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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 […]
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.
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)
The purported sales are the latest measures the embattled firm has taken following moves in recent months to raise capital and preserve liquidity.
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.
Genesis has filed for bankruptcy protection with debts of over $3.5 billion, but crypto markets are unmoved. This is why.
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.
The charges relate to Gemini's crypto asset lending program, Gemini Earn, according to a press release from the Securities and Exchange Commission.
In less than six months, crypto lending platform Genesis Global has reduced its workforce for the second time.
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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 […]
In the lawsuit, investors alleged that the Gemini exchange and the Winklevoss twins violated the Exchange Act.
Genesis said it will take additional weeks to carve out a recovery path for its lending business.
Genesis Global Capital could be in a deeper financial crisis than reported.
Traders fear that the collapse of Genesis could prolong the crypto winter even further.
Continue reading Bitcoin (BTC) Falls to 2-Year Low on Genesis Bankruptcy Fears at DailyCoin.com.
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The troubled firm is also acting as the liquidity provider of Grayscale Bitcoin Investment Trust.
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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
The post Bankrupt Crypto Firm Voyager Digital Approved to Release $270 Million in Cash Deposits appeared first on BTC Ethereum Crypto Currency Blog.
Genesis Global Capital has petitioned the U.S. Bankruptcy Court to sell off its Grayscale Bitcoin, Ethereum, and Ethereum Classic Trust holdings, totaling approximately $1.6 billion. This strategic liquidation aims to maximize creditor repayments amidst potential market volatility, following a recent SEC settlement. (Read More)
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