Source: ASX LawGenius Group was subsequently voluntarily dismissed from the suits on Feb.14. Genius Group claims it’s breaking Singapore law by following order Genius Group says the US court injunction has also forced it to break Singapore law by halting share compensation to employees as part of its employment agreements.“We never dreamed that it was possible that a US court could block the company from being able to issue shares, raise funds or buy Bitcoin — all actions that would normally be decided by a public company's shareholders or Board rather than a court,” said Genius Group CEO Roger James Hamilton.
Source: Roger James HamiltonIn February, Fatbrain AI executives Michael Moe and Peter Ritz filed for the TRO and permanent injunction, blocking Genius Group from selling its shares, raising funds and buying more Bitcoin pending the arbitration outcome. The injunction has forced Genius Group to close divisions, halt marketing activities and sell 10 Bitcoin (BTC) from its stash of 440, worth over $23 million at current prices, to continue funding its operations.
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.
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Author / Journalist: Cointelegraph by Stephen Katte
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