Genesis
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📢#Genesis owes over $3.5B to top 50 creditors.
Crypto exchange Gemini, trading giant Cumberland, Mirana, MoonAlpha Finance and VanEck’s New Finance Income Fund are among the fifty largest Genesis creditors, according to a bankruptcy filing.
#crypto2023
Source: #Coindesk
Crypto exchange Gemini, trading giant Cumberland, Mirana, MoonAlpha Finance and VanEck’s New Finance Income Fund are among the fifty largest Genesis creditors, according to a bankruptcy filing.
#crypto2023
Source: #Coindesk
🔥Breaking News🔥 : #Genesis Partners with #BitGo Trust for Qualified Custody Services and Cold Storage for Institutional Clients.
#dyor #crypto2023
#dyor #crypto2023
Genesis Sues Digital Currency Group Over Unpaid Bitcoin Loans
CryptosHeadlines.com - The Leading Crypto Research Network
Digital Currency Group, the owner of the now-bankrupt crypto lender Genesis, faced criticism on Wednesday for allegedly borrowing a substantial amount of bitcoin and failing to repay it.
Genesis Global Capital is taking legal action against Digital Currency Group (DCG) for several unpaid loans totaling hundreds of millions of dollars that were due in May.
Genesis and DCG had entered into a “master loan agreement” in 2019, according to Genesis’ lawyers, as revealed in a filing with the U.S. Bankruptcy Court in the Southern District of New York. The documents state that Genesis loaned over 18,000 bitcoin to DCG in 2022, and later that year, the debt was converted into a fixed-term loan with a maturity date of May 11.
However, the loan matured on May 11, 2023, and remained unpaid, as per the filing.
In a separate court filing on Wednesday, attorneys representing Genesis disclosed that the crypto lender and DCG had entered into an “amended and restated master loan agreement” in November 2022.
A spokesperson for DCG mentioned in an emailed statement that Genesis had agreed to suspend the turnover action to facilitate the documentation of a preliminary agreement reached with Genesis, the UCC (Unsecured Creditors Committee), and DCG. The spokesperson further stated that they are currently in the process of documenting a forbearance agreement, which will be filed with the court soon. Once this is done, the distribution of funds will commence, and the path toward significant recovery for Genesis creditors will continue.
Genesis and DCG Face Legal Battle Over Unpaid Bitcoin Loans
Genesis Global Holdco faced significant financial challenges after the collapses of the crypto hedge fund Three Arrows Capital and the FTX exchange last year. As a result, it filed for bankruptcy protection in January, owing substantial debts to its creditors.
Following this, DCG and Genesis Global became embroiled in a legal dispute with the Gemini exchange. Gemini sued DCG and its CEO Barry Silbert in July, alleging that Silbert was responsible for orchestrating a fraudulent scheme against creditors on behalf of DCG and Genesis.
In July, Gemini co-founder Cameron Winklevoss issued an ultimatum to Silbert, demanding the immediate payment of $640 million owed to Gemini’s Earn clients or the threat of a lawsuit.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Blockchain #Bitcoin #CryptoNews #cryptomarket #Genesis
Digital Currency Group, the owner of the now-bankrupt crypto lender Genesis, faced criticism on Wednesday for allegedly borrowing a substantial amount of bitcoin and failing to repay it.
Genesis Global Capital is taking legal action against Digital Currency Group (DCG) for several unpaid loans totaling hundreds of millions of dollars that were due in May.
Genesis and DCG had entered into a “master loan agreement” in 2019, according to Genesis’ lawyers, as revealed in a filing with the U.S. Bankruptcy Court in the Southern District of New York. The documents state that Genesis loaned over 18,000 bitcoin to DCG in 2022, and later that year, the debt was converted into a fixed-term loan with a maturity date of May 11.
However, the loan matured on May 11, 2023, and remained unpaid, as per the filing.
In a separate court filing on Wednesday, attorneys representing Genesis disclosed that the crypto lender and DCG had entered into an “amended and restated master loan agreement” in November 2022.
A spokesperson for DCG mentioned in an emailed statement that Genesis had agreed to suspend the turnover action to facilitate the documentation of a preliminary agreement reached with Genesis, the UCC (Unsecured Creditors Committee), and DCG. The spokesperson further stated that they are currently in the process of documenting a forbearance agreement, which will be filed with the court soon. Once this is done, the distribution of funds will commence, and the path toward significant recovery for Genesis creditors will continue.
Genesis and DCG Face Legal Battle Over Unpaid Bitcoin Loans
Genesis Global Holdco faced significant financial challenges after the collapses of the crypto hedge fund Three Arrows Capital and the FTX exchange last year. As a result, it filed for bankruptcy protection in January, owing substantial debts to its creditors.
Following this, DCG and Genesis Global became embroiled in a legal dispute with the Gemini exchange. Gemini sued DCG and its CEO Barry Silbert in July, alleging that Silbert was responsible for orchestrating a fraudulent scheme against creditors on behalf of DCG and Genesis.
