GENESIS GLOBAL CAPITAL
Australian shares fall as inflation data triggers rate hike worries
Australian shares closed lower on Wednesday, dragged by declines in financial and mining stocks, as concerns about rate hikes heightened the risk of loan defaults and higher cost of capital.
Discounting wars in quick commerce; tax relief for ecommerce suppliers
The recent funding raised by Zepto may trigger a discounting war in the quick commerce space. This and more in today’s ETtech Morning Dispatch.
New York recovers $50 million for defrauded Gemini Earn crypto investors
NY AG Letitia James recovers $50 million from Gemini Trust to repay investors in Gemini Earn program, run by Winklevoss twins. Gemini to provide full recoveries to 230,000+ investors, ban on crypto lending programs in NY.
Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
Genesis Global approved to return $3 billion in cash and crypto to customers in bankruptcy liquidation, leaving owner DCG with no recovery. DCG had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy. Bitcoin's price surged since January 2023 filing.
Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down
Genesis Global approved to return $3 billion in cash and crypto to customers in bankruptcy liquidation, leaving owner DCG with no recovery. DCG had argued that Genesis should pay its customers and creditors no more than what the crypto assets were valued at in January 2023, when Genesis filed for bankruptcy. Bitcoin's price surged since January 2023 filing.
Bankrupt crypto lender Genesis to pay $21 million to settle SEC charges
The deal resolves January 2023 charges the SEC filed against Genesis and Gemini Trust Company LLC over their joint crypto lending program. It was one of a spate of enforcement actions the SEC has taken against large firms in the crypto sector.
Crypto exchange Gemini to return $1.1 billion to customers, pay fine in regulatory settlement
Gemini's Earn program, which was offered in partnership with crypto lender Genesis Global Capital, was halted during a crypto market crash in November 2022. That dislocation caused Genesis to file for bankruptcy, and has led to extensive litigation between Genesis, Gemini and Genesis's parent company, Digital Currency Group (DCG).
Crypto firm Genesis Global Trading to pay $8 million penalty, surrender NY license
Genesis - a cryptocurrency market-maker and brokerage firm - failed to maintain an effective compliance program for anti-money laundering and Bank Secrecy Act requirements and did not file sufficient Suspicious Activity Reports, which requires financial institutions to flag certain transactions to law enforcement.
NY Attorney General sues crypto firms Gemini, DCG, Genesis for 'fraud'
New York Attorney General Letitia James has filed a lawsuit against cryptocurrency firms Genesis Global, Digital Currency Group (DCG), and Gemini, accusing them of defrauding investors of over $1 billion. The lawsuit seeks restitution for investors, disgorgement of ill-gotten gains, and a ban on the three firms from the financial investment industry in New York.
Genesis Global Capital seeks to recoup over $600 million unpaid loans from DCG
Genesis said recovering the unpaid sums would offer a "significant benefit" to its bankruptcy estate, but that DCG is "wrongfully in possession."
FTX-tied Alameda gets $175 million claim on Genesis bankruptcy estate
The settlement marks a significant reduction from the nearly $3.9 billion claim that FTX, which is also bankrupt, had asserted earlier this year.
FTX sues ex-Clinton aide's investment firm K5 Global for $700 million
FTX said its founder Sam Bankman-Fried was a "profligate patron" who showered Michael Kives, his firm K5 Global, and K5 co-founder Bryan Baum with cash as part of an ongoing scheme to fraudulently use company assets for personal gain, according to a complaint filed in Wilmington, Delaware, bankruptcy court.
FTX gets approval for $50-million LedgerX sale, asserts $3.9-billion Genesis claim
As part of that broader effort, FTX on Wednesday said it would seek repayment of nearly $4 billion from Genesis Global Capital (GGC), the bankrupt lending arm of crypto firm Genesis.
Crypto group DCG says bankrupt unit Genesis' creditors renege on deal
DCG, a conglomerate in the digital asset space, had been looking to sell Genesis to repay some of the $3.4 billion, at a minimum, it owes creditors.
Crypto exchange Gemini to lay off 10% of staff: report
Crypto firms are off to a rocky start in 2023, with major players such as Coinbase Global Inc cutting jobs and Genesis Global Capital, the lending arm of Genesis, seeking bankruptcy protection.
Crypto lender Genesis files for Chapter 11 bankruptcy
Genesis said that its other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations.
Lending unit of crypto firm Genesis files for US bankruptcy
Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on November 16 after FTX stunned the financial world with its bankruptcy.
US securities regulator charges Genesis, Gemini with unregistered offerings
Genesis, a part of Digital Currency Group, entered into a deal with Gemini in December 2020 to offer Gemini customers the chance to loan their crypto assets to Genesis in exchange for earning interest, the SEC said.
Crypto broker Genesis owes Gemini's customers $900 million: report
Crypto exchange Gemini is trying to recover the funds after Genesis was wrongfooted by last month's failure of Sam Bankman-Fried's FTX crypto group
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