According to the New York State Department of Financial Services (DFS), Genesis Global Trading has agreed to a settlement fine of $8 million and will forfeit its New York state Bitlicense as part of the agreement over compliance failures. Adrienne Harris, the DFS Superintendent said Genesis displayed a “demonstrated a disregard for the Department’s regulatory…
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Source: Digital Currency Group Digital Currency Group (DCG) has successfully settled over $1 billion in debt, including the substantial amount of nearly $700 million owed to its bankrupt subsidiary, Genesis. The announcement came from DCG CEO Barry Silbert, who took to the social media platform X to share the news. I’m happy to share that…
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Digital Currency Group has over $320 million left to repay, according to Genesis, and the deal would see that remaining sum repaid by April 2024. Bankrupt crypto lender Genesis and its parent company, Digital Currency Group (DCG), have struck a deal that could end an ongoing lawsuit to claw back $620 million in repayments from…
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In a recent legal move, Digital Currency Group’s (DCG) subsidiary Genesis Global Capital LLC has filed a complaint against the crypto exchange platform and custodian Gemini. Genesis hopes to claw back $689 million from the centralized crypto trading platform founded by Cameron and Tyler Winklevoss in 2014. Genesis Targets Gemini in $689M Legal Battle Over…
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Image Source: Shutterstock Crypto exchange Gemini has initiated a lawsuit against digital asset lender Genesis in an attempt to gain control over $1.6 billion worth of Grayscale Bitcoin Trust shares. The lawsuit, filed on Friday in the U.S. Bankruptcy Court Southern District of New York, aims to recover the shares to repay clients of Gemini’s…
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New York Attorney General Letitia James filed a lawsuit against crypto companies Gemini Trust Company, Genesis Global Capital, and its parent company Digital Currency Group (DCG) for allegedly defrauding over 230,000 investors out of more than $1 billion. The lawsuit claims the companies lied about the risks of their lending program and tried to conceal…
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Lawyers representing Gemini Trust filed a response in bankruptcy court to Digital Currency Group’s plan claiming to offer unsecured creditors a “70–90% recovery.” Lawyers representing Gemini Trust have pushed back against a plan proposed by Digital Currency Group (DCG) for creditors of Genesis Global. In a Sept. 15 filing in the United States Bankruptcy Court…
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Digital asset exchange Coinbase will be offering cryptocurrency loans to institutions in the United States. With the new service, the leading U.S. crypto trading platform seeks to fill the market gap opened by the collapse of companies like Celsius, Genesis, and Blockfi. Crypto Exchange Coinbase Starts Offering Crypto Loans to Institutions Cryptocurrency exchange Coinbase has…
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Creditors of crypto lender Genesis and its parent company the Digital Currency Group (DCG) have opposed a proposed settlement deal leveling accusations of voter manipulation. According to a filing on Aug. 31, creditors including digital asset exchange Gemini have criticized the proposal as an attempt to “manipulate” the bankruptcy procedure to favour a group of…
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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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