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Genesis Global Capital

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finance1 year ago

Gemini Agrees to Return $1.1 Billion to Earn Customers

Gemini's former partner on its Earn program, Genesis Global Capital, filed for bankruptcy, leaving over $1.1 billion in locked-up holdings for Gemini Earn customers. As part of a settlement with the New York Department of Financial Services (NYDFS), Gemini has committed to returning 100% of the assets to its customers, with $40 million allocated for Genesis' bankruptcy proceedings and $37 million to NYDFS. The regulator alleged that Gemini did not conduct due diligence on Genesis, and NYDFS reserved the right to sue Gemini if the $1.1 billion is not returned after the resolution of Genesis' bankruptcy.

via CoinDesk|
#bankruptcy#cryptocurrency#finance
cryptocurrency2 years ago

"Barry Silbert's Crypto Empire Thrives Amid Time and Rising Markets"

Barry Silbert's Digital Currency Group (DCG) is facing a series of legal problems, including a potential ban in New York State and lawsuits from creditors. The collapse of the Terra cryptocurrency in 2022 has had a significant impact on DCG, with its Genesis Global Capital lending unit filing for bankruptcy protection. Despite the recent rally in the price of Bitcoin, DCG's flagship Grayscale Bitcoin Trust (GBTC) continues to trade at a discount. The company's future is uncertain, with the New York Attorney General seeking to ban DCG and Genesis from doing business in the state. However, the rising crypto markets could potentially help DCG recover.

via Forbes|
#barry-silbert#cryptocurrency#digital-currency-group
cryptocurrency2 years ago

Genesis Files Lawsuit Against Gemini Seeking $689M in 'Preferential Transfers'

Genesis Global Capital has filed a lawsuit against cryptocurrency exchange Gemini Trust, seeking to recover over $689 million in preferential transfers. The legal battle between the two companies began after the collapse of FTX, with Genesis filing for bankruptcy in January. The saga has also involved legal action from U.S. authorities, including allegations of selling unregistered securities and defrauding investors. Gemini is accused of making "unprecedented withdrawals" before the bankruptcy filing, contributing to a "run on the bank."

via CoinDesk|
#bankruptcy#cryptocurrency#gemini-trust
finance2 years ago

Genesis Global Capital Faces $600M in Unpaid DCG Loans: Court Docs

Genesis Global Capital has filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) seeking repayment of over $600 million in unpaid loans. The filings allege that DCG borrowed up to $500 million across four loans in 2022, while DCGI borrowed 18,697.7 BTC in 2019. Genesis, which filed for bankruptcy earlier this year, claims that DCG and DCGI are wrongfully in possession of its property. DCG has stated that they have reached a deal in principle with Genesis and are working on documenting a forbearance agreement to initiate the distribution of funds.

via CoinDesk|
#digital-currency-group#finance#genesis-global-capital
cryptocurrency2 years ago

Crypto Companies Battle Over Bankruptcy Funds and Mediation.

The liquidator of bankrupt crypto exchange FTX is seeking to retrieve nearly $4 billion for creditors from another bankrupt crypto firm, Genesis Global Capital (GGC), over payments made shortly before FTX's collapse amid allegations of fraud. GGC, which filed for bankruptcy in January, only has about $5 billion in assets. If the court allows FTX to go ahead, a zero-sum legal battle will ensue. The impending legal battle underscores how tightly connected major crypto players had become before trouble started brewing in the markets a year ago.

via WIRED|
#bankruptcy#crypto#cryptocurrency
cryptocurrency2 years ago

FTX Battles Genesis in Attempt to Recover Billions in Bankruptcy Case

FTX, the bankrupt crypto exchange, is seeking to recover almost $4 billion from Genesis Global Capital, which was "largely repaid" the nearly $8 billion in loans made to Alameda Research, an FTX-affiliated entity in the weeks leading up to FTX's bankruptcy in November. FTX wants to claw back the funds received by Genesis and non-debtor affiliates so that these funds can be shared with all other creditors of the FTX Debtors in the FTX Chapter 11 Cases.

via CoinDesk|
#bankruptcy#clawback#creditors