Gemini said it elected to increase its liquidity reserves owing to the market turmoil throughout the summer of 2022, following events such as the collapse of the TerraUSD stablecoin.
Gemini legal team accuses DCG of ‘gaslighting’ Genesis creditors
Lawyers representing Gemini Trust filed a response in bankruptcy court to Digital Currency Group’s plan claiming to offer unsecured creditors a “70–90% recovery.”
Gemini Blasts DCG and Genesis Bankruptcy Plan, Calling It ‘Misleading at Best’
Genesis announces winding down of crypto trading services
In January, Genesis Global Capital announced it would eliminate its crypto spot trading services “voluntarily and for business reasons” without additional details.
Genesis Has Ceased All Crypto Trading Services: Spokesperson
Beleaguered Gemini Earn Customers Will Be Made ‘Nearly Whole,’ DCG and Genesis Say About Remuneration Plan
A filing on Tuesday states that if the assorted creditor groups vote through the proposed deal, then “Gemini Earn users are estimated to recover approximately 95-110% of their claims.”
Beleaguered Gemini Earn Customers Will Be Made ‘Nearly Whole,’ DCG and Genesis Say About Remuneration Plan
A filing on Tuesday states that if the assorted creditor groups vote through the proposed deal, then “Gemini Earn users are estimated to recover approximately 95-110% of their claims.”
Genesis to Shutter Crypto Trading Desk for U.S. Market
Genesis Global Trading will halt its crypto OTC desk later this month.
Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal
Genesis is facing headwinds as it seeks to finalize its wind-up after a January bankruptcy – and is now being accused by Gemini and other creditors of voter “manipulation.”
Creditors Accuse Genesis of Ballot-Stuffing Over $175M FTX Deal
Genesis is facing headwinds as it seeks to finalize its wind-up after a January bankruptcy – and is now being accused by Gemini and other creditors of voter “manipulation.”
Gemini Opposes Genesis Bankruptcy Plan: ‘Woefully Light on Specifics’
Attorneys for crypto exchange Gemini argued that a proposed resolution for Genesis’ bankruptcy doesn’t have enough detail or provide any assurances for some if its largest debtors in a new filing Wednesday.
Genesis Lender Group Opposes ‘Wholly Insufficient’ DCG Deal
Creditors with $2.4 billion in claims against the bankrupt crypto lender could scupper an agreement made after months of wrangling.
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.
Genesis, FTX Strike Deal for $175M Bankruptcy Claim
Lawyers are trying to untie a complex financial web among companies that went under in the crypto winter.
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.
FTX, Genesis reach in-principle agreement to settle bankruptcy case
FTX and Genesis lawyers have sent a letter to the bankruptcy judge regarding a settlement agreement.
FTX and Genesis Reach Agreement in Ongoing Bankruptcy Dispute
Crypto lender Genesis Global Capital is FTX’s largest unsecured creditor, with $226 million in claims.
Winklevoss slams DCG’s Silbert — Not even SBF was ‘capable of such delusion’
In an open letter, Cameron Winklevoss slammed DCG’s Barry Silbert for allegedly playing the victim card while owing $1.2 billion to Gemini’s 232,000 Earn customers.
Maple Finance announces direct lending to fill the void left by BlockFi, Celsius
The lending platform’s team will begin offering loans directly to some borrowers instead of relying solely on pool delegates to provide capital.