Crypto lender Genesis Financial News

Crypto lender Genesis Global received court approval on Friday to return about $3 billion in cash and cryptocurrency to its customers in a bankruptcy liquidation, leaving its owner, Digital Currency Group (DCG), with no recovery from the bankruptcy. US Bankruptcy Judge Sean Lane approved Genesis' Chapter 11 liquidation plan and overruled an objection raised by DCG, which had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy.

New York Attorney General announced it has secured $2 billion from the bankrupt cryptocurrency firm Genesis Global to help pay back defrauded victims.

Judge Sean Lane greenlit Genesis Global’s Chapter 11 plan on Friday, allowing the defunct crypto lender to repay creditors roughly $3b in crypto and cash.

Crypto lender Genesis Global received court approval on Friday to return about $3 billion in cash and cryptocurrency to its customers in a bankruptcy liquidation, leaving its owner, Digital Currency Group (DCG), with no recovery from the bankruptcy. US Bankruptcy Judge Sean Lane approved Genesis' Chapter 11 liquidation plan and overruled an objection raised by DCG, which had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy.

(Reuters) — Genesis Global Capital LLC has agreed to pay a $21 million civil fine to settle charges that it illegally sold securities through its crypto lending program without registering them, the U.S. Securities and Exchange Commission said on Tuesday.

Bankrupt lender Genesis on Thursday settled a lawsuit with New York Attorney General Letitia James over its now-defunct Earn program.

Bankrupt crypto lender Genesis Global Capital has filed a lawsuit against cryptocurrency exchange Gemini to recover $689 million in preferential transfers, according to a Nov. 21 court filing.

Digital Currency Group’s (DCG) subsidiary Genesis Global is seeking approval from the US court to revise its settlement agreement with the bankrupt Three Arrows Capital Ltd (3AC).

After failing to respond to a prior order, embattled crypto lender Genesis has been subpoenaed by a New York court to produce documents related to the collapse of the algorithmic stablecoin TerraUSD (UST) last year.

Creditors of crypto lender Genesis and its parent company the Digital Currency Group (DCG) have opposed a proposed settlement deal leveling accusations of voter manipulation.

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.

Cryptocurrency exchange Gemini and bankruptcy crypto lending platform Genesis are firing back after being sued by the US Securities and Exchange Commission earlier this year.

Cryptocurrency lender Genesis Global Trading Inc. laid off 30% of its workforce in a second round of layoffs in six months, and is considering bankruptcy as the FTX contagion continues to spread.

Genesis, a crypto lending platform owned by venture capital firm Digital Currency Group, joined crypto firm BlockFi in filing for bankruptcy, the latest crypto company to go belly-up amid allegations of fraud after the collapse of FTX late last year.

Cryptocurrency lender Genesis Global Holdco and two of its lending subsidiaries filed for bankruptcy protection late on the night of 19 January in New York, the latest domino to fall after the failure of crypto exchange FTX.

Cryptocurrency lender Genesis has filed for Chapter 11 bankruptcy in the Southern District of New York,on Jan. 19.

Crypto lender Genesis is preparing to file for bankruptcy within days, according to people familiar with the matter.

Genesis parent Digital Currency Group (DCG) is considering selling some of the assets in its venture portfolio to raise money to help pay off the creditors, says the FT, citing sources. Earlier this month, Genesis laid off about 30% of its workforce as it faced up to the FTX fallout, which had already forced to it to stop customer withdrawals.

Massive crypto lender Genesis Global Trading Inc. laid off 30% of its staff and is considering filing for bankruptcy, according to people familiar with the matter, the latest sign of financial turmoil at the crypto lender.

Crypto lending platform Genesis Global Trading has reportedly cut 30% of its workforce in the second round of layouts in six months.

Crypto lending platform Genesis has informed its customers that its withdrawal freeze is likely to last “additional weeks” amid efforts to stave off a potential bankruptcy filing.