Friday , March 1 2024
Home / Tag Archives: genesis

Tag Archives: genesis

Gemini Settles With New York DFS, Commits to Return $1.1 Billion to Earn Customers

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...

Read More »

NYAG Triples Fraud Estimate in DCG Lawsuit to $3 Billion

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...

Read More »

DCG Slams Genesis’ Bankruptcy Plan as ‘Act of Bad Faith’

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...

Read More »

Genesis Global Capital Seeks Approval for $1.4B GBTC Liquidation in Bankruptcy Court

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...

Read More »

Genesis Global Trading Settles with NYDFS for $8 Million Over Compliance Failings

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...

Read More »

Judge Rules DCG Must Hold on to Genesis Until Bankruptcy Proceedings Conclude

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...

Read More »

Gemini Proposes Recovery Plan, Angers Creditors

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...

Read More »

Gemini and Genesis File Motion to Dismiss SEC’s Lawsuit against Earn Program

The outcome of the SEC’s lawsuit against Gemini and Genesis is expected to have significant implications for the crypto industry and its evolving regulatory landscape. Gemini crypto exchange, and Genesis, an insolvent crypto lender, have jointly filed a motion in US federal court, seeking the dismissal of the complaint filed by the United States Securities and Exchange Commission (SEC) complaint against the Earn Program. The SEC alleges that the Earn Program, operated by both firms,...

Read More »

Digital Currency Group (DCG) to Close Down Its Prime Brokerage Subsidiary TradeBlock

TradeBlock will officially begin the process of shutting down on May 31. Digital Currency Group (DCG), a New York-based venture capital firm that invests and provides services to crypto companies is winding down its TradeBlock subsidiary. According to a May 25 report from Bloomberg, the company, headed by Breanne Madigan, who previously worked at Goldman Sachs for 15 years, will begin the shutdown of the platform by the end of the month, specifically on May 31. TradeBlock, dedicated...

Read More »