Justin Sun, founder of TRON Foundation, has revealed he is willing to spend up to $1 billion of his own money to buy assets of embattled cryptocurrency lender Genesis’ parent firm, Digital Currency Group (DCG). In an interview with Reuters, the Chinese crypto entrepreneur said he is willing to spend that amount to buy a portion of…
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The US Securities and Exchange Commission (SEC) brought charges against major crypto exchange Gemini and the troubled crypto lending and trading firm Genesis. Per the press release issued by the regulator on January 12, “The [SEC] today charged Genesis Global Capital, LLC and Gemini Trust Company, LLC for the unregistered offer and sale of securities…
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Digital Currency Group’s crypto brokerage firm Genesis owes over $3 billion to creditors, pressing the crypto conglomerate to consider selling assets in its large venture portfolio to raise money. According to a report by the Financial Times, DCG, the parent company of Genesis, plans to raise fresh cash after its lending arm took heavy losses in the…
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Crypto broker Genesis allegedly owes $900 million to clients of cryptocurrency exchange Gemini. Cryptocurrency broker Genesis Global Trading allegedly owes its creditors more than $3 billion, according to a Jan. 12 report from the Financial Times. Its parent, the Digital Currency Group (DCG), which also owns Grayscale Investments and its series of digital asset trusts,…
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Michael Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings, argued that the events of 2022 have ‘cleansed’ the industry and that it is now time to survive the “transition period”. Talking to CNBC on Tuesday, Novogratz said that 2022 was a “grand washout” for the crypto industry, explaining that everything…
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Following accusations from Gemini co-founder Cameron Winklevoss in an open letter to Digital Currency Group CEO Barry Silbert, a report citing “people familiar with the matter” states that federal prosecutors from New York are scrutinizing transfers between Digital Currency Group and its subsidiary, Genesis Global Capital. Report Claims Digital Currency Group, Genesis Global Capital Allegedly…
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Genesis announced in August that it planned to cut its then-260-person workforce by 20%, with CEO Michael Moro moving into an advisory role. Crypto lending platform Genesis Global Trading has reportedly cut 30% of its workforce in its second round of layouts in six months. According to a Jan. 5 Wall Street Journal report, Genesis…
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The founders of the now-defunct cryptocurrency hedge fund Three Arrows Capital (3AC) have been served subpoenas by the fund’s liquidators via Twitter. While serving subpoenas on Twitter is rare, it has happened on various occasions in the past, including when Wikileaks was served on Twitter in 2018. Founders of Defunct Crypto Hedge Fund Contacted Electronically…
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Renowned crypto firm Arcane Research has issued a warning to Bitcoin (BTC) and Ethereum (ETH) investors in light of the escalating events surrounding Digital Currency Group (DCG), Genesis, and Grayscale. In an article by analyst Vetle Lunde, the firm warns: Investors should pay attention to the ongoing financial distress related to Digital Currency Group (DCG)…
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