Bitcoin‘s Unlikely Victim: Genius Group’s Bitcoin Ban
As the sun rises over the bustling streets of Singapore, the artificial intelligence firm Genius Group is facing an existential crisis. It’s been temporarily barred from expanding its Bitcoin treasury, a fate worse than being stuck in a never-ending loop of bureaucratic red tape. 😩
A New York District court, in a move that’s left everyone scratching their heads, has issued a preliminary injunction and temporary restraining order against Genius Group. This means the firm can’t sell its shares, raise funds, or use investor funds to buy more Bitcoin. It’s like being told you can’t eat your favorite dessert, but you still have to pay for it. 🍴
The dispute began when Genius Group completed a merger with Fatbrain AI in March 2024. However, by October of the same year, Genius initiated arbitration procedures to terminate the deal, alleging fraud by Fatbrain AI executives. It’s like being in a bad relationship, but with more lawyers and less romance. 💔
As a result of the injunction, Genius Group has been forced to close divisions, halt marketing activities, and sell 10 Bitcoin from its stash of 440, worth over $23 million at current prices. It’s like being forced to sell your prized possession, but you still have to keep it in the house. 🏠
Genius Group hasn’t ruled out selling more Bitcoin in the future, but CEO Roger James Hamilton is determined to “continue to fly the flag for Bitcoin,” even when legally banned from building out its treasury. It’s like being a rebel without a cause, but with more Bitcoin. 🚀
Genius Group’s share price has taken a hit, down 9.80% in the last trading session to $0.23, with a further 3.74% drop after the bell to $0.22. It’s like being stuck in a never-ending cycle of financial woes. 📉
The stock hit an all-time high of over $96 in June 2022, but has since lost over 99% of its value. It’s like being in a bad investment, but with more regret. 🤦♂️
As the situation unfolds, one thing is certain: Genius Group’s Bitcoin ban is a reminder that even the most unlikely of victims can fall prey to the whims of the court. 🤔
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2025-04-04 06:23