Gemini crypto exchange has entered into a 30-day mediation process with bankrupt crypto broker Genesis and its parent company Digital Currency Group (DGC) to find a resolution for Gemini Earn users who lost their assets when the broker went under. Court filings indicate that the firm owes more than $3.8 billion to its largest 50 creditors, […]
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The co-founder of US-based exchange giant Gemini is announcing his exchange will sue the parent company of bankrupt crypto lender Genesis. Yesterday, Genesis Global Capital, LLC filed for Chapter 11 bankruptcy after weeks of speculation that they could do so. The Gemini co-founder and his twin brother Tyler Winklevoss have been in a public social media spat with Genesis’ […]
The post Cameron Winklevoss Says Gemini Will Sue Digital Currency Group and Barry Silbert As Genesis Files for Bankruptcy appeared first on The Daily Hodl.
Crypto lender Genesis, a subsidiary of Digital Currency Group (DCG), has filed for Chapter 11 bankruptcy. The filing followed a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). Genesis claims to have “ample liquidity to support its ongoing business operations and facilitate the restructuring process.” Genesis’ Bankruptcy Filing Genesis Global Holdco LLC, a […]
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 […]
The U.S. Securities and Exchange Commission (SEC) has charged crypto exchange Gemini and crypto lender Genesis Global Capital, a subsidiary of Digital Currency Group (DCG). “Through this unregistered offering, Genesis and Gemini raised billions of dollars’ worth of crypto assets from hundreds of thousands of investors,” the SEC alleged. SEC Takes Action Against Gemini and […]
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the three users assert that all transactions “constituted unregistered sales of securities” and therefore must be rescinded.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 […]
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 […]