New York Attorney General Letitia James has secured a $50 million settlement from cryptocurrency exchange Gemini for Earn program investors. This settlement ensures that all defrauded investors will fully recover the assets they invested but were unable to withdraw when the program collapsed. Additionally, Gemini is now banned from operating any crypto lending program in…
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Cryptocurrency exchange Gemini announced on Wednesday that Earn users have received $2.18 billion of their digital assets in kind, representing 97% of their assets owed and a 232% recovery since Genesis halted withdrawals. This recovery follows a settlement with Genesis and other creditors, ensuring that Earn users will receive 100% of their digital assets back…
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New York Attorney General announced it has secured $2 billion from the bankrupt cryptocurrency firm Genesis Global to help pay back defrauded victims. In an announcement, the New York Attorney General said the settlement would be used to form a “victim’s fund” to help defrauded investors. This will include payouts to at least 29,000 New…
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New York Attorney General Letitia James has secured a $2 billion settlement with bankrupt cryptocurrency firms Genesis Global Capital, Genesis Asia Pacific, and Genesis Global Holdco. The settlement, which requires bankruptcy court approval, will establish a victims’ fund to compensate over 29,000 New Yorkers who invested more than $1.1 billion through the Gemini Earn program.…
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Crypto lender Genesis Global obtained court approval Friday to return approximately $3 billion to its customers as part of its bankruptcy liquidation. U.S. Bankruptcy Judge Sean Lane approved Genesis’ Chapter 11 plan, overruling an objection from its equity owner, Digital Currency Group (DCG), which argued that repayments should be based on January 2023 cryptocurrency values.…
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Following Genesis Global Capital’s receipt of authorization to divest its Grayscale fund holdings, reports disclose that Genesis executed the sale last week. The proceeds were then used to procure 32,041 bitcoin, aimed at reimbursing its clientele. Genesis Liquidates Grayscale GBTC Holdings According to Bloomberg Law, court filings dated April 2 reveal that Genesis liquidated approximately…
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Bankrupt crypto lending firm Genesis has converted approximately 36 million shares of Grayscale Bitcoin Trust (GBTC) into Bitcoin as part of preparations to settle its debts with creditors. According to a recent report by Bloomberg, the company liquidated the GBTC shares on April 2, at a value of around $58.50 per share at that time. Notably,…
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In recent weeks, Bitcoin.com News has chronicled the significant number of dormant bitcoin addresses that have sprung to life in March after years, if not a decade, of inactivity. Similarly, we’ve observed a resurgence of activity from older ethereum addresses. This Saturday highlighted a noteworthy event: an individual who took part in the Ethereum initial…
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Genesis Global Capital has settled with the U.S. Securities and Exchange Commission (SEC) and agreed to pay a $21 million civil penalty. The SEC further disclosed that the regulator will “not receive any portion of the penalty until after payment of all other allowed claims by the bankruptcy court, including claims by retail investors in…
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A federal judge has ruled that the US Securities and Exchange Commission’s lawsuit against crypto firms Gemini and Genesis will proceed in court. The judge’s decision comes after Gemini and Genesis attempted to have the lawsuit, which alleges the sale of unregistered securities through the Gemini Earn program dismissed. In a 32-page order issued on March 13, New York…
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