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Tag Archives: gemini

SBF Pleads Not Guilty, DCG-Gemini Fiasco Escalates, Bitcoin Stable Amid $17K: This Week’s Crypto Recap

The total cryptocurrency market capitalization managed to increase by around $17 billion in the past seven days. Interestingly enough, the gains came mostly on the back of altcoins. This is highlighted in the declining Bitcoin dominance – a metric that’s commonly used to gauge BTC’s share relative to that of the rest of the market. At the time of this writing, the BTC dominance sits at 38.1%, having peaked at over 38.4% last week.  Bitcoin’s price increased by a total of...

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Grayscale Ethereum Trust Discount Sinks to 60%, GBTC Down to 45%

The Grayscale Ethereum Trust (ETHE) has fallen to a record discount of -60% as fears over liquidations mount. The discount to net asset value (NAV) had been between -25% and -35% up until early November when FTX collapsed. It has since plummeted to its lowest-ever level this week. The Ethereum Trust is the firm’s second-largest, with $3.7 billion in assets under management (AUM). It holds around 3 million ETH, which is about 2.5% of its total market capitalization. The ETHE...

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Winklevoss Twins and Gemini Sued for Fraud Over Interest Accounts: Report

A group of investors has filed a class-action complaint against Gemini Trust Co. and its founders, Tyler and Cameron Winklevoss, alleging that the U.S. cryptocurrency exchange sold unregistered securities in the form of interest-bearing accounts. The lawsuit comes about a month after Gemini halted withdrawals due to liquidity issues facing one of its business partners. Gemini Faces Class Action for Fraud The plaintiffs, Brendan Picha and Max J. Hastings, filed the action in a...

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Crypto Exchange Huobi Says It’s Not Letting Employees Go

Huobi Global – a known cryptocurrency exchange – is denying rumors that it plans to let go of some of its employees. It has also denied rumors that two of its top executives have resigned in recent weeks. Huobi Global: We’re Keeping Our Workers 2022 has been a rough year for crypto. The space has lost more than $2 trillion in overall valuation over the past several months alone, and assets like BTC – the world’s number one digital currency by market cap – have fallen by...

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Troubled Crypto Firm Genesis Owes Gemini’s Customers $900 Million (Report)

The cryptocurrency brokerage platform – Genesis – and its parent company Digital Currency Group (DCG), reportedly owe customers of Gemini approximately $900 million.  Genesis has been coping with severe issues ever since the crash of FTX. It suspended withdrawals in November while its creditors have been making desperate calls to prevent bankruptcy. Almost $1 Billion in Debt The recent collapse of one of the largest cryptocurrency exchanges (FTX) caused a huge disruption of...

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Gemini Recovers From Services Outage Following Genesis Withdrawal Freeze

Gemini – the crypto exchange founded by the Winklevoss twins in 2014 – experienced sweeping service disruptions shortly after Genesis froze customer withdrawals on Wednesday.  The firm later clarified that an Amazon Web Services EBS outage was responsible for the disruptions, and restored functionality shortly afterward. According to Gemini’s status page, most of the company’s services were down, including “fiat deposits and withdrawals.” Both Gemini Earn and the Gemini...

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Gemini Taps MakerDAO To Boost Adoption of Its GUSD Stablecoin

On September 29, Gemini co-founder Tyler Winklevoss published a proposed “marketing incentive” on the MakerDAO forum to drive the adoption of his stablecoin GUSD through a three-month strategic plan. According to Tyler Winklevoss’ proposal, Gemini will pay monthly fixed annual interest of 1.25% on all the GUSD stored in MakerDAO PSM vaults, as long as the average monthly balance is at least 100 million GUSD by the end of the month. “As we’d like GUSD usage to increase...

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