A recent analysis indicates that Changpeng Zhao, Binance’s former chief, experienced a near $25 billion surge in his estimated wealth in 2023, while Coinbase’s Brian Armstrong enjoyed a $5.8 billion increase. Yet, topping the list was the elusive Satoshi Nakamoto, whose purported net worth rose by $26 billion this year. CZ and Nakamoto’s Combined Wealth…
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Crypto media firms in 2023 are emerging with new owners. After Foresight Ventures, a Singaporean Web3 venture capital firm acquired a major stake in the publication The Block, a week later, the crypto publication Coindesk was acquired by Bullish, a firm led by former New York Stock Exchange President Tom Farley. The purchase price was…
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A study by Henley & Partners, an investment migration consultancy in London, reveals an interesting insight: of the world’s 56.1 million millionaires, a notable 88,200 have earned their fortunes in cryptocurrency.
Crypto’s Elite: How Bitcoin and Cryptocurrency Carved Out a New Generation of Millionaires and Billionaires
At the time of writing, the crypto…
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Digital Currency Group has reached a preliminary agreement with Genesis creditors to settle the claims by reimbursing 70-90% in USD equivalent to unsecured creditors. As per a court filing, the in-principle deal reached with Genesis creditors offers up to 65%- 90% recovery on an in-kind basis depending on the denomination of particular cryptocurrencies. Exact details…
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Digital Currency Group (DCG) has filed a motion to dismiss the lawsuit brought against them by Gemini Trust Company, LLC. The motion, filed in the Southern District of New York, argues that Gemini’s allegations of fraudulent misrepresentations related to the Gemini Earn program are without merit and inadequately substantiated. DCG’s legal team asserts that the…
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Digital Currency Group (DCG) is reportedly under investigation in New York for financial transactions involving its subsidiary, Genesis Global Capital. Digital Currency Group (DCG) is now under scrutiny for its financial transactions involving its subsidiary, Genesis Global Capital. The investigation is reportedly being conducted by New York Attorney General Letitia James, Bloomberg reported, citing sources…
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The long-standing legal feud between FTX Trading and Genesis Global Holdco is taking a turn towards resolution. The two parties have reached an initial agreement, in principle, following bankruptcy protection disputes that have made industry headlines. An official letter to the bankruptcy judge representing their cases has affirmed the intent of the firms to put…
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Cameron and Tyler Winklevoss, the billionaire twins who owns crypto exchange Gemini, may have a hidden agenda with their lawsuit against Barry Silbert’s crypto conglomerate Digital Currency Group (DCG), a recent Fortune article has suggested. According to the article, there is a chance that the lawsuit filed by the Winklevoss twins’ Gemini exchange will not…
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This week’s Crypto Biz also explores Gemini’s fight with the Digital Currency Group (DCG) over user funds, new banking tools for the digital yuan, and OpenAI’s efforts to stop users from jumping paywalls. Twitter’s plans to roll out a payment platform took a major step forward this week as its subsidiary, Twitter Payments, received its…
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Winklevoss twins led crypto exchange Gemini has filed a lawsuit against the conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert for allegedly defrauding creditors. As per the lawsuit, Gemini claims the DCG CEO committed fraud as Genesis attempted to continue the Earn Program despite being “massively insolvent.” US-based crypto exchange Gemini is the…
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