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...Read More
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...Read More
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...Read More
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...Read More
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...Read More
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...Read More
Crypto lender Genesis Global has settled with the U.S. Securities and Exchange Commission (SEC) in a lawsuit related to its bankrupt Gemini Earn lending program. As part of the deal, Genesis has agreed to pay a $21 million civil penalty, contingent upon the full repayment of customers during its ongoing bankruptcy proceedings. Genesis Agrees to...Read More
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...Read More
The Digital Currency Group (DCG) has announced completing a payoff of all short-term loans from its bankrupt subsidiary Genesis, according to its official announcement on January 6th. Over the past year, DCG has paid off more than $1 billion of debt to various creditors. The venture capital giant directed nearly $700 million towards Genesis, thereby...Read More
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...Read More
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...Read More
The legal battle between Genesis and its parent company, DCG – which also owns multiple other crypto-related ventures, seems to be coming to an end. Yesterday, a deal was struck that would put to rest a lawsuit worth $630 million between the two companies. Some Sums Forfeited Earlier this year, the Winklevoss Twins’ – whose...Read More
