Genius Group says it’s been banned from buying more Bitcoin
The preliminary injunction blocking Bitcoin purchases is connected with a broader dispute surrounding a merger with Fatbrain AI that went sour in October last year.
Singapore-based artificial intelligence firm Genius Group says it’s temporarily barred from expanding its Bitcoin treasury after a US court order has banned it from selling shares, raising funds and using investor funds to buy more Bitcoin.
A New York District court issued the preliminary injunction (PI) and temporary restraining order (TRO) on March 13 in connection with a broader dispute surrounding its merger with Fatbrain AI, the Genius Group said in an April 3 statement.
Fatbrain AI and Genius Group completed a merger and purchase agreement in March 2024, but by Oct. 30, Genius initiated arbitration procedures to terminate, alleging fraud by Fatbrain AI executives connected to the deal.
