Bookmarking Crypto Insights
Auto Added by WPeMatico
CoinDesk was owned by Digital Currency Group who acquired the media company in 2016 for $50M. The new owner, Bullish, is headed by former New York Stock Exchange president Tom Farley. Go to Source
Genesis wants to use the shares’ initial value in claims and is not releasing additional collateral transferred by DCG, the suit claims. Go to Source
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”. Go to Source
In January, Genesis Global Capital announced it would eliminate its crypto spot trading services “voluntarily and for business reasons” without additional details. Go to Source
DCG suggests a new deal in Genesis bankruptcy, offering unsecured creditors 70%–90% baseline recovery; if approved, it would involve the renegotiation of a $630-million loan between Genesis and DCG. Go to Source
DCG borrowed $500,000 from its subsidiary last year and DCG Investments borrowed over 18,000 BTC and both have allegedly defaulted. Go to Source
The company, an affiliate of Barry Silbert’s Digital Currency Group, has been providing crypto spot trading since 2013. Its closure is “for business reasons.” Go to Source
The agreement in-principle reached by DCG and creditors also said that the Ad Hoc Group and Gemini did not support the deal. Go to Source
The estimated USD equivalent recoveries could account for 70% to 90% for Genesis creditors, should the amended plan be carried out. Go to Source
Estimates of staffers facing the axe range from 45% (20 people) to 16%. A company-wide meeting is reportedly scheduled for Aug. 14. Go to Source
