Barry Silbert News

New York’s attorney general has filed a lawsuit against cryptocurrency firms Gemini, Genesis and Digital Currency Group for allegedly defrauding investors through the Gemini Earn investment program.

Tyler and Cameron Winklevoss owned Gemini exchange reportedly withdrew approximately $280 million from Genesis Global just months before the crypto lender initiated a freeze on customer deposits and ultimately filed for bankruptcy. 

According to a Bloomberg report on Thursday, the crypto feud between the two crypto tycoons, billionaire Cameron Winklevoss and Digital Currency Group (DCG) and its CEO Barry Silbert, has attracted the attention of several US investigators.

Genesis Global Trading (GGT) will close down its cryptocurrency spot trading service on Sept. 18, according to press reports. GGT is affiliated with the Digital Currency Group (DCG), but it was not affected when the parent company’s crypto lender, Genesis Global Capital, declared bankruptcy in January. 

Crypto exchange Gemini has objected to Genesis' bankruptcy resolution proposal, claiming that the plan lacks necessary specifics and fails to offer adequate assurances to its major debtors. 

Digital Currency Group has reached a preliminary agreement with Genesis creditors to settle the claims by reimbursing 70-90% in USD equivalent to unsecured creditors.

Genesis Global and its parent company Digital Currency Group have reached an in-principle agreement with Genesis' creditors to resolve claims brought during the crypto lender's bankruptcy, a court filing showed on Tuesday. The plan could lead to a recovery of about 70%-90% in US dollar equivalent for unsecured creditors and about 65%-90% recovery on an in-kind basis depending on the denomination of the digital assets, according to the filing in the US bankruptcy court in the Southern District Of New York. The deal includes a payment of about $630 million in unsecured loans due in May 2023 and a $1.1 billion unsecured promissory note due in 2032, along with some other potential claims. Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement in principle on a restructuring plan, supported by Digital Currency Group, and its primary creditors, including Gemini, in February.DCG, owned by Barry Silbert, owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager.

The FTX bankruptcy saga has taken an alarming turn as daily legal expenses surge to a staggering $1.5 million, with creditors now sounding the alarm.

CoinDesk is reportedly planning layoffs in its editorial department ahead of the sale of a stake in the publication to investors, according to media reports. 

Digital Currency Group (DCG) has filed a motion to dismiss Gemini's lawsuit, claiming fraud by the company and its founder, Barry Silbert, through DCG's subsidiary, Genesis, which held funds for Gemini's Earn program.

Venture capital firm Digital Currency Group (DCG) has filed a motion to dismiss a lawsuit brought by cryptocurrency exchange Gemini that alleged fraud related to its Earn program.

Digital Currency Group (DCG) is now under scrutiny for its financial transactions involving its subsidiary, Genesis Global Capital. The investigation is reportedly being conducted by New York Attorney General Letitia James, Bloomberg reported, citing sources familiar with the matter.

Digital Currency Group (DCG), the crypto conglomerate led by Barry Silbert, has appointed Mark Shifke as its new chief financial officer (CFO). 

Cameron and Tyler Winklevoss, the billionaire twins who owns crypto exchange Gemini, may have a hidden agenda with their lawsuit against Barry Silbert’s crypto conglomerate Digital Currency Group (DCG), a recent Fortune article has suggested.

Twitter’s plans to roll out a payment platform took a major step forward this week as its subsidiary, Twitter Payments, received its first money transmitter licenses in the United States states of Michigan, New Hampshire and Missouri. 

Digital Currency Group responded to the lawsuit filed by Gemini alleging it defrauded its creditors by calling it a “publicity stunt” by Cameron Winklevoss. 

Winklevoss twins led crypto exchange Gemini has filed a lawsuit against the conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert for allegedly defrauding creditors. 

United States-based cryptocurrency exchange Gemini has announced legal action against the conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert, claiming “fraud against creditors”.

Cryptocurrency firm Gemini, the largest creditor of bankrupt crypto lending firm Genesis, sued Digital Currency Group (DCG) and its CEO on Friday after a dispute over a restructuring deal for the venture capital firm's troubled unit. DCG and Gemini, the two most prominent players in the crypto industry, have clashed several times over the past few months following the collapse of Genesis, which had filed for bankruptcy in January.

crypto lending unit Genesis after its largest creditor Gemini — the crypto company founded by the Winklevoss twins — set Thursday afternoon as the final deadline before the company pursues litigation. The lending unit of crypto firm Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November. Genesis is owned by venture capital firm Digital Currency Group (DCG). Although Genesis' lending unit had initially outlined a plan to exit bankruptcy by May, it has yet to reach an agreement on a restructuring plan with creditors, to whom it owes more than $3 billion, according to court filings. Its largest creditor is Gemini, founded by billionaire identical twins Cameron and Tyler Winklevoss who are also former U.S. Olympic rowers. Gemini is seeking to recoup more than $1.1 billion.

In the latest episode of The Market Report, Cointelegraph analyst and writer Marcel Pechman discusses the latest change to the BlackRock spot Bitcoin exchange-traded fund (ETF) filing, which adds Coinbase as a “surveillance-sharing partner.“ Some analysts have signaled that the filings by BlackRock, Fidelity and others are responsible for the recent Bitcoin (BTC) rally toward $31,000, but according to Pechman, they’re only partially correct because it doesn’t indicate the United States Securities and Exchange Commission (SEC) will accept any of the ETF filings.