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Ethereum (ETH), the second-largest cryptocurrency by market cap, has fallen below $3,000 for the second time in the past 30 days, mirroring global market concern and significant sell-off pressure in the crypto ecosystem. Today’s 8.41% decline in ETH comes as Genesis Trading, a major player in the crypto market, has
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Genesis has finalized its restructuring process and started distributing roughly $4 billion in digital assets and US dollars to creditors, according to an Aug. 2 statement. The company revealed that creditors will recover an average of 64% of their crypto claims, depending on the coins. Bitcoin holders will regain 51.28% of their holdings, Ethereum creditors […]
The post Genesis begins distributing $4 billion in assets to creditors, creates legal fund to sue DCG, others appeared first on CryptoSlate.
Genesis's large crypto movement and subsequent market dip highlight ongoing volatility and the broader impact of institutional actions on crypto stability.
The post Genesis moves $1.5 billion in BTC and ETH, Bitcoin dips 2.2% in one hour appeared first on Crypto Briefing.
Bullish Bitcoin options traders expect a hefty profit from Fridays expiry now that Germany and Mt. Gox wallets have been emptied
Genesis Trading transferred over 12,600 Bitcoin to Coinbase over the past 30 days, two months after reaching a settlement with the state of New York.
High-profile bankruptcy cases have become a lucrative goldmine for two major law firms involved in the legal proceedings: Sullivan and Cromwell and Kirkland and Ellis.
Users of the now-defunct Earn lending program have started to get their funds via cryptocurrency exchange Gemini. A statement on May 29 states that members of Gemini’s Earn program received $2.18 billion in digital assets, which amounts to 97% of the assets owed to them and a 232% recovery after
Crypto exchange Gemini, owned by the Winklevoss twins,has announced the return of $2.2 billion to users of its Earn program afterhalting withdrawals 18 months ago, CNBC reported. This move followed asubstantial settlement between the New York Attorney General and Genesis,Gemini's lending partner.
Refunding Crypto Lending Users
With the more than $2 billion settlement, investorsare expected to fully reclaim their losses, marking a significant victory forthose affected. The resolution between Gemini and Genesis was brokeredwith the oversight of the New York Attorney General.
Gemini's Earnprogram was launched in 2021 to offer users the opportunity to earn attractiveyields on their cryptocurrency holdings. By participating in the program, usersentrusted their assets to Gemini, which then facilitated lending toinstitutional borrowers through Genesis Global Capital.
However, the program faced challenges in November 2022when Genesis halted new loan originations and redemptions, prompting Gemini tosuspend withdrawals. However, Gemini committed to returning 100% of digital assets to Earn program users. The company's approach, coupled with regulatory intervention,has paved the way for a substantial recovery for affected investors.
Gemini reportedly emailed users that the initial Earndistributions, approximately 97% of the funds Genesis owed users, were available inGemini accounts. The crypto exchange said that the distribution followed asettlement with Genesis and other creditors, which will result in Earn usersreceiving full reimbursement. At $2.18 billion, the distribution represents a 232% recovery for users.
NYAG Lawsuit
Last year, New York Attorney General Letitia James sued Gemini, Genesis, and Digital Currency Group for allegedlyorchestrating a fraudulent scheme that misled over 230,000 investors andresulted in losses exceeding $1 billion.
The lawsuit claimed that Gemini misled investors aboutthe safety of its partnership with Genesis while Genesis and DCG concealedsignificant losses. Investors were told that their money would be safe and growthrough the Gemini Earn program, which promised to generate profits by lendingassets to third parties. However, an investigation by the Attorney General revealeda different reality.
The losses resulted from defaults by major borrowerssuch as Three Arrows Capital and Babel Finance, resulting in a combined loss exceeding $1.2 billion. Despitethese significant financial setbacks, Genesis and DCG reportedly misledinvestors by falsely claiming that the losses had been absorbed through apromissory note.
This article was written by Jared Kirui at www.financemagnates.com.
Crypto exchange Gemini said users of its now-defunct Earn product received $2.18 billion of their digital assets, according to a May 29 statement. These distributions amount to 97% of the total digital assets owed to Earn users, marking a significant recovery since the collapse of crypto lender Genesis, which halted withdrawals in November 2022. In-kind […]
The post Gemini Earn returns over $2 billion in crypto, triggering concerns of sell pressure appeared first on CryptoSlate.
Letitia James unveils a victims' fund for defrauded investors, marking New York State's largest settlement with a cryptocurrency company.
Genesis Global, a bankrupt crypto lender, has received court approval to distribute $3 billion in cash and cryptocurrencies to its creditors. However, the decision excludes its parent Digital Currency Group (DCG) from receiving any recovery from the bankruptcy.
The courts ruling on Friday cleared the company to unfreeze and return customers assets that were locked up since November 2022. The lender also shuttered all trading operations last year.
Another Failed Crypto Lender
Genesis filed for Chapter 11 bankruptcy protection in New York in January 2023 following the troubles it faced from its exposure to Three Arrows Capital, a collapsed crypto hedge fund, and FTX, which is also under bankruptcy process. At the time of bankruptcy, it owed over $3.5 billion to the top 50 creditors alone.
