The company, an affiliate of Barry Silbert’s Digital Currency Group, has been providing crypto spot trading since 2013. Its closure is “for business reasons.” Genesis Global Trading (GGT) will close down its cryptocurrency spot trading service on Sept. 18, according to press reports. GGT is affiliated with the Digital Currency Group (DCG), but it was…
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Lawyers, accountants, and consultants make up professionals who have raked in over $700 million in fees following the collapse of several digital asset firms last year. A new report by the New York Times shows how the unfortunate crypto incidents have led to an unexpected “financial bonanza” for lawyers and other bankruptcy case-related professionals…. Read…
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A biography of billionaire investor Elon Musk reveals details about his involvement in the Dogecoin project and an idea to launch a social media platform based on blockchain. The book, which should be available later this month, also mentions a failed attempt by former crypto mogul Sam Bankman-Fried to help Musk’s acquisition of Twitter. Elon…
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Over the past three years, there’s been a notable movement in bitcoin holdings. Since September 1, 2020, a whopping 804,000 bitcoin, equivalent to $20.79 billion, has been pulled from centralized exchanges. Notably, 184,000 BTC of that sum, valued at $4.75 billion, was withdrawn in just the last three months. Billions in Bitcoin Withdrawn from Centralized…
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Online broker Robinhood is going to buy back the stake purchased by a company of crypto exchange FTX founder Sam Bankman-Fried (SBF). The fintech intends to pay $605.7 million for the shares that were transferred to the custody of the U.S. government after the bankruptcy of SBF’s businesses. Robinhood to Proceed With Planned Buyback of…
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The purchase of the 55 million Robinhood shares had been expected following approval from the company’s board and a U.S. district court. Cryptocurrency and stock trading platform Robinhood has announced the purchase of more than 55 million shares of the firm previously held by former FTX CEO Sam Bankman-Fried, also known as SBF. According to…
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The in-principle agreement reached by DCG and creditors also said that the ad hoc group and Gemini did not support the deal. The lenders of bankrupt cryptocurrency lender Genesis are not satisfied with the latest in-principle settlement agreement with other parties, including Digital Currency Group (DCG). On Aug. 29, the ad hoc group of Genesis…
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Sam Bankman-Fried’s legal team claimed last week that the FTX founder received assurances from lawyers his actions were lawful. However, federal prosecutors are now contesting the validity of Bankman-Fried’s defense strategy ahead of trial. Bankman-Fried’s Legal Defense in Question After DOJ Objection In a court filing published Tuesday, federal prosecutors questioned Bankman-Fried’s ability to rely…
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The estimated U.S. dollar equivalent recoveries could amount to 70%–90% for Genesis creditors, should the amended plan be carried out. Digital Currency Group (DCG), a major venture capital firm in the cryptocurrency industry, has reached an agreement in principle with creditors of its crypto lending subsidiary, Genesis. According to a court filing published on Aug.…
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In the unfolding saga of the Celsius bankruptcy case, a proposal was presented to elevate the defunct crypto enterprise’s native token, CEL, to a valuation of $0.80 each. Yet, the overseeing U.S. bankruptcy judge, Martin Glenn, dismissed this proposal. Consequently, Celsius’s creditors are rallying to set the token’s worth at a more modest $0.25 apiece.…
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