Genius Group has received an injunction from a New York court, suspending financing and coin purchases, and is forced to sell its BTC reserves
According to official news, AI and Bitcoin-oriented education company Genius Group has been ordered by the U.S. District Court for the Southern District of New York to cease financing, selling shares, and using investor funds to purchase Bitcoin.
Genius Group has been forced to reduce its Bitcoin reserves from 440 to 430 in order to maintain operations and is appealing the decision. The ban originates from a legal dispute related with Fatbrain AI (LZGI). Genius warns that if the ban continues, it will pose a serious threat to its normal operations.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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