Tag Archives: genesis

CoinspeakerGenesis Creditors to Receive 90% in Funds amidst Agreement with DCG In addition to the partial repayment agreement, DCG has also committed to paying an additional $275 million, disbursed in four installments after the date of the initial partial repayment.  Genesis Creditors to Receive 90% in Funds amidst Agreement with DCG

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,...

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...

Gemini seeks to exact its owed payment sum from Genesis parent DCG and is working with several creditors on a forbearance plan. Gemini Trust Company LLC recently said that Genesis parent DCG missed a $630 million loan payment last week. This development is the latest occurrence in the ongoing dispute between the Cameron Winklevoss-run crypto custodian and digital currency VC firm. In January, Gemini CEO Winklevoss threatened to sue his DCG counterpart Barry Silbert, and the entire company,...

Earn Your First Bitcoin Sign up and get $12 Bonus Referral bonus up to $3,000 Sign up The effects of the 2022 bear market haven’t fully disappeared, it seems. There are many companies out there still dealing with the repercussions of those bearish ripples, the Gemini exchange in New York being a big one. Gemini Gets $100 Million from Its Founders Not long ago, it was announced that Gemini...

Biden’s latest action against crypto has garnered several opposing reactions from the crypto community. The 46th elected president of the United States Joe Biden has announced his intention to close tax loopholes for “wealthy crypto investors”. He tweeted requesting Congress to cut loopholes that help the crypto tycoons. Biden also accused MAGA House Republicans of supporting wealthy crypto investors and failing to support the food safety inspections budget. The president made this...

While the EU is in the final stages of making MiCA a reality and hence fosters a more defined market participation, the industry has been fussing around the laid-back approach of the US in relation to floating similar rules. The European Union (EU) has now broken the record of being the first region in the world to pass the most comprehensive regulations to guide the broader nascent digital currency ecosystem. The recent approval came from the EU Parliament who voted for the bill by a...

Roger Ver – often dubbed “Bitcoin Jesus” and the founder and former CEO of Bitcoin.com – says he’s willing to pay up when it comes to the $20 million lawsuit posed against him by Genesis, the now bankrupt crypto lending division of the Digital Currency Group (DCG). Roger Ver Discusses the Genesis Lawsuit On Reddit, Ver posted the following: I have sufficient funds on hand to pay Genesis the sums allegedly owed, and I’m happy to pay what I owe. However, Genesis was...

Not long ago, Live Bitcoin News reported that Genesis Global Capital – the lending division of the Digital Currency Group (DCG) – was preparing for bankruptcy. While it looked like the situation was inevitable, it was believed that there was potentially a small chance that the company was going to be able to survive its present ordeal. Sadly, it doesn’t look like that’s going to happen now as the firm has proceeded with its bankruptcy filing. Genesis Files Bankruptcy The...

It’s happened again, folks. Another bankruptcy is in the crypto books. This time, the company that’s falling victim to alleged bankruptcy proceedings is Genesis, the crypto lending unit of the Digital Currency Group that has worked heavily with Gemini, a crypto exchange in New York run by the Winklevoss Twins. It Looks Like Genesis Will File for Bankruptcy The company is complaining of a “liquidity crunch” in recent posts. Does that sound familiar? If not, it should....