AI Firm Genius Group Banned From Acquiring Bitcoin
Singapore-based AI firm Genius Group has been temporarily restricted from expanding its Bitcoin holdings due to a US court order prohibiting share sales, fundraising, and using investor funds to purchase more Bitcoin.
A New York District court issued a preliminary injunction and temporary restraining order on March 13, related to a broader dispute over the company’s merger with Fatbrain AI, as stated by Genius Group on April 3.
The merger with Fatbrain AI was completed in March 2024. However, by October 30, Genius Group initiated arbitration to terminate the agreement, citing alleged fraud by Fatbrain AI executives.
In February, Fatbrain AI executives Michael Moe and Peter Ritz requested the court orders to block Genius Group from selling shares, raising funds, and buying more Bitcoin until the arbitration is resolved.
