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New York Recovers $50 Million From Gemini — Bans the Exchange From Crypto Lending in the State
15.6.2024
New York Attorney General Letitia James has secured a $50 million settlement from cryptocurrency exchange Gemini for Earn program investors. This settlement ensures that all defrauded investors will fully recover the assets they invested but were unable to withdraw when the program collapsed....
$2.18 Billion Digital Assets in Kind Returned to Earn Users, Gemini Says
30.5.2024
Cryptocurrency exchange Gemini announced on Wednesday that Earn users have received $2.18 billion of their digital assets in kind, representing 97% of their assets owed and a 232% recovery since Genesis halted withdrawals. This recovery follows a settlement with Genesis and other creditors...
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 Announces Full Recovery of Earn Users' Digital Assets
29.5.2024
In-kind recovery of Gemini users' funds means they'll get 232% of the value of their assets back
Barry Silbert Could Pocket $1 Billion in Personal Gains by Exploiting Bankruptcy System: Report
27.3.2024
Barry Silbert, founder and CEO of crypto conglomerate Digital Currency Group (DCG), stands to potentially gain up to $1 billion through a sophisticated maneuver involving the bankruptcy system.
The post Barry Silbert Could Pocket $1 Billion in Personal Gains by Exploiting Bankruptcy System: Report...
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...
Federal Judge Allows SEC Lawsuit Against Gemini and Genesis to Proceed
14.3.2024
A federal judge has ruled that the US Securities and Exchange Commission's lawsuit against crypto firms Gemini and Genesis will proceed in court.
The post Federal Judge Allows SEC Lawsuit Against Gemini and Genesis to Proceed appeared first on Cryptonews
Judge Rules Against Gemini, Genesis Motion to Dismiss SEC Case Against Earn Product
13.3.2024
A New York judge has ruled that the U.S. Securities and Exchange Commission (SEC) case against crypto lender Genesis and crypto exchange Gemini will be allowed to move forward, denying the two defendants’ motions to dismiss in a Wednesday court filing
DCG's Barry Silbert Pitched Genesis-Gemini Merger in a Drastic Bid to Save the Lender in 2022
8.3.2024
Email Shows Digital Currency Group and Gemini Explored Merger Before Genesis Bankruptcy
8.3.2024
In an email found within the motion by Digital Currency Group (DCG) and Barry Silbert to dismiss the lawsuit initiated by the New York Attorney General, discussions of a potential merger between Gemini and Genesis were revealed before Genesis ultimately opted to declare bankruptcy. “Combined...
Genesis and Winklevoss’ Gemini Discussed Merger Plans Before Collapse, Court Filings Show
8.3.2024
Digital Currency Group (DCG) founder and CEO Barry Silbert proposed a possible merger of Genesis and Gemini according to an email exchange back in 2022, recent court filings show.
The post Genesis and Winklevoss’ Gemini Discussed Merger Plans Before Collapse, Court Filings Show appeared first...
Digital Currency Group Files Motion to Dismiss Lawsuit by NY Attorney General
6.3.2024
Digital Currency Group (DCG), the parent company of the now-defunct Genesis Global Capital, has taken action to dismiss the lawsuit filed against it by New York Attorney General Letitia James.
The post Digital Currency Group Files Motion to Dismiss Lawsuit by NY Attorney General appeared first...
Gemini Announces $1.8 Billion Recovery Plan for Earn Users, Reaches In Principle Settlement with Genesis
29.2.2024
Gemini has announced its settlement with Genesis, plans to return $1.8 billion to Earn users, with the first distributions expected within two months, pending court approval.
The post Gemini Announces $1.8 Billion Recovery Plan for Earn Users, Reaches In Principle Settlement with Genesis appeared...
Winklevoss Twins' Gemini Promises to Return $1.1B to Earn Customers
28.2.2024
Gemini told the New York Department of Financial Services it would return at least $1.1 billion to its Earn customers after Genesis Global Capital wraps up its bankruptcy process, according to NYDFS
Report: Genesis Global Cleared to Unload $1.3 Billion in GBTC Shares
15.2.2024
Genesis Global Capital has received authorization to offload its stake in Grayscale’s Bitcoin Trust (GBTC), valued at approximately $1.3 billion. Genesis Global Permitted to Liquidate $1.3 Billion in Bitcoin Trust Shares According to Bloomberg, Genesis Global Holdco LLC secured Judge Sean...
Bankrupt Crypto Lender Genesis Moves to Settle with NY Attorney General
9.2.2024
Bankrupt lender Genesis on Thursday settled a lawsuit with New York Attorney General Letitia James over its now-defunct Earn program. The Earn program, operated jointly with Gemini Trust, offered customers up to 8% interest on crypto loans. But it was suspended amid the crypto market downturn...
Crypto Titan Digital Currency Group Opposes Genesis’ Restructuring Plan for Favoring Select Creditors
7.2.2024
In a legal document filed on Feb. 6, 2024, the crypto juggernaut, Digital Currency Group (DCG), voiced opposition to Genesis’ revised bankruptcy strategy for multiple concerns. DCG argues that the plan favors certain creditors over others unjustly, and the company’s legal team charges...
Genesis Seeks Court Approval to Offload $1.4 Billion in GBTC Assets Post-SEC Settlement
4.2.2024
After reaching an agreement with the U.S. Securities and Exchange Commission (SEC), the bankrupt company Genesis Global Capital has submitted a petition to the bankruptcy court to dispose of holdings from Grayscale’s Bitcoin Trust, Ethereum Trust, and Ethereum Classic Trust. These assets...
Genesis Alleges Multi-Million Dollar Preferential Transfers by Gemini Amidst Crypto Turmoil
22.11.2023
In a recent legal move, Digital Currency Group’s (DCG) subsidiary Genesis Global Capital LLC has filed a complaint against the crypto exchange platform and custodian Gemini. Genesis hopes to claw back $689 million from the centralized crypto trading platform founded by Cameron and Tyler Winklevoss...