The approval of $3 billion in distribution only represents about 77 percent of the value of the customers claims. According to the court order, the creditors with claims in USD will receive 100 percent of their loan balance (deferring payment of post-petition interest) but creditors with claims in cryptocurrencies will bear a shortfall.
No Recovery for DCG
At the time of Genesis bankruptcy, the value of Bitcoin was around $24,000, which has now jumped to over $66,000. Previously, DCG argued that the value of the creditors recovery should be capped at the value of cryptocurrencies during the bankruptcy filing, allowing potential recovery of its assets, but the court rejected the proposal.
The record here clearly establishes that there is not sufficient value in the Debtors estates to provide DCG a recovery as equity holder after unsecured creditors are paid, Judge Sean Lane wrote in his ruling. Given the size of the creditor claims, DCG is out of the money as an equity holder by billions of dollars, even if the Court valued creditor claims using the method DCG proposes.
The court further pointed at the anomalies in DCGs financial practices as it assumed $1.1 billion of Genesis's debt from the Three Arrows Capital collapse with a 10-year promissory note. Genesis also sued DCG for failure of payment of a loan. DCG already paid $227.3 million of the loan and reached an agreement with Genesis last November to pay another $275 million by April.
Earlier this year, the US securities regulator also fined Genesis $21 million for operating an illegal crypto lending platform.
This article was written by Arnab Shome at www.financemagnates.com.
New York Attorney General Letitia James has finalized asettlement worth $2 billion with the bankrupt cryptocurrency firms GenesisGlobal Capital, LLC, Genesis Asia Pacific PTE, LTD., and Genesis Global Holdco,LLC (collectively known as Genesis).
This settlement aims to maximize recoveries for investorswho experienced financial losses. It includes the creation of a victims' fundto compensate defrauded investors, among whom are at least 29,000 New Yorkerswho invested over $1.1 billion through the Gemini Earn program. Additionally,the settlement prohibits Genesis from conducting business in New York.
Settlement Reached in Genesis Bankruptcy Case
The settlement required approval from a bankruptcy court dueto Genesis' bankruptcy status. It marks the largest settlement against acryptocurrency company in New York State history. Attorney General Jamesemphasized the importance of this settlement in providing some level of justiceto the victims of Genesis' activities. The settlement continues James' effortsto enhance oversight and regulation within the cryptocurrency sector, havingsecured over $2.5 billion from various cryptocurrency platforms to date.
The Attorney General's office had previously filed a lawsuitin October 2023, accusing Genesis of hiding more than $1.1 billion in lossesfrom investors. This lawsuit was expanded in February to include additionalallegations of fraud involving Genesis and related entities. Under the terms ofthe settlement, Genesis does not admit to any wrongdoing, and the lawsuit willcontinue against other defendants, including Digital Currency Group, Inc. andits executives.
New York Attorney General James Secures Settlement Worth $2 Billion From Crypto Firm Genesis Global Capital For Defrauded Victims - Genesis Banned From Operating In New York https://t.co/J8e6TX7VXK
Mondo Visione (@ExchangeNews) May 20, 2024Victims' Fund Set Up to Compensate Creditors
The newly established Victims' Fund will distribute the remainingassets from Genesis' estate to compensate creditors. If creditors are not fullyreimbursed based on current digital asset values, the fund may receive up to $2billion from Genesis' assets to cover losses.
Attorney General James encourages New Yorkers affected bydeceptive practices in virtual asset markets to report these issues to heroffice and urges industry workers who have witnessed misconduct to filewhistleblower complaints, which can be done anonymously.
This article was written by Tareq Sikder at www.financemagnates.com.A $2 billion settlement has been reached between the New York State Attorney General’s office and Genesis Global Holdco. Prolonged discussions stemming from allegations of misrepresenting Genesis-related financial activities led to this conclusion. Genesis is now in the bankruptcy process, therefore the deal must be accepted by a bankruptcy court.
The attorney generals office filed a lawsuit against Genesis in October 2023 for allegedly defrauding investors through the Gemini Earn program.
Genesis gets court nod to distribute $3B to creditors, covering 77% of the claims. Notably, DCG is excluded from the payout list.
According to Judge Lane, any available funds for distribution by Genesis are being exhausted by creditor claims, which take priority over DCGs equity stake.
Crypto lender Genesis Global has taken a significant step towards resolving its bankruptcy case. On Friday, a US Bankruptcy Judge approved the company’s Chapter 11 liquidation plan, paving the way for a partial return of funds to its customers. This marks a positive development for Genesis’ creditors, who will receive an estimated $3 billion in […]
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In a significant development in the cryptocurrency landscape, the bankrupt crypto lender Genesis Trading has recently initiated a deposit of $36.45M worth of 34 crypto assets to Gemini, one of the prominent cryptocurrency exchanges. Among the top five assets deposited are 16.4M GRT ($4.83M), 123K INJ ($2.95M), 396M AMP ($2.93M), […]
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