New York's listed company Genius Group announced that the U.S. District Court for the Southern District of New York (SDNY) has banned the company from selling shares to raise funds, and also banned the use of investor funds to buy Bitcoin, so it will be forced to sell Bitcoin in its treasury. It is reported that on October 30, 2024, Genius initiated an arbitration process to terminate the asset purchase agreement signed with Fatbrain AI (LZGI), and LZGI shareholders filed a lawsuit against LZGI and its executives Michael Moe and Peter Ritz, but on February 14 this year, Michael Moe and Peter Ritz applied to the court for a temporary restraining order (TRO) and preliminary injunction (PI) to prevent Genius from selling any shares or raising any funds to purchase Bitcoin. The temporary restraining order was approved on the same day and the preliminary injunction was approved on March 13. (Globenewswire)