NY Attorney General sues crypto giants Gemini & DCG demands $3B for investor fraud
3 weeks ago 2 mins read

New York Attorney General Sues Crypto Giants, Demands $3B for Investor Fraud

Letitia James, the attorney general of New York, is requesting $3 billion in damages in her lawsuit against the crypto companies Gemini Trust and Digital Currency Group (DCG). This rise from the initial $1.1 billion is intended to assist more investors who fell for Gemini Earn’s deceptive claims. James claimed that when the lawsuit was filed in October, Gemini, DCG, and their executives had deceived investors by making false claims about how simple it would be to receive their money back from Gemini Earn and about the strength of Genesis Capital. She is now requesting $3 billion because there are

Genesis seeks court nod to sell $1.4 billion in Bitcoin shares amid financial woes
3 weeks ago 1 min read

Genesis seeks court nod to sell $1.4 billion in Bitcoin shares amid financial woes

Genesis, which is having financial issues, is seeking permission from the court to sell off a sizable amount of its digital currency holdings, with a target price of about $1.4 billion in shares of GBTC. Crypto lender Genesis’s move comes while the company is navigating bankruptcy procedures to sell off assets and regain stability. To help with its financial difficulties, Genesis is asking the court to approve the sale of $1.4 billion worth of assets, including a sizable amount of its GBTC shares. The crypto lender hopes to ease its financial burden and create a path for recovery during bankruptcy

Crypto Exchange Gemini to Impose Transfer Limits for UK Users
4 months ago 1 min read

Gemini Announces Restrictions on Crypto Transfers in the UK

Gemini crypto exchange is introducing new rules for its UK branch starting November 17. Under these new rules, Gemini will only allow crypto transfers to be made to firms registered with TRUST. This change is in response to the UK’s regulations, which require sender and receiver details to be shared. The sharing of information is a critical aspect of adhering to the UK Travel Rule, aimed at enhancing transparency and security in the crypto industry. Gemini has partnered with TRUST to help combat fraud and will exclusively work with 58 approved companies, including well-known names like Coinbase. These rules also

Gemini and Genesis have filed a motion to dismiss a lawsuit filed by the SEC
9 months ago 1 min read

Gemini and Genesis Seek to Dismiss SEC Lawsuit

Gemini and Genesis, two cryptocurrency companies, have filed a motion to dismiss a lawsuit filed by the Securities and Exchange Commission (SEC) alleging that their Earn offering violated securities laws. The Earn offering allowed users to earn interest on their cryptocurrency deposits by lending their coins to Genesis. Genesis then invested the coins in various ways, including lending them to other cryptocurrency companies. The SEC alleges that the Earn offering was unregistered security because it involved the sale of investment contracts. An investment contract is a contract that gives the buyer the right to participate in the profits of an