Gemini Financial News

The crypto market is on the verge of igniting a sustainable bull run. Bitcoin and Ethereum are on the verge of breaking through to new yearly highs, which could spark a more widespread crypto market rally in the coming weeks.

It looks as if the bear cycle is going to claim another high-profile crypto company. On Jan. 19, Digital Currency Group’s (DCG’s) lending subsidiary, Genesis, filed for Chapter 11 bankruptcy. Here we have yet another industry giant with a tale of incestuous lending, little risk management to speak of and opaque reporting policies. 

The filing lists more than 100,000 creditors, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars.Derar Islim, interim CEO, Genesis, says: "While we have made significant progress refining our business plans to remedy liquidity issues caused by the recent extraordinary challenges in our industry, including the default of Three Arrows Capital and the bankruptcy of FTX, an in-court restructuring presents the most effective avenue through which to preserve assets and create the best possible outcome for all Genesis stakeholders."Despite the bankruptcy filing, Winklevoss is threatening to sue DCG, saying that Genesis owes more than 340,000 of its customers a total of $900 million.Gemini partnered Genesis for its Earn interest-bearing product, but customer assets were frozen after Genesis halted withdrawals following the FTX collapse."We have been preparing to take direct legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices," Winklevoss tweeted.Last week, the Securities and Exchange Commission charged both Genesis and Gemini with offering and selling unregistered securities over the Earn product - which was ended earlier this month.

Samsung has announced the rollout of its crypto wallet-linkable mobile payments solution – Samsung Wallet – in Brazil, India, Malaysia, and five other countries.

As the crypto lender Genesis Global Trading filed for Chapter 11 bankruptcy protection in New York, members of the crypto community went on social media to express their thoughts on the matter. 

Genesis Global Trading, a prominent crypto lender, filed for Chapter 11 bankruptcy protection in New York on Jan. 20, becoming the latest company to declare bankruptcy in the wake of FTX’s collapse. However, the focus of the crypto community has shifted toward other firms that had exposure to the lending firm.

After months of struggling, crypto lending and trading firm Genesis has filed for bankruptcy - but it's not the end of its troubles.

Bloomberg reports that Genesis may be getting ready to declare bankruptcy. The troubled crypto lender has been under the shadow of insolvency for weeks, following the credit crisis that has hit the crypto industry.

Venture capital firm Digital Currency Group (DCG) has told shareholders it is halting its quarterly dividend payments until further notice as it attempts to preserve liquidity.

With investor confidence seemingly at an all-time low thanks to the recent slew of insolvencies, a new saga seems to be now unfolding in real time. This one involves crypto exchange Gemini’s Winklevoss twins and Barry Silbert, CEO of Digital Currency Group (DCG) — the parent firm behind crypto market maker and lender Genesis.

The total cryptocurrency market capitalization reached its highest level in over two months on Jan. 13 after breaking above the $900 billion mark on Jan. 12.

Digital Currency Group's crypto brokerage firm Genesis owes over $3 billion to creditors, pressing the crypto conglomerate to consider selling assets in its large venture portfolio to raise money.

The US Securities and Exchange Commission (SEC) brought charges against major crypto exchange Gemini and the troubled crypto lending and trading firm Genesis. 

WASHINGTON—The Securities and Exchange Commission on 12 January sued Genesis Global Capital and Gemini Trust Company over a $900m crypto-lending program that allegedly violated investor-protection laws.

The United States Securities and Exchange Commission (SEC) on Jan. 12 charged cryptocurrency lending firm Genesis and crypto exchange Gemini with offering unregistered securities through Gemini's "Earn" program.

Cryptocurrency exchange Bitvavo, a major creditor of the troubled crypto company Digital Currency Group (DCG), has dismissed DCG’s proposal of partial debt repayment.

Michael Novogratz, the founder of the US-based crypto financial services firm Galaxy Digital Holdings, argued that the events of 2022 have 'cleansed' the industry and that it is now time to survive the "transition period". 

Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, has written an open letter to the Digital Currency Board (DCG) board, asking for the removal of the venture capital firm's CEO Barry Silbert.

Galaxy Digital Holdings CEO Mike Novogratz hosed down fears over the crisis facing Digital Currency Group (DCG) and Genesis saying while it’s “not good news,” it won’t “include a lot of selling.”

Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, has penned an open letter to the board of Digital Currency Group, or DCG, saying CEO Barry Silbert was “unfit” to run the company.

Crypto conglomerate Digital Currency Group, or DCG, are under investigation by the United States Department of Justice's Eastern District of New York (EDNY) and the Securities and Exchange Commission (SEC), according to a Bloomberg report.