Genesis
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🔹 Genesis Trading Moves Big on Coinbase! 🔹
Genesis Trading just deposited another 1K $BTC ($61.76M) into #Coinbase making it a total of 8,050 #BTC ($518.13M) deposited over the past 2 weeks.
💡 Current Wallet Balance: 5,456.5071247 BTC ($337.63M)
🔗 Wallet Address: bc1q4jchcr7nla277su5lpjzttxp3xg5j8wds5lcwg
#Bitcoin #Genesis $ETH $SOL $BTC
Genesis Trading just deposited another 1K $BTC ($61.76M) into #Coinbase making it a total of 8,050 #BTC ($518.13M) deposited over the past 2 weeks.
💡 Current Wallet Balance: 5,456.5071247 BTC ($337.63M)
🔗 Wallet Address: bc1q4jchcr7nla277su5lpjzttxp3xg5j8wds5lcwg
#Bitcoin #Genesis $ETH $SOL $BTC
📢#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
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
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
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."
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
#Genesis Digital Assets launches three new bitcoin mining data centers in South #Carolina
#Bitcoin mining company Genesis Digital Assets, also known as GDA, has added three new data centers for bitcoin mining in western South Carolina.
The move is part of a broader data center expansion across the United States, as the nation now contributes 2% of the Bitcoin network total hash rate. #GDA also intends to use South Carolina's renewable energy to power its new data centers. One facility near Anderson will use dry-type distribution transformers and have a total capacity of 18 MW. Another near Pacolet will be run on hydroelectric energy.
"The opening of these new data centers is perfectly in line with our commitment to expand our fleet on clean energy resources," said GDA CEO Andrey Kim in a statement.
#Bitcoin mining company Genesis Digital Assets, also known as GDA, has added three new data centers for bitcoin mining in western South Carolina.
The move is part of a broader data center expansion across the United States, as the nation now contributes 2% of the Bitcoin network total hash rate. #GDA also intends to use South Carolina's renewable energy to power its new data centers. One facility near Anderson will use dry-type distribution transformers and have a total capacity of 18 MW. Another near Pacolet will be run on hydroelectric energy.
"The opening of these new data centers is perfectly in line with our commitment to expand our fleet on clean energy resources," said GDA CEO Andrey Kim in a statement.
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.
bitcoin: Over 30 Years of History
Bitcoin is the culmination of about thirty years of research during which the best minds worked together to perfect cryptographic techniques. The personal computer, the Internet, and modern cryptography are the three major innovations that made it possible for Bitcoin to emerge. It is a consequence of the digital revolution of 1989, which saw the birth of Web1, Web2, and Web3. Bitcoin came with a new technology that we came to know in 2008, but many are unaware of everything that happened before that year when the BITCOIN network was officially launched. Let me take you to the heart of the story.
1974: A Protocol for Packet Network Intercommunication
https://www.cs.princeton.edu/courses/archive/fall06/cos561/papers/cerf74.pdf
1976: New Directions in Cryptography
https://ee.stanford.edu/~hellman/publications/24.pdf
1978: RSA Encryption
https://en.wikipedia.org/wiki/RSA_(cryptosystem)
1980: Protocols for Public Key Cryptosystems
https://en.wikipedia.org