Tag Archives: gemini

The Securities and Exchange Commission (SEC) has filed a complaint against Genesis Global Capital and Gemini Trust Company for allegedly selling unregistered securities to retail investors in the US. The SEC is seeking permanent injunctive relief, disgorgement of ill-gotten gains, plus front-end interest and civil penalties. Both companies raised billions of dollars by offering and selling securities to US investors through the Gemini Earn crypto asset lending program. Gemini...

Dutch crypto exchange Bitvavo claimed to have received an offer from Digital Currency Group (DCG) on January 9th to repay 70% of its debt within an acceptable period. However, the company refused the offer citing that the crypto conglomerate has sufficient funds available for full repayment. The development comes days after the trading platform revealed it is actively engaged in conversations with DCG to recover the resulting debt along with other creditors and advisors. The...

The Gemini Exchange in New York – headed by the Winklevoss Twins – has halted all withdrawals, sparking rumors that the company could be next in a long line of crypto firms to file bankruptcy. Gemini Exchange Halts All Withdrawals The move is a direct result of the collapse of FTX, which came crashing down in mid-November. Michael Barr, an official with the Federal Reserve, is calling upon Congress to regulate crypto once and for all due to the company’s failure. In a...

According to the latest edition of Arcane Research, the entire market appears to be stabilizing even though there’s still some uncertainty left. Having said that, all eyes are on DCG’s next steps, which can further intensify downward price action. Bitcoin Volatility Nearing 30-Months Low Bitcoin’s current price action was defined as stale as its volatility slumbered toward rare lows. Data suggested that the largest coin’s 7-day volatility reached lows not seen for two and...

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...

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...

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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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...

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...