The bankrupt crypto exchange wants to recoup billions from the bankrupt crypto lender claiming it was “instrumental” to FTX’s “fraudulent” business model.
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The bankrupt crypto exchange wants to recoup billions from the bankrupt crypto lender claiming it was “instrumental” to FTX’s “fraudulent” business model.
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Crypto lender Genesis Global has become the latest firm to throw in the towel following the collapse of FTX, filing for Chapter 11 bankruptcy protection in New York.
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The charges relate to Gemini’s crypto asset lending program, Gemini Earn, according to a press release from the Securities and Exchange Commission.
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The troubled firm is also acting as the liquidity provider of Grayscale Bitcoin Investment Trust.
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Bitcoin and a large number of cryptocurrencies experienced a sharp crash after touching new price highs this year. On June 26, the price of bitcoin core (BTC) dropped from $13,850 to under $11,900 in less than an hour. BTC values against the USD continued to spiral on Thursday, dropping to $10,350 before recovering slightly. With […]
The post Market Outlook: After Crypto Prices Tumble, Observers Weigh in on What’s Next appeared first on Bitcoin News.
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