The estimated U.S. dollar equivalent recoveries could amount to 70%–90% for Genesis creditors, should the amended plan be carried out.
CoinDesk to lay off part of editorial staff in preparation for sale of stake: Report
Estimates of staffers facing the axe range from 45% (20 people) to 16%. A companywide meeting is reportedly scheduled for Aug. 14.
‘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 motion to dismiss Gemini lawsuit, claiming it’s a PR campaign
Gemini’s complaint filed in July alleged DCG and Barry Silbert had made “false, misleading, and incomplete representations and omissions” related to Genesis and the Earn program.
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.
New York AG probes transactions at Genesis, ties with Barry Silbert: Report
Digital Currency Group (DCG) is reportedly under investigation in New York for financial transactions involving its subsidiary, Genesis Global Capital.
Crypto Biz: Winklevoss slams Silbert, Twitter’s double-edged sword and more
This week’s Crypto Biz also explores Gemini’s fight with the Digital Currency Group (DCG) over user funds, new banking tools for the digital yuan, and OpenAI’s efforts to stop users from jumping paywalls.
Gemini files lawsuit against Digital Currency Group and Barry Silbert over Genesis and Earn program
Gemini co-founder Cameron Winklevoss alleged Barry Silbert committed fraud by knowing Genesis was “massively insolvent” when attempting to continue the Earn program.
Gemini Sues Digital Currency Group and Founder Barry Silbert Alleging ‘Fraud’
Gemini and its founders sued Digital Currency Group on Friday alleging that it incurred losses due to DCG’s “false, misleading and incomplete representations” tied to DCG subsidiary Genesis’ work with Gemini on the crypto company’s Earn product.
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.
Crypto Lender Genesis Amends Reorganization Plan as Mediated Talks Continue
The updated plan from mediated discussions with parent company DCG reflects “substantial agreement” on several key issues.
Genesis Bankruptcy Judge Extends Mediation Period Between Genesis, Creditors
The insolvent lender will now have until August 2 to submit a plan to emerge from bankruptcy.
Defunct Crypto Hedge Fund 3AC Insists on Taking Part in Genesis Mediation
The defunct crypto hedge fund has claimed over $1 billion against Genesis, which itself filed for bankruptcy in January.
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.
Digital Currency Group to shutter institutional trading unit TradeBlock
Starting from May 31, TradeBlock will commence the official procedure of winding down its operations.
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 settlement with Genesis still undecided as 30-day mediation period proceeds
The settlement plan proposed in February would give Genesis creditors 80% recovery of funds but many raised demands, leading to the mediation.
Privacy Project Railgun DAO Adopts Chainway’s ‘Proof of Innocence’ Tool
Railgun DAO’s new functionality – initially developed by the developer Chainway for use on Tornado Cash – could allow users to mathematically demonstrate that coins involved in transactions did not come from blacklisted addresses. Digital Currency Group, owner of CoinDesk, is an investor in Railgun DAO.
Genesis Bankruptcy Parties Agree to 30-Day Mediation Period
The process can start once the parties agree on a mediator and submits an order to the U.S. bankruptcy court.