Genius Group Dey Face Legal Wahala: Dem Sue LZGI Ogas For Dis Bitcoin Strategy Palava
Genius Group, wey dem list for New York Stock Exchange, dey inside legal fight wey dem file case against LZGI International, Inc Executives Peter Ritz and Michael Moe for $450 million under RICO Act. Before, company face wahala from Southern District Court of New York wey stop dem from raising money through stock sales and investing for Bitcoin, after court order wey Ritz and Moe ask for. For inside dis wahala, Genius Group need to sell some of dia Bitcoin wey dem keep to take dey run dia business, wey make dia Bitcoin reduce from 440 to 430 BTC. Even though dia stock price drop by 53% and legal pressure dey on dem, Genius Group still dey serious with dia Bitcoin plan, wey be to dey open and prevent fraud. Dem dey appeal make court cancel di orders, wey show say dem dey try hard to pass dis legal problem.
Bearish
The legal wahala wey Genius Group dey face, like case wey dem dey drag dem go court, no dey allow dem raise money anyhow, and dem dey force dem to sell their Bitcoin, dey cause bad bad things for their money matter and how market people dey see dem. This situation dey make people no sure if the company go fit do their Bitcoin plan well, and on top of say their share price don fall yakata, this one fit make people dey fear to use and invest for Bitcoin for inside the company. How market people dey react to rules and regulations before don dey cause price to dey jump up and down and make investors no dey trust again, wey fit even affect how people dey see Bitcoin as something wey fit keep money and as investment.