A lack of network activity and ground lost to competitors could eventually play a role in ETH losing the $1,600 support.
DCG Reaches Crucial In-Principle Deal With Genesis Creditors, Recoveries Could Be Up to 90%
Digital Currency Group (DCG) and Genesis creditors have reached a deal in principle to resolve the claims in the Genesis Capital Chapter 11 cases, according to a court filing on Tuesday.
‘Good Luck’ Convincing a Jury: Cameron Winklevoss Rebuts DCG Court Filing
His Gemini crypto exchange and conglomerate Digital Currency Group are battling – in and out of court – over the failure of Gemini’s Earn lending service.
Digital Currency Group Files to Dismiss Crypto Exchange Gemini’s Fraud Claims
DCG called Gemini’s July complaint a continuation of a “public relations campaign” carried out by the exchange’s owners, Cameron and Tyler Winklevoss.
Digital Currency Group Appoints Mark Shifke as Chief Financial Officer
Shifke fills the gap left when Michael Kraines stepped down as CFO in April.
DCG Says It Sees Resolving Genesis Chapter 11 Bankruptcy Soon
Digital Currency Group comments on the restructuring in an investor letter.
Court Filing Suggests FTX’s $2 Billion Lawsuit Against Genesis Is Coming To An End
The legal tussle between bankrupt crypto exchange FTX and crypto lender Genesis seems to be coming to a resolution, a recent court filing reveals. According to the letter filed yesterday at the US bankruptcy court for the Southern District of New York, both firms – who happened to have filed for bankruptcy – have agreed to settle their ongoing billion-dollar dispute.
How The Feud Began
FTX filed a motion in May this year to recover its funds from Genesis and “non-debtor affiliates” so the company could pay back its creditors. The motion went as far as describing Genesis (who attributed its solvency issues to FTX’s collapse) as “one of the main feeder funds and instrumental to its [FTX and Sister company Alameda Research] fraudulent business model.”
FTX further claimed that Genesis received “avoidable transfers” from FTX’s debtors totaling almost $3.9 billion. In response, Genesis denied owing FTX and filed a motion asking the bankruptcy judge to rule its debt to FTX as zero. However, a subsequent letter from FTX to the bankruptcy judge showed that the company had reduced its claim from $3.9 billion to $2 billion.
FTX’s claim could have delayed a creditor payout and slowed Genesis’ bankruptcy proceedings. However, with settlement in sight, things are likely to move along quickly, as according to the letter, FTX, its associated debtors, and debtors in its Chapter 11 bankruptcy case have reached a preliminary agreement.
The court filing reads:
The parties have reached an agreement in principle, subject to documentation, regarding a settlement that would resolve, among other things, the claims asserted by the FTX debtors against the debtors in these Chapter 11 Cases and the claims asserted by the Genesis debtors against the FTX debtors in the FTX Chapter 11 cases.
Genesis Still Not In The Clear
Despite reaching a settlement with FTX, crypto lending platform Genesis still has other lawsuits to deal with, including one filed by Gemini against its parent company, Digital Currency Group (DCG), and its CEO, Barry Silbert. Gemini’s co-founder Cameron Winklevoss called out Barry Silbert on Twitter in an open letter, claiming that Silbert and DCG had engaged in “Fraudulent Behavior.”
He warned that Silbert’s failure to reply and come to the negotiation table by Friday would result in a lawsuit. In a follow-up tweet, Winklevoss also tabled a “best and final offer” involving a repayment plan.
Still, Silbert and DCG failed to reply, and true to his words, Winklevoss and Gemini filed a lawsuit against DCG and Silbert for fraud on July 7.
Three Arrows Capital Liquidator May Try to Claw Back About $1.2B From DCG, BlockFi
A July 7 report from Teneo, the hedge fund’s liquidator, described the potential claims.
Gemini’s Cameron Winklevoss Tweets $1.5B ‘Final Offer’ in Debt Talks Over Crypto Firm Genesis
Creditors of the crypto financial firm Genesis call for $1.5 billion of forbearance payments and loans denominated in dollars, bitcoin and ether, according to a term sheet posted on Twitter by the Gemini co-founder.
Why approving a Bitcoin ETF might unleash $18 billion in sell-pressure
Grayscale GBTC Trust conversion to an ETF will unlock a potential sale of up to $18 billion in Bitcoin.
Maybe Bitcoin didn’t bottom? SEC lawsuit against Binance shakes BTC bulls’ confidence
Bitcoin’s price dropped to $25,500 after the SEC announced a lawsuit against Binance and Changpeng Zhao, a move which also has BTC bulls wondering if the bottom is truly in.
FTX debtors object Genesis’ ‘critical’ claim estimate of ‘$0.00’
The FTX debtors alleged that the claim was filed “without any advance notice,” and were not invited to participate in the mediation.
DCG Sunsets Trade Execution, Prime Brokerage Unit TradeBlock
The crypto conglomerate suffered a loss of more than $1 billion last year.
Gemini Says Genesis Parent DCG Missed $630 Million Payment
Gemini says it is working with Genesis, DCG, and creditors to provide forbearance to DCG in order to avoid a default.
DCG Looks to Refinance Outstanding Genesis Obligations, Raise Growth Capital
The crypto conglomerate may owe its bankrupt lending division hundreds of millions in loan payments.
Digital Currency Group CFO Michael Kraines Stepped Down in April
The crypto conglomerate also paid off a $350 million senior secured term loan, which was issued by a lender syndicate led by Eldridge.
Genesis Files for Mediator Assistance Over Amount of DCG Contribution to Reorganization
The move by Genesis creditors comes months after they had appeared to reach an initial agreement with Genesis-owner DCG.
CoinDesk Indices Joins With Luno to Help South African Users Track Crypto Investment Bundles
The partnership will see launch of Luno Large Cap Bundle, helping customers to easily manage and maintain different investment strategies.
Crypto Exchange Luno Rejigs Leadership Roles as It Seeks to Boost Investor Base, Eyes Public Listing
CEO Marcus Swanepoel is moving into a new role as executive chairman, and COO James Lanigan has been promoted to CEO.
Santander, HSBC, Deutsche and Others Still Willing to Serve Crypto Clients After Banking Failures, DCG Says
Major banks are still willing to work with crypto firms though they may implement service restrictions, according to messages viewed by CoinDesk.