{"id":20605,"date":"2025-04-04T13:03:02","date_gmt":"2025-04-04T13:03:02","guid":{"rendered":"https:\/\/dogewisperer.com\/?p=20605"},"modified":"2025-04-04T13:03:02","modified_gmt":"2025-04-04T13:03:02","slug":"u-s-court-blocks-singapores-genius-group-from-expanding-bitcoin-holdings","status":"publish","type":"post","link":"https:\/\/dogewisperer.com\/?p=20605","title":{"rendered":"U.S. Court Blocks Singapore\u2019s Genius Group from Expanding Bitcoin Holdings"},"content":{"rendered":"<div>\n<p><span data-preserver-spaces=\"true\">Singapore-based artificial intelligence company Genius Group has been temporarily barred from expanding its Bitcoin reserves following a U.S. court order. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The company <\/span><a class=\"general-link\" href=\"https:\/\/ir.geniusgroup.net\/news-events\/press-releases\/detail\/176\/genius-group-blocked-from-raising-funds-and-buying-bitcoin\" target=\"_blank\" rel=\"nofollow noopener nofollow\"><span data-preserver-spaces=\"true\">announced on April 3<\/span><\/a><span data-preserver-spaces=\"true\"> that a New York District Court issued a preliminary injunction (PI) and temporary restraining order (TRO) on March 13, restricting it from selling shares, raising capital, or using investor funds to purchase additional Bitcoin.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The court order stems from an ongoing legal dispute between Genius Group and Fatbrain AI, linked to a merger and purchase agreement the two firms finalized in March 2024.<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/new-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">Best New Cryptocurrencies to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Genius Group Seeks to Terminate Merger, Alleges Fraud by Fatbrain AI Executives<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">By October 30, Genius Group initiated arbitration proceedings to terminate the merger, alleging fraudulent conduct by Fatbrain AI executives.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In response, Fatbrain AI executives Michael Moe and Peter Ritz filed for the TRO and injunction in February, effectively freezing Genius Group\u2019s ability to expand its Bitcoin holdings and conduct routine corporate activities until the arbitration is resolved.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The restrictions have significantly impacted Genius Group\u2019s operations. The company has closed business units, halted marketing efforts, and been forced to sell 10 Bitcoin from its treasury\u2014previously consisting of 440 BTC valued at over $23 million. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Additional Bitcoin sales could follow if the injunction remains in place.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cGenius is taking all necessary measures to minimize Bitcoin sales,\u201d the company said in its statement, adding that it may need <\/span><span data-preserver-spaces=\"true\">to <\/span><span data-preserver-spaces=\"true\">further<\/span><span data-preserver-spaces=\"true\"> downsize its treasury in the coming months<\/span><span data-preserver-spaces=\"true\">.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The legal conflict has also led to further lawsuits. <\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Genius Group has been blocked by the US District Court Southern District of New York from selling shares or raising funds, and specifically banned from buying Bitcoin, in direct opposition to the wishes and approvals of the Company&#8217;s board and shareholders.<\/p>\n<p>We will keep fighting\u2026 <a href=\"https:\/\/t.co\/Lk6uXzfCx6\" target=\"_blank\" rel=\"nofollow\">pic.twitter.com\/Lk6uXzfCx6<\/a><\/p>\n<p>\u2014 Roger James Hamilton (@rogerhamilton) <a href=\"https:\/\/twitter.com\/rogerhamilton\/status\/1907838407835001125?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"nofollow\">April 3, 2025<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span data-preserver-spaces=\"true\">In April 2024, shareholders of Fatbrain AI filed two lawsuits against <\/span><span data-preserver-spaces=\"true\">both<\/span><span data-preserver-spaces=\"true\"> Genius Group and Fatbrain executives, accusing them of violating federal securities laws. However, Genius Group was voluntarily dismissed from these suits in February.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">In a surprising turn, Genius Group claims the U.S. court order is causing it to breach Singaporean law by preventing it from issuing shares promised to employees as part of compensation agreements. CEO Roger James Hamilton expressed concern over the court\u2019s authority. