Browsing:Genesis

New York AG announces a $2 billion settlement with Genesis to repay creditors
1 week ago 2 mins read

New York AG announces a $2 billion settlement with Genesis to repay creditors

New York Attorney General Letitia James announced a large Genesis bankruptcy settlement on Monday. The settlement creates a “Victims Fund” from Genesis’ residual assets to reimburse creditors. Unless digital asset prices cover losses, the fund will get up to $2 billion to reimburse creditors. Genesis’ parent firm, Digital Currency Group, challenged this settlement, but a bankruptcy court approved it last Friday. The February settlement forces Genesis to stop doing business in New York and bans future operations. The Attorney General called this the “largest settlement against a crypto company in state history.” Attorney General James said, “This historic settlement ensures

Genesis Global has agreed to pay $21 million in civil penalties
2 months ago 1 min read

Genesis Global will pay a $21 million in civil penalty to settle US SEC charges

Genesis Global has agreed to pay $21 million in civil penalties for engaging in the unregistered offer and sale of securities through the Gemini Earn program. The US Securities and Exchange Commission (SEC) criticized Genesis for offering up a retail crypto lending product without registering it first, a move that was seen as a violation of the Securities Act of 1933. The SEC’s Chair, Gary Gensler, emphasized the importance of following the law to protect investors and ensure trust in markets. The collapse of the Gemini Earn program serves as a cautionary tale for investors, as it highlights the unknown

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

Gemini and Genesis have filed a motion to dismiss a lawsuit filed by the SEC
1 year 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