of violating federal laws on securities in connection with a merger. Genius itself claims that, fulfilling a court ban, the company violates the Law of Singapore, since it suspended the payment of compensation by shares for employees under employment contracts.
“We never thought that the US court could forbid our company to issue shares, attract funds or buy bitcoins. Usually this is decided by shareholders or board of directors of a public company, not a court, ”said Roger James Hamilton General Director Genius.
He added that the company will continue to support bitcoin, even if it is finally forbidden to replenish the crypto -cutter. For the first time, Genius bought cryptocurrency in November 2024, having acquired 110 bitcoins worth $ 10 million.
In March, the popular Rumble video platform also replenished its treasury by buying 188 bitcoins for $ 17.1 million. I invested in Bitcoin and Brazilian fintech company Méliuz, bought 45.72 BTC for $ 4.1 million.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