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">\u201cWe never dreamed that it was possible that a U.S. court could block the company from being able to issue shares, raise funds <\/span><span data-preserver-spaces=\"true\">or<\/span><span data-preserver-spaces=\"true\"> buy Bitcoin \u2014 all actions <\/span><span data-preserver-spaces=\"true\">that would normally be<\/span><span data-preserver-spaces=\"true\"> decided by a public company\u2019s shareholders or Board rather than a court.\u201d<\/span><\/p>\n<p><strong><span data-preserver-spaces=\"true\">EXPLORE:\u00a0<\/span><a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-ai-crypto-coins\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">10 Best AI Crypto Coins to Invest in 2025<\/span><\/a><\/strong><\/p>\n<h2><span data-preserver-spaces=\"true\">Genius Group CEO Reaffirms Bitcoin Commitment Amid Legal Setbacks<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Despite the legal hurdles, Hamilton affirmed the company\u2019s commitment to Bitcoin, stating it will \u201ccontinue to fly the flag for Bitcoin\u201d even under current constraints.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Genius Group <\/span><span data-preserver-spaces=\"true\">first<\/span><span data-preserver-spaces=\"true\"> began building its Bitcoin treasury in November 2024, acquiring 110 BTC for $10 million. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The company has publicly committed to holding 90% or more of its reserves in Bitcoin, targeting a $120 million treasury\u2014a move that once sent its stock soaring by 66%.<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, shares have since plummeted, closing <\/span><span data-preserver-spaces=\"true\">down<\/span><span data-preserver-spaces=\"true\"> nearly 10% to $0.23 and falling further after hours. From a peak of over $96 in June 2022, the stock has <\/span><span data-preserver-spaces=\"true\">now<\/span><span data-preserver-spaces=\"true\"> lost more than 99% of its value.<\/span><\/p>\n<p><strong>DISCOVER:\u00a0<a class=\"general-link\" href=\"https:\/\/99bitcoins.com\/cryptocurrency\/best-meme-coin-icos\/\" target=\"_blank\" rel=\"noopener\">Best Meme Coin ICOs to Invest in April 2025<\/a><\/strong><\/p>\n<p><a class=\"general-link\" href=\"https:\/\/discord.gg\/B7Uk6agkqj\" target=\"_blank\" rel=\"noopener nofollow\"><b>Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/b><\/a><\/p>\n<div class=\"nnbtc-key-takeaways\">\n<h3 class=\"nnbtc-key-takeaways__title\">Key Takeaways<\/h3>\n<ul class=\"nnbtc-key-takeaways__list\">\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">A U.S. court order has temporarily barred Genius Group from expanding its Bitcoin holdings or raising funds.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">The restrictions stem from a legal dispute with Fatbrain AI over alleged fraud tied to a failed merger.<\/span>    <\/li>\n<li class=\"nnbtc-key-takeaways__list-item\">\n        <span data-preserver-spaces=\"true\">Despite operational setbacks, Genius Group remains committed to its Bitcoin strategy.<\/span>    <\/li>\n<\/ul><\/div>\n<p>The post <a href=\"https:\/\/99bitcoins.com\/news\/u-s-court-blocks-singapores-genius-group-from-expanding-bitcoin-holdings\/\">U.S. Court Blocks Singapore\u2019s Genius Group from Expanding Bitcoin Holdings<\/a> appeared first on <a href=\"https:\/\/99bitcoins.com\/\">99Bitcoins<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Singapore-based artificial intelligence company Genius Group has been temporarily barred from expanding its Bitcoin reserves following a U.S. court order. The company announced on April 3 that a New York District Court issued a preliminary injunction (PI) and temporary restraining order (TRO) on March 13, restricting it from selling shares, raising capital, or using investor [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":0,"footnotes":""},"categories":[2],"tags":[3,4,5],"class_list":["post-20605","post","type-post","status-publish","format-standard","hentry","category-news","tag-crypto","tag-doge","tag-news"],"_links":{"self":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=20605"}],"version-history":[{"count":0,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=\/wp\/v2\/posts\/20605\/revisions"}],"wp:attachment":[{"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=20605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=20605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dogewisperer.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=20605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}