Genesis Global Capital – DIGIT INFO

Legal fees skyrocket in high-profile crypto bankruptcies

DIGIT — Fri, 31 May 2024 09:53:10 +0000

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.

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Gemini creditors revolt over ‘brutal’ Bitcoin slashing reorg plan

DIGIT — Thu, 14 Dec 2023 05:04:50 +0000

Under the proposed plan, Gemini Earn users may only recover 61% of their lost funds in a worst-case scenario.

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Major Crypto ATM Operator Coin Cloud Files for Bankruptcy

DIGIT — Thu, 09 Feb 2023 19:00:46 +0000

One of the largest cryptocurrency ATM operators, Coin Cloud, which claims to operate more than 5,000 crypto ATMs, has filed for bankruptcy in the U.S. The company’s largest creditor is Genesis Global Trading, whose parent company also recently filed for bankruptcy in the U.S. Coin Cloud Files for Bankruptcy Cash Cloud Inc., a digital asset […]

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DCG offloads Grayscale shares to raise capital: Report

DIGIT — Wed, 08 Feb 2023 06:09:55 +0000

The purported sales are the latest measures the embattled firm has taken following moves in recent months to raise capital and preserve liquidity.

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Coindesk Up for Sale? Investors Circle Crypto News Publication Amidst Genesis Bankruptcy

DIGIT — Fri, 20 Jan 2023 18:05:15 +0000

According to various reports, investors are reportedly interested in purchasing Coindesk, a cryptocurrency news publication. On Jan. 18, Wang Feng, founder of China-based news publication Marsbit, announced his intentions to purchase Coindesk along with other members of the crypto industry. This news follows a report from Semafor at the end of November 2022 stating that […]

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Digital Currency Group Suspends Dividends Amid Regulatory Trouble With Subsidiary Genesis

DIGIT — Wed, 18 Jan 2023 20:30:10 +0000

According to a shareholders’ letter from Digital Currency Group (DCG) viewed by finance and crypto publication Coindesk, the company has suspended dividends until further notice. This news follows the U.S. Securities and Exchange Commission (SEC) charging a subsidiary firm of DCG, Genesis Global Capital, with operating an “unregistered offer and sale of securities to retail […]

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Gemini Co-Founder Accuses Digital Currency Group of Misrepresentation, Demands CEO Resignation

DIGIT — Tue, 10 Jan 2023 18:30:02 +0000

Gemini CEO Cameron Winklevoss has published another open letter on Twitter, addressed to the board members of Digital Currency Group (DCG). In the letter, Winklevoss accuses DCG and CEO Barry Silbert of making poor decisions with the now-defunct crypto hedge fund Three Arrows Capital (3AC), and claims that DCG orchestrated a “campaign of lies” in […]

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Demand for Arbitration Filed Against Genesis Global Capital, DCG — Firm Accused of ‘Ochestrating a Sham Transaction’

DIGIT — Tue, 03 Jan 2023 06:30:49 +0000

Three Gemini Earn users have accused Genesis Global Capital of breaching a contract and have subsequently filed a demand for class arbitration with the American Arbitration Association. In addition, the three users assert that all transactions “constituted unregistered sales of securities” and therefore must be rescinded. ‘A Sham Transaction’ A demand for class arbitration in […]

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Crypto lender Genesis has no solution yet for withdrawal halts

DIGIT — Thu, 08 Dec 2022 05:04:45 +0000

Genesis said it will take additional weeks to carve out a recovery path for its lending business.

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Report: Genesis Owes Gemini Customers $900 Million, Exchange Is Attempting to Recoup Assets

DIGIT — Sat, 03 Dec 2022 16:30:20 +0000

According to a recent report from the Financial Times (FT), Genesis Global Capital allegedly owes $900 million to Gemini customers. The exchange operated by Cameron and Tyler Winklevoss is attempting to recover the funds from Genesis, according to FT’s sources. Report Claims Genesis Owes the Winklevoss-Operated Exchange Gemini $900 Million FT reports that the centralized […]

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