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Genesis Returns $2.2B in Crypto Assets to Lending Program Participants
30.5.2024
Defunct crypto lender Genesis distributed $2.18b worth of crypto to 232,000 users enrolled in Gemini Earn, an interest-accruing lending program. The distribution followed a New York bankruptcy judge approving the Chapter 11 plan last week.
The post Genesis Returns $2.2B in Crypto Assets to Lending...
Gemini Earn to repay customers’ crypto by month-end
20.5.2024
A U.S. court has approved a Chapter 11 bankruptcy plan for the defunct cryptocurrency lender Genesis. According to a company announcement, Gemini, a Genesis creditor, will return assets to customers by the end of the month. Genesis, the bankrupt cryptocurrency lender that ceased operations...
Crypto Lender Genesis Requests US Bankruptcy Court to Approve ‘Settlement Principle’
20.3.2024
The insolvent cryptocurrency lender, Genesis, has petitioned a U.S. bankruptcy court to approve a proposed settlement principle announced on Feb. 28. According to an update, if the court approves the settlement, Genesis Earn users will receive all of their digital assets back in kind....
Genesis Agrees to Pay $21M Fine to Settle SEC Crypto Lending Charges
19.3.2024
Bankrupt cryptocurrency lender Genesis Global Capital has agreed to pay a $21 million fine as part of a final court judgement to settle charges with the U.S. Securities and Exchange Commission (SEC). In an official ruling released on March 19, the SEC highlighted the reason for the penalty...
Genesis to Pay SEC $21M Penalty to Settle Charges Over Gemini Earn Product
19.3.2024
The bankrupt crypto lender Genesis Global Capital has agreed to a final judgment ordering it to pay $21 million to settle charges with the U.S. Securities and Exchange Commission (SEC) for violating securities laws by offering and selling its now-defunct Gemini Earn program, the SEC announced...
Crypto Lender Genesis Agrees to $21 Million SEC Fine, Funds to Await Bankruptcy Claim Settlements
19.3.2024
Genesis Global Capital has settled with the U.S. Securities and Exchange Commission (SEC) and agreed to pay a $21 million civil penalty. The SEC further disclosed that the regulator will “not receive any portion of the penalty until after payment of all other allowed claims by the bankruptcy court...
Judge Edgardo Ramos rejects SEC petition against Gemini Earn program
14.3.2024
Judge Edgardo Ramos denied dismissing a case that the US Securities & Exchange Commission had brought against the US District Court for the Southern District of New York. The agency had plausibly alleged that Gemini Trust Company and Genesis Global Capital were engaged in offering unregistered...
Coin-for-Coin Payback — Gemini Announces Full Recovery of Crypto Assets for Earn Users After Genesis Settlement
1.3.2024
Gemini has reached a settlement with Genesis and other creditors within the Genesis bankruptcy proceedings, promising a full in-kind return of digital assets to Earn program users. This resolution, pending bankruptcy court approval, signifies a major victory for users, with over $1.8 billion...
Genesis Settles SEC Lawsuit, Agrees to $21 Million Civil Penalty for Earn Product
2.2.2024
Genesis Global and its affiliated entities have reached a settlement with the United States Securities and Exchange Commission (SEC), agreeing to pay a civil penalty of $21 million. The settlement, which resolves the SEC’s civil lawsuit against Genesis over the “unregistered offer...
Gemini Earn Users Face Potential 70% Reduction in Promised Bitcoin Payouts Under Proposed Reorganization Plan
14.12.2023
Image Source: Shutterstock Gemini Earn creditors could potentially face up to 70% reduction in their promised crypto payouts as part of a proposed reorganization plan. The plan, outlined in an email sent by Gemini Trust on December 13, has now been put up for a vote, leaving creditors with...
Gemini Earn Users Could Recover Almost All Assets as Part of New Agreement – Here’s the Latest
13.9.2023
Gemini Earn users may be able to recover almost all their cryptocurrency holdings as part of a new agreement between Digital Currency Group (DCG) and Genesis.
In a Wednesday filing, DCG outlined a proposal that will allow creditors to recover between 70% to 90% of their funds, with a significant...
Gemini Earn users could recover all funds in new DCG remuneration scheme
13.9.2023
DCG suggests a new deal in Genesis bankruptcy, offering unsecured creditors 70%–90% baseline recovery; if approved, it would involve the renegotiation of a $630-million loan between Genesis and DCG
Beleaguered Gemini Earn Customers Will Be Made ‘Nearly Whole,’ DCG and Genesis Say About Remuneration Plan
13.9.2023
A filing on Tuesday states that if the assorted creditor groups vote through the proposed deal, then “Gemini Earn users are estimated to recover approximately 95-110% of their claims.”
Gemini Challenges SEC Lawsuit on Lending Program, Pushes for Oral Hearing
21.8.2023
Lawyers for cryptocurrency exchange Gemini have filed a motion seeking to dismiss a lawsuit brought against it by the U.S. Securities and Exchange Commission (SEC) over its Gemini Earn lending program. In the motion, Gemini argues the SEC has failed to plausibly allege that any securities laws were...
Gemini files brief in lawsuit against SEC, requests to keep it simple
20.8.2023
In a recent court filing, Gemini continues to press for dismissal in its lawsuit against the SEC, citing unclear allegations and shifting arguments
Digital Currency Group Strikes Back: Motion to Dismiss Gemini’s Lawsuit Filed
11.8.2023
Digital Currency Group (DCG) has filed a motion to dismiss the lawsuit brought against them by Gemini Trust Company, LLC. The motion, filed in the Southern District of New York, argues that Gemini’s allegations of fraudulent misrepresentations related to the Gemini Earn program are without...
Winklevoss slams DCG's Silbert — Not even SBF was 'capable of such delusion'
4.7.2023
In an open letter, Cameron Winklevoss slammed DCG's Barry Silbert for allegedly playing the victim card while owing $1.2 billion to Gemini’s 232,000 Earn customers
Crypto Lender Genesis Files for Bankruptcy Following SEC Lawsuit
20.1.2023
Crypto lender Genesis, a subsidiary of Digital Currency Group (DCG), has filed for Chapter 11 bankruptcy. The filing followed a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). Genesis claims to have “ample liquidity to support its ongoing business operations...
Digital Currency Group Suspends Dividends Amid Regulatory Trouble With Subsidiary Genesis
18.1.2023
According to a shareholders’ letter from Digital Currency Group (DCG) viewed by finance and crypto publication Coindesk, the company has suspended dividends until further notice. This news follows the U.S. Securities and Exchange Commission (SEC) charging a subsidiary firm of DCG, Genesis...
SEC Charges Genesis and Gemini — Winklevoss Says Regulator’s Lawsuit Is ‘Super Lame’
13.1.2023
The U.S. Securities and Exchange Commission (SEC) has charged crypto exchange Gemini and crypto lender Genesis Global Capital, a subsidiary of Digital Currency Group (DCG). “Through this unregistered offering, Genesis and Gemini raised billions of dollars’ worth of crypto assets from...