Genesis Global secures court approval for $3B payout

According to Judge Lane, any available funds for distribution by Genesis are being exhausted by creditor claims, which take priority over DCGs equity stake.

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SEC Requests 60-Day Delay in Gemini Trusts Lawsuit Settlement Talks

The U.S Securities and Exchange Commission (SEC) filed a court request to postpone its Gemini Trust lawsuit for 60-days. The application, submitted on April 1 in the U.S. District Court for the Southern District of New York, aims to stop all deadlines. The requested delay creates time for both parties to determine whether they can […]

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Bankruptcy Tussle Between Crypto Firms FTX and Genesis Nears Resolution 

The long-standing legal feud between FTX Trading and Genesis Global Holdco is taking a turn towards resolution. The two parties have reached an initial agreement, in principle, following bankruptcy protection disputes that have made industry headlines. An official letter to the bankruptcy judge representing their cases has affirmed the intent of the firms to put [...]

The post Bankruptcy Tussle Between Crypto Firms FTX and Genesis Nears Resolution  appeared first on Crypto Breaking News.

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Bybit suspends USD bank transfers amid service outages

Dubai-based crypto exchange Bybit has temporarily suspended USD deposits via bank transfers due to "service outages from a partner." Users can still withdraw funds through wire transfers until March 10, but are encouraged to do so as soon as possible to avoid potential disruptions. Bybit has exposure to the bankrupt crypto lender Genesis Global Trading and claims all client funds are safe and secure. (Read More)

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DCG offloads Grayscale shares to raise capital: Report

The purported sales are the latest measures the embattled firm has taken following moves in recent months to raise capital and preserve liquidity.

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Genesis eyes fast resolution to creditor disputes and bankruptcy exit in May

A lawyer for Genesis is optimistic it can resolve creditor disputes before the week is out while the firm could exit bankruptcy proceedings in four months.

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Genesis Files for Bankruptcy, Owes 50 Creditors $3.5 Billion, The Crypto Market Remains Unfazed

Genesis has filed for bankruptcy protection with debts of over $3.5 billion, but crypto markets are unmoved. This is why.

Continue reading Genesis Files for Bankruptcy, Owes 50 Creditors $3.5 Billion, The Crypto Market Remains Unfazed at DailyCoin.com.

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Crypto lender Genesis files for Chapter 11 bankruptcy

Crypto lender Genesis Global has become the latest firm to throw in the towel following the collapse of FTX, filing for Chapter 11 bankruptcy protection in New York.

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Gemini and Genesis charged by SEC over unregistered securities

The charges relate to Gemini's crypto asset lending program, Gemini Earn, according to a press release from the Securities and Exchange Commission.

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Genesis Bankruptcy Rumors Intensify as the Firm Lays Off 30% of Staff

In less than six months, crypto lending platform Genesis Global has reduced its workforce for the second time.

Continue reading Genesis Bankruptcy Rumors Intensify as the Firm Lays Off 30% of Staff at DailyCoin.com.

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Crypto Flipsider News – SEC Objects to Binance; Hood Shares Seized; Genesis Needs Time; Celsius Ruling; Hong Kong Issues Stablecoin

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Gemini Users Filed Class Action Lawsuit Against Genesis and Digital Currency Group

In response to Genesis Global Capital and Digital Currency Group freezing withdrawals and Gemini suspending its Earn redemption program, three Gemini Earn users have requested class action arbitration against them. A class-action lawsuit is frequently viewed as an alternative to class-action arbitration, a process for resolving disputes between parties by a neutral third-party arbitrator. The […]

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Gemini and Winklevoss Twins Sued for Not Selling Interest-Bearing Accounts as Securities

In the lawsuit, investors alleged that the Gemini exchange and the Winklevoss twins violated the Exchange Act.

Continue reading Gemini and Winklevoss Twins Sued for Not Selling Interest-Bearing Accounts as Securities at DailyCoin.com.

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Crypto lender Genesis has no solution yet for withdrawal halts

Genesis said it will take additional weeks to carve out a recovery path for its lending business.

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Genesis Global’s Debt Volume Rises to $1.8 Billion, Could Grow Even Higher

Genesis Global Capital could be in a deeper financial crisis than reported.

Continue reading Genesis Global’s Debt Volume Rises to $1.8 Billion, Could Grow Even Higher at DailyCoin.com.

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Bitcoin (BTC) Falls to 2-Year Low on Genesis Bankruptcy Fears

Traders fear that the collapse of Genesis could prolong the crypto winter even further.

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Crypto Flipsider News – Genesis Halt Withdrawals; Gemini Outflows Spike; Binance Voyager Bid; Trust Wallet Biggest Gainer; FTX Promoters Sued

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Genesis Global halts withdrawals citing 'unprecedented market turmoil'

The troubled firm is also acting as the liquidity provider of Grayscale Bitcoin Investment Trust.

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Crypto Flipsider News – Celsius Is Biggest Gainer; HUSD Depegged; Genesis Cuts Workforce; Illegal Korean Exchanges, Australia Spot ETF

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Bankrupt Crypto Firm Voyager Digital Approved to Release $270 Million in Cash Deposits

The now defunct and bankrupt Voyager Digital has been approved by the court to distribute $270 million in funds to creditors and affected customers. The news follows the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve Board ordering Voyager to remove any statements that allege Voyager is FDIC insured. The U.S. Bankruptcy Court in More

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