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- Welcome Kevin_Lee to the Gate Square! 🎉
Looking forward to more great crypto insights from him.
Check out and engage with Kevin_Lee’s latest post!
👉 Post: https://www.gate.com/post/status/11758920
👉 Profile: https://www.gate.com/profile/Kevin%20Lee
Let’s give Kevin_Lee a warm welcome! 👏👏👏
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Genius Group plans to distribute over 1 billion dollars in potential litigation proceeds to shareholders and increase its Bitcoin holdings.
Gate News bot news, according to Cointelegraph, AI-driven edtech company Genius Group stated that it plans to distribute potential proceeds from a billion-dollar lawsuit to shareholders, with a portion of it used to expand its Bitcoin reserves.
The Genius Group board approved a distribution plan in a press release on Thursday that will repurpose the proceeds from two lawsuits, which have a total claim amount exceeding $1 billion.
One of the lawsuits has been filed under the Racketeer Influenced and Corrupt Organizations Act (RICO), seeking over $750 million in damages from LZGI International. Genius Group CEO Roger Hamilton (Roger Hamilton) stated that the second lawsuit has not yet been filed.
Hamilton stated that based on the data from 2023, the company expects the claim amount to be at least $262 million, and the updated data may increase this amount to compensate for losses in 2024 and 2025.
Hamilton stated that these lawsuits aim to recover the losses incurred by shareholders due to the defendants.
He said, "The board believes that all profits generated from the successful outcomes of these cases should be directly distributed or reinvested for the benefit of the shareholders."