Genius Group Limited announced on April 3, 2025, that it was forced to sell its Bitcoin Treasury after a New York court blocked its ability to sell shares, raise funds, and specifically to use investor funds to buy Bitcoin. The United States District Court Southern District of New York (SDNY) granted a Temporary Restraining Order (TRO) on February 14, 2025, and a Preliminary Injunction (PI) on March 13, 2025.
These legal actions stemmed from a lawsuit filed by Michael Moe and Peter Ritz, officers of LZGI International, Inc., against Genius Group. The company initiated arbitration procedures to terminate its Asset Purchase Agreement (APA) with Fatbrain AI (LZGI) on October 30, 2024, and alleges the TRO and PI were based on false statements intended to extort money.
As a result of the PI, which legally blocks Genius from funding its operations, the company is appealing the injunction, pursuing over $750 million in damages through a RICO lawsuit against Moe and Ritz, and liquidating its Bitcoin Treasury to fund operations. The company's CEO, Roger Hamilton, expressed strong opposition to these actions, stating they pose a serious risk to its ability to continue operations.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.