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Cryptocurrency Lending

All articles tagged with #cryptocurrency lending

cryptocurrency2 years ago

Gemini Earn Users to Receive Nearly Full Crypto Recovery, DCG and Genesis Announce

Genesis and Digital Currency Group (DCG) have proposed a remuneration plan that could make over 230,000 retail creditors of Gemini's Earn program "nearly whole" after Genesis filed for bankruptcy protection. If approved, Gemini Earn users could recover approximately 95-110% of their claims, with unsecured creditors potentially receiving up to 90% of their holdings. The claim would be calculated based on returns from the Genesis bankruptcy estate and Gemini user collateral, including over 30 million shares of the Grayscale Bitcoin Trust. The proposed plan aims to file an amended version by October 6 and confirm a plan by the end of the year.

via CoinDesk|
#bankruptcy-protection#cryptocurrency#cryptocurrency-lending
cryptocurrency2 years ago

BlockFi to Shut Down Crypto Lending Platform.

BlockFi, a bankrupt cryptocurrency lender, plans to liquidate its cryptocurrency lending platform after concluding that selling the business to a new owner wouldn’t generate enough value for its creditors. The company owes nearly $1.3 billion to its top 50 creditors, and after engaging with potential buyers, it concluded that a sale might not generate meaningful value for creditors. The success or failure of pending litigation against its commercial counterparties will make a difference in excess of $1 billion to clients. BlockFi believes its proposed liquidation plan is the fastest way to return the funds in digital-wallet accounts to customers.

via Fox Business|
#bankruptcy#blockfi#creditors
cryptocurrency2 years ago

BlockFi to Liquidate Crypto Lending Platform.

Cryptocurrency lender BlockFi plans to liquidate its cryptocurrency lending platform after determining that selling the business to a new owner wouldn't generate enough value for its creditors. The company outlined its chapter 11 plan of reorganization, which will be sent to creditors for a vote. The amount clients will recover largely depends on the outcome of pending litigation.

via The Wall Street Journal|
#bankruptcy#blockfi#creditors