In July, Gemini co-founder Cameron Winklevoss issued an ultimatum to Silbert, demanding the immediate payment of $640 million owed to Gemini’s Earn clients or the threat of a lawsuit.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#Blockchain #Bitcoin #CryptoNews #cryptomarket #Genesis
Developments in the coming days It could double the volatility in cryptocurrencies.
Early approval/rejection related to the BlackRock application
The involvement of the US Department of Justice in the #Binance case
Before the deadline of August 2, #Genesis announces that it has reached an agreement or officially announces that it is bankrupt
Developments related to the ongoing ETF litigation between Grayscale and the #SEC . Dec. BlackRock approval is difficult to come by while the case is ongoing, perhaps Grayscale will ease the SEC's hand for approval by passing the case. Or the SEC goes to settle the case, and the GBTC and BlackRock approvals come one after the other.
On the macro front, the upcoming data, this week's Powell+member statements have an overly hawkish tone
The rise of Russia, Taiwan and other military tensions
Early approval/rejection related to the BlackRock application
The involvement of the US Department of Justice in the #Binance case
Before the deadline of August 2, #Genesis announces that it has reached an agreement or officially announces that it is bankrupt
Developments related to the ongoing ETF litigation between Grayscale and the #SEC . Dec. BlackRock approval is difficult to come by while the case is ongoing, perhaps Grayscale will ease the SEC's hand for approval by passing the case. Or the SEC goes to settle the case, and the GBTC and BlackRock approvals come one after the other.
On the macro front, the upcoming data, this week's Powell+member statements have an overly hawkish tone
The rise of Russia, Taiwan and other military tensions
Why was Bitcoin created?
#Bitcoin , the world's first decentralized digital currency, has been making headlines since its inception in 2009. While many people have heard of Bitcoin, few understand the reasons behind its creation.
In this article, we will explore the origins of Bitcoin and the motivations that led to its development. From the financial crisis of 2008 to the desire for a more secure and private form of currency, we will delve into the factors that drove the creation of Bitcoin and its impact on the world of finance.
The motivation behind Bitcoin's creation
Bitcoin was developed as a revolutionary response to the 2008 financial crisis, which revealed the inherent fragility and limitations of the traditional banking system.
Prior to Bitcoin's creation, the creator, known under the pseudonym "Satoshi Nakamoto," was already known in cryptography circles, often communicating with fellow developers under the same pseudonym.
Decentralization: The core principle of Bitcoin
The system operates on #blockchain technology, a network-based ledger accessible to all participants, ensuring transparency and security. The mining process, which involves solving complex mathematical problems, not only generates new bitcoins but also validates and verifies transactions, ensuring the integrity of the system.
Transactions made on the blockchain are secure and verified, eliminating the need for an intermediary or third party. This #decentralization is not just about technology; it's a social and economic shift, a new way of thinking about finance. It's about empowering individuals, promoting transparency, and challenging traditional power structures.
The impact of Bitcoin's creation on traditional banking systems
Bitcoin's creation underscored the potential fragility of the traditional banking system, which was laid bare during the 2008 crisis.
Notably the first Bitcoin block — known as the #Genesis block — contained a recent headline from The Times newspaper, "Chancellor on brink of second bailout for banks."
#Bitcoin , the world's first decentralized digital currency, has been making headlines since its inception in 2009. While many people have heard of Bitcoin, few understand the reasons behind its creation.
In this article, we will explore the origins of Bitcoin and the motivations that led to its development. From the financial crisis of 2008 to the desire for a more secure and private form of currency, we will delve into the factors that drove the creation of Bitcoin and its impact on the world of finance.
The motivation behind Bitcoin's creation
Bitcoin was developed as a revolutionary response to the 2008 financial crisis, which revealed the inherent fragility and limitations of the traditional banking system.
Prior to Bitcoin's creation, the creator, known under the pseudonym "Satoshi Nakamoto," was already known in cryptography circles, often communicating with fellow developers under the same pseudonym.
Decentralization: The core principle of Bitcoin
The system operates on #blockchain technology, a network-based ledger accessible to all participants, ensuring transparency and security. The mining process, which involves solving complex mathematical problems, not only generates new bitcoins but also validates and verifies transactions, ensuring the integrity of the system.
Transactions made on the blockchain are secure and verified, eliminating the need for an intermediary or third party. This #decentralization is not just about technology; it's a social and economic shift, a new way of thinking about finance. It's about empowering individuals, promoting transparency, and challenging traditional power structures.
The impact of Bitcoin's creation on traditional banking systems
Bitcoin's creation underscored the potential fragility of the traditional banking system, which was laid bare during the 2008 crisis.
Notably the first Bitcoin block — known as the #Genesis block — contained a recent headline from The Times newspaper, "Chancellor on brink of second bailout for banks."
Офис генерального прокурора Нью-Йорка предъявил обвинения Gemini Trust, Genesis Global и DCG в обмане 230 000 инвесторов на сумму более $1 млрд.
Иск также содержит обвинения против бывшего генерального директора Genesis и основателя DCG Барри Силберта в попытке скрыть финансовое состояние компании.
