Articles filed under
Genesis
26 articles
February 2024
Genesis proposes US$1.6 bln asset sale amid bankruptcy
Genesis, in bankruptcy, seeks court approval to sell Bitcoin and Ether trust assets worth US$1.6 billion.
October 2023
Gemini, Genesis, DCG sued by New York Attorney General
The lawsuit alleges that the companies defrauded over 230,000 investors.
July 2023
Singapore, Thailand clarify crypto rules; NFTs become new cultural frontier
Welcome to Forkast IQ, presented by Angie Lau, where we look beyond the headlines to get you insights that power smarter decisions. Coming up on today’s show:
February 2023
Digital Currency Group plans restructuring to pay creditors of bankrupt Genesis unit
Digital Currency Group (DCG), the parent firm of failed crypto broker Genesis Global Capital, plans to transfer equity in another unit, Genesis Global Trading, to Genesis Global Holdco and eventually sell both companies to raise capital to pay back creditors.
DCG to sell Grayscale holdings at a discount to pay creditors: report
Digital Currency Group has started to sell shares of its cryptocurrency funds at a significant discount, according to a Tuesday report from the Financial Times.
Gemini agrees to put US$100 mln to Earn asset recovery efforts
Gemini has agreed to put up US$100 million to the asset recovery of Earn users as part of bankrupt crypto lender Genesis Capital’s in-principle agreement with parent firm DCG and other creditors.
January 2023
Will Genesis meet its maker amid creditors closing in?
Top blockchain and crypto news: Genesis bankruptcy begins. FTX chief ponders a reboot. China’s CBDC gets a smart-contract upgrade.
Bankrupt crypto lender Genesis ‘optimistic’ about resolving creditor dispute: Reuters
Genesis Global Capital’s lawyers are confident about resolving their disputes with creditors this week, with the goal of emerging from Chapter 11 in May.
Genesis’s trading arm moving funds on blockchain, bankrupt units reveal extent of liabilities
According to on-chain data, the trading arm of bankrupt crypto lending firm Genesis is still moving funds around on the blockchain.
Digital Currency Group’s crypto brokerage Genesis Global Capital files for bankruptcy
Crypto brokerage firm Genesis Global Capital filed for Chapter 11 bankruptcy on Thursday in the Southern District of New York.
DCG’s crypto lender Genesis may file for bankruptcy, according to Bloomberg report
Crypto brokerage firm Genesis Global Capital is preparing to file for bankruptcy as early as this week, Bloomberg reported.
SEC in the U.S. charges Genesis, Gemini with selling unregistered securities
The U.S. Securities and Exchange Commission on Thursday charged cryptocurrency lender Genesis Global Capital and crypto exchange Gemini Trust with offering and selling unregistered securities to retail investors.
Digital Currency Group in spotlight over suspicious fund transfers
Top blockchain and crypto news: DCG under investigation. Lido DAO surges as Ethereum’s Shanghai upgrade looms. Hong Kong burnishes crypto credentials.
DCG writes to shareholders to detail finances amid US$900 mln Twitter feud with Winklevoss
Barry Silbert of the Digital Currency Group wrote to shareholders on Tuesday to explain loans from its subsidiary Genesis Global Capital.
US prosecutors, SEC probes Digital Currency Group: report
U.S. prosecutors and the Securities and Exchange Commission (SEC) have started to investigate cryptocurrency-focused conglomerate Digital Currency Group (DCG), Bloomberg reported on Saturday, citing unnamed sources.
DCG’s Silbert, Gemini’s Winklevoss start Twitter spat over frozen funds, billion dollar loans
Barry Silbert, the CEO of Digital Currency Group rejected claims that the company borrowed US$1.6 billion from its Genesis Global Capital.
November 2022
Binance CEO Changpeng Zhao says he should have tweeted sooner about FTX woes
The chief executive officer of Binance, Changpeng Zhao, regrets sending ‘too late’ a tweet that contributed to the collapse of FTX.com.
Digital Currency Group seeks to calm investors over Genesis loans: reports
Barry Silbert of DCG disclosed his company owes a US$575 million loan and a US$1.1 billion promissory note to its subsidiary Genesis Global Capital.
Genesis jitters keep investors on edge as contagion risks grow
Top blockchain and crypto news: Fear stalks crypto as Genesis wobbles. FTX cleanup begins. China’s NFT scene shrinks.
Markets: Bitcoin, crypto rise as FTX contagion fears ease
Bitcoin recovered above US$16,000 in Wednesday morning trading as it rose along with Ether and the rest of the crypto top 10 by market capitalization, excluding stablecoins.
Who’s Next?
Bitcoin falls under $16K as Genesis temporarily halted withdrawals and redemptions.
Bitcoin price falls to more than two-year low amid growing concerns about FTX fallout
Investors are unnerved by the possibility of more failures among companies linked to the now bankrupt FTX exchange, fearing a repeat of the Terra-Luna stablecoin collapse in May that also brought down other businesses.
Genesis crypto broker freezes withdrawals; Winklevoss’s Gemini, S. Korea’s GOPAX exchanges affected
The Genesis brokerage arm of the Digital Currency Group is one of the latest cryptocurrency platforms to lock down withdrawals following the bankruptcy of crypto exchange FTX, and the freeze is spreading.
FTX contagion in S.Korea: GOPAX halts Genesis-backed DeFi
S.Korean crypto exchange GOPAX halted withdrawal of principal and interest payments in its DeFi service which brokers products from Genesis.
August 2022
Confusion from US regulators; Markets hit by ‘vibe-flation’
The FDIC tries to deter banks from doing business with crypto firms. Meanwhile. Genesis CEO steps down amidst reshuffle.
Crypto lender Genesis cuts staff, CEO exits amid executive shuffle
Cryptocurrency brokerage Genesis announced its CEO Michael Moro will step down as it reshuffles its executive team, while a 20% layoff of its 260-person workforce is being widely reported. See related article: BIS, HKMA partner on Project Genesis to tokenize green bonds Fast facts Chief operating officer Derar Islim will take over as CEO on […]