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Genius Group, a Singaporean AI firm, is facing legal challenges that have forced it to sell Bitcoin and file for Chapter 11 bankruptcy. The company, operating under the name Genuine Genius Technologies, LLC, filed for bankruptcy on April 3, 2025, in the District of Nevada, reporting assets and liabilities between $1 million and $10 million. Additionally, a New York District court issued a preliminary injunction that restricts Genius Group from expanding its Bitcoin treasury, selling shares, raising funds, or making further purchases. The company has also filed a lawsuit under the U.S. Racketeer Influenced and Corrupt Organizations Act (RICO) against executives Peter Ritz and Michael Moe of LZGI International, Inc., seeking over $450 million in damages.
NYSE-listed company Genius Group announced that it has filed a lawsuit under the U.S. Racketeer Influenced and Corrupt Organizations Act (RICO) in the Southern District of Florida against Peter Ritz and Michael Moe, two executives of LZGI International, Inc. (LZGI), seeking $450
$GNS Genius Group files RICO lawsuit against Michael Moe and Peter Ritz, seeks over $450 million in damages
NEW: 🇸🇬 Singaporean AI firm Genius Group has been temporarily prevented from expanding its Bitcoin treasury by a 🇺🇸 US court order. The NY District court issued a preliminary injunction, restricting the company from selling shares, raising funds, or purchasing additional https://t.co/8fEEpEHSIv
