Bitcoin’s price dropped to $25,500 after the SEC announced a lawsuit against Binance and Changpeng Zhao, a move which also has BTC bulls wondering if the bottom is truly in. Bitcoin’s price declined 5% in one hour on June 5 after the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance on allegations…
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Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.__________… Read More: Today in Crypto: JPMorgan Partners with 6 Indian Banks on Blockchain-Based Interbank Transactions, APPG Makes 53 Crypto Recommendations to the UK Government, Charles Hoskinson Warns About the Rise in AI-generated Frauds…
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The FTX debtors alleged that the claim was filed “without any advance notice,” and they were not invited to participate in the mediation. Just a month after bankrupt cryptocurrency exchange FTX sought $4 billion from the also bankrupt crypto lender Genesis, it is now contesting a claim that it is entitled to nothing. According to…
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FTX and its affiliates have objected to extending court-mediated settlement talks for bankrupt crypto lender Genesis. In a recent court filing, FTX said it had not been invited to a court-appointed mediation in May that involved Genesis, its parent company Digital Currency Group, and creditor Gemini Trust Co, despite being a major Genesis creditor…. Read More:…
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Gemini Trust Company and Genesis Global Capital filed a court document on May 26, 2023, seeking the dismissal of a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). The regulatory body had accused the two crypto firms of offering unregistered securities. Gemini and Genesis Refute SEC’s Claims of Unregistered Securities, File Motion to…
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TradeBlock, an institutional investor focused subsidiary of Barry Silbert’s crypto conglomerate Digital Currency Group, is closing down, according to Bloomberg News. “Due to the state of the broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the US, we made the decision to sunset the institutional trading platform…
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The bankrupt crypto exchange wants to recoup billions from the bankrupt crypto lender claiming it was “instrumental” to FTX’s “fraudulent” business model. Cryptocurrency exchange FTX is seeking to recover around $4 billion from similarly bankrupt crypto lender Genesis and a still-solvent British Virgin Islands-based entity — part of efforts to recover value for creditors. In…
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Genesis is starting a 30-day meditation with its key creditors as its bankruptcy proceedings are close to hitting the four-month mark. Crypto lender Genesis and its key creditor group have agreed to a 30-day mediation process in an attempt to move forward with a final restructuring plan, though one company is expressing “frustration” over the…
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The crypto conglomerate reported that falling crypto prices and the fallout from Three Arrows Capital’s loan default to Genesis affected its results. Cryptocurrency venture capital conglomerate Digital Currency Group (DCG) has reported losses of over $1 billion in 2022 due largely to the contagion relating tocollapse of crypto hedge fund, Three Arrows Capital (3AC). DCG…
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Following the recent court filing from liquidators for Three Arrows Capital (3AC) claiming frustration with the 3AC co-founders for allegedly failing to respond to subpoenas sent via Twitter. Su Zhu, one of the co-founders, recently tweeted about his new crypto venture, Open Exchange. The exchange aims to provide users with the ability to trade or…
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