Genesis Global News

Digital Currency Group (DCG) is facing allegations from an ad hoc group of lenders, claiming that DCG has not fulfilled its repayment requirements to its bankrupt subsidiary, Genesis Global.

Genesis Global Trading, a subsidiary of Digital Currency Group, has agreed to pay an $8 million penalty to the New York State Department of Financial Services (NYDFS) after settling allegations of compliance failures. The NYDFS accused the company of violating virtual currency and cybersecurity regulations, leading to its vulnerability to illicit activities and cybersecurity threats.

Crypto exchange Gemini has initiated a lawsuit against digital asset lender Genesis in an attempt to gain control over $1.6 billion worth of Grayscale Bitcoin Trust shares.

By Dietrich Knauth

Letitia James on Thursday sued cryptocurrency firms Genesis Global, its parent company Digital Currency Group (DCG) and Gemini for allegedly «defrauding» investors of more than $1 billion. The development underscores the challenges the crypto industry continues to face almost a year after the bankruptcy of Sam Bankman-Fried's exchange FTX, which led to a meltdown in the sector that overwhelmed several major firms.

New York Attorney General Letitia James made headlines today by filing a lawsuit against cryptocurrency firms Genesis Global, Digital Currency Group (DCG), and Gemini.

New York Attorney General Letitia James has filed a complaint against popular crypto exchange Gemini, crypto lending firm Genesis, and crypto investment company Digital Currency Group (DCG). 

A United States court has approved the settlement terms of bankrupt digital asset lender, Genesis and FTX's sister company, Alameda Research.

cryptocurrency prices last year forced a procession of major firms into bankruptcy, trigging a government crackdown and erasing the savings of millions of inexperienced investors. But for a small group of corporate turnaround specialists, crypto's implosion has become a financial bonanza.Lawyers, accountants, consultants, cryptocurrency analysts and other professionals have racked up more than $700 million in fees since last year from the bankruptcies of five major crypto firms, including the digital currency exchange FTX, according to a New York Times analysis of court records. That sum is likely to grow significantly as the cases unfold over the coming months. Large fees are common in corporate bankruptcies, which require complex and time-intensive legal work to untangle.

cryptocurrency trading firm Alameda Research was granted a $175 million unsecured claim on the estate of bankrupt crypto lender Genesis Global Capital, according to a court filing dated Wednesday. The settlement marks a significant reduction from the nearly $3.9 billion claim that FTX, which is also bankrupt, had asserted earlier this year.

Bankrupt crypto exchange FTX and crypto lender Genesis have come to an agreement to settle their disputes within their bankruptcy cases.

After filing for bankruptcy and coming under new management, FTX Group and its affiliated companies, including Alameda Research, have been actively trying to recover funds from firms they previously sent crypto to.

On May 9, crypto exchange OKX sent approximately $60 million worth of digital assets to wallets connected to failed hedge fund Alameda Research, according to data from crypto analytics platform Arkham Intelligence.

Barry Silbert’s crypto conglomerate Digital Currency Group (DCG) saw its revenue rise 63% in the first quarter compared to the prior quarter, but it was still down on a year-over-year basis.

Taylor and Cameron Winklevoss, the billionaire twins behind the US-based crypto exchange Gemini, have dipped into their personal savings to support their company amidst strong headwinds.

Thailand's Securities and Exchange Commission (SEC) is preparing to hold a new public hearing on a potential ban on staking and lending services in the country.

In a Twitter thread posted on Jan. 25, Duncan Cock Foster and Griffin Cock Foster, co-founders of nonfungible token (NFT) auction platform Nifty Gateway, announced their resignations effective immediately. In supporting the decision, Duncan said they were leaving because “Griffin and I are founders at heart, and we want to start another company.”

Bitcoin Cash (BCH) advocate Roger Ver has sued by a unit of crypto lending firm Genesis over unsettled crypto options amounting to $20.8 million. 

Cathie Wood's Ark Invest offloaded a chunk of its Grayscale Bitcoin Trust (GBTC) shares since November's Bitcoin (BTC) price lows, the latest data shows.

Three Decentraland executives, including two co-founders and the platform's CFO, are named among the top creditors of now-bankrupt cryptocurrency lender Genesis Global.

Crypto media outlet CoinDesk is reportedly considering a potential sale as its parent company Digital Currency Group (DCG) looks to strengthen its balance sheet.