#Gemini #DCG #Genesis
Иск также содержит обвинения против бывшего генерального директора Genesis и основателя DCG Барри Силберта в попытке скрыть финансовое состояние компании.
#Gemini #DCG #Genesis
Digital Currency Group (DCG) has reportedly reached an agreement with its bankrupt cryptocurrency lending subsidiary Genesis to repay outstanding debt by April 2024. Under the agreement, DCG plans to repay approximately $200 million to Genesis within a few weeks and complete the payment of the outstanding debt by April 2024, settling a debt repayment lawsuit worth approximately $620 million. However, this settlement does not mean that all disputes related to Genesis' recovery plan with DCG have been resolved. #DigitalCurrencyGroup #Genesis #CryptocurrencyTips #debtrepayment
In the monthly AMA by #StepN staff, that's currently being held, the co-founder clarified about the #GasHero and its recently released #Genesis hero-competition, where the community designs the heroes by submissions:
– Any style is good; pixelated or made by AI, whatever.
– It's preferably a full body artwork, including back and side-views.
– A name for the hero, including back-story is important.
– Goes without saying, that a creator must own all rights to the artwork that's submitted.
– No limit with the number of submission.
GasHero will be a PvP-style of Web3 game with complex mechanics, where its utility token $GMT will be earned from other players, unlike StepN that's meant to be the Web3-on-boarding game.
– Any style is good; pixelated or made by AI, whatever.
– It's preferably a full body artwork, including back and side-views.
– A name for the hero, including back-story is important.
– Goes without saying, that a creator must own all rights to the artwork that's submitted.
– No limit with the number of submission.
GasHero will be a PvP-style of Web3 game with complex mechanics, where its utility token $GMT will be earned from other players, unlike StepN that's meant to be the Web3-on-boarding game.
Genesis Halts Withdrawals After Court Orders to Pay $175M to FTX
#Genesis will provide #FTX $175 million.
The settlement between the troubled #cryptocurrency startups FTX and GGC was approved on October 11 by the Southern District of New York of the United States Bankruptcy Court. The $175 million settlement sum with FTX may be discharged by Genesis debtors under the terms of this agreement. so opening a crucial chapter in the current legal conflict.
Genesis considers this court-approved settlement to be "fair and equitable". It seeks to avoid the "protracted litigation" whose result is still "inherently uncertain." Creditors of FTX, on the other hand, expressed dissatisfaction and urged the Official Committee of Unsecured Creditors of FTX to contest this deal.
The FTX crash in November 2022, which sent a financial shockwave through the cryptocurrency sector, serves as the setting for this courtroom drama. Due to its financial ties to FTX, Genesis found itself in a bind. It lost access to $175 million worth of cryptocurrency assets for its #derivatives business.
#Genesis will provide #FTX $175 million.
The settlement between the troubled #cryptocurrency startups FTX and GGC was approved on October 11 by the Southern District of New York of the United States Bankruptcy Court. The $175 million settlement sum with FTX may be discharged by Genesis debtors under the terms of this agreement. so opening a crucial chapter in the current legal conflict.
Genesis considers this court-approved settlement to be "fair and equitable". It seeks to avoid the "protracted litigation" whose result is still "inherently uncertain." Creditors of FTX, on the other hand, expressed dissatisfaction and urged the Official Committee of Unsecured Creditors of FTX to contest this deal.
The FTX crash in November 2022, which sent a financial shockwave through the cryptocurrency sector, serves as the setting for this courtroom drama. Due to its financial ties to FTX, Genesis found itself in a bind. It lost access to $175 million worth of cryptocurrency assets for its #derivatives business.
🤔 $BTC Analysts at K33 Research suggest that bitcoin sell-offs by #Grayscale may diminish.
They draw this conclusion based on a comparison of the levels of outflows from #GBTC and #Gemini sales as part of the liquidation of units of bankrupt #Genesis .
They draw this conclusion based on a comparison of the levels of outflows from #GBTC and #Gemini sales as part of the liquidation of units of bankrupt #Genesis .
🕒 3 days ago: An ICO participant transferred 61,216.5 ETH to #Kraken at $1,899 per ETH, totaling $116.3 million.
📅 Jul 30, 2015: The participant received 61,216.6 #ETH from #Ethereum #Genesis worth approximately $19,000 at the ICO price of $0.31 per ETH.
⏰ 8 years later: The participant woke up from dormancy and moved all of their ETH to #Kraken.
Now, the participant has deposited all 61,216 ETH (currently valued at $116 million) to Kraken
#Bitcoin
$XRP $ETH $PEPE
📅 Jul 30, 2015: The participant received 61,216.6 #ETH from #Ethereum #Genesis worth approximately $19,000 at the ICO price of $0.31 per ETH.
⏰ 8 years later: The participant woke up from dormancy and moved all of their ETH to #Kraken.
Now, the participant has deposited all 61,216 ETH (currently valued at $116 million) to Kraken
#Bitcoin
$XRP $ETH $PEPE
