FTX Trust is suing bitcoin miner Genesis Digital for $1.50 billion
2025-09-23 20:45:32
FTX Restructuring Trust is suing bitcoin miner Genesis Digital Assets in the US Bankruptcy Court in Delaware, alleging that former FTX chief executive Sam Bankman-Fried invested $1.15 billion in the company through Alameda, calling it "one of its most reckless investments". The lawsuit seeks to recover $1.50 billion. The FTX Restructuring Trust said Genesis Digital was based in Kazakhstan, had a grossly inflated valuation, provided unaudited financial statements that were "unrealistic" and faced electricity shortages, new taxes and energy restrictions. A Genesis spokesperson declined to comment.
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