Tag Archives: genesis

On Monday, New York Attorney General Letitia James announced that her office has secured a $2 billion settlement with the bankrupt cryptocurrency firm Genesis Global. This agreement comes in response to allegations that Genesis defrauded investors, including tens of thousands of New Yorkers. $2 Billion Settlement In a post on social media platform X, AG James revealed that this is the largest settlement against a crypto company in New York history. It aims to compensate...

U.S. Bankruptcy Judge Sean Lane approved Genesis Global’s Chapter 11 liquidation plan on Friday, enabling the bankrupt cryptocurrency lender to return approximately $3 billion in cash and crypto to its creditors. This ruling means that its parent company, Digital Currency Group (DCG), will not recover anything from the bankruptcy proceedings. DCG Left with No Recovery Judge Lane’s ruling comes after overruling an objection from DCG, which argued that the repayment to Genesis’...

CoinspeakerGenesis Fined $21 Million in SEC Settlement Over Unregistered Securities The se­ttlement with Gene­sis signifies the­ SEC's commitment to oversee­ing crypto lending platforms and safeguarding investor inte­rests. Genesis Fined $21 Million in SEC Settlement Over Unregistered Securities

Crypto exchange Gemini has agreed to return a minimum of $1.1 billion to customers of its defunct Gemini Earn Program as part of its settlement deal with New York regulators. Gemini, led by Tyler and Cameron Winklevoss, is also facing legal issues from the US Securities and Exchange Commission (SEC) and the New York Attorney General’s office. Gemini’s Settlement With the NYDFS In a press release on Feb. 28, the New York Department of Financial Services (NYDFS) announced its...

New York Attorney General Letitia James has massively expanded her lawsuit against Digital Currency Group (DCG) for allegedly defrauding hundreds of thousands of investors in its relationship with Genesis and Gemini Earn. In an amended filing with the Supreme Court of New York on Friday, the AG accused both firms – alongside DCG CEO Barry Silbert and ex-Genesis CEO Soichiro Moro – of “defrauding additional individuals and institutions of an additional $2 billion.” Genesis...

Digital Currency Group (DCG) has filed a motion objecting to the bankruptcy plan proposed by Genesis Global Capital, its subsidiary, citing violations of the Bankruptcy Code. The objection – lodged on February 5th – asserts that Genesis’ plan exceeds the legal entitlements of its customers, potentially favoring a select group of creditors while stripping DCG of its rights. Instead of adhering to US bankruptcy laws, the venture capital firm said that Genesis has suggested...

Genesis Global Capital has formally requested authorization from the U.S. Bankruptcy Court for the Southern District of New York to proceed with an extensive sale of its holdings. The crypto lender, currently undergoing bankruptcy proceedings, submitted the new motion seeking approval to sell trust assets valued at approximately $1.6 billion. Genesis Seeks Court Approval for Liquidation As per a court filing on February 2, the trust assets comprise approximately $1.4 billion...

Digital Currency Group (DCG) subsidiary – Genesis Global Trading – reached a settlement with the New York Department of Financial Services (NYDFS) on January 12th. Genesis will pay an $8 million penalty after an agency’s investigation found significant failings in anti-money laundering and cybersecurity programs. NYDFS said the compliance failures left the company vulnerable to illicit activity and cybersecurity threats. Genesis’ Compliance Lapses According to the official...

Genesis, a bankrupt crypto lender, has successfully won a legal bid to prevent its parent company, Digital Currency Group (DCG), from selling or diminishing its ownership stake in the firm until the completion of Chapter 11 bankruptcy proceedings. This move by Genesis is aimed at securing vital tax benefits, which hinge on its continued status within the tax-consolidated group of which DCG is the common parent. Genesis Battles to Preserve $700M Tax Benefit in Reorganization...

Gemini, the Winklevoss Twins crypto platform offering an exchange, custodian services, and – in partnership with Genesis – Earn services, has been in a bit of trouble ever since the latter filed for bankruptcy last January. Possible Recovery Plan Waiting For Court Approval Genesis, whose legal troubles stemmed partly from a loan to its parent company DCG that had not been repaid, has reportedly finally worked out a plan for repayment with said firm, allowing it to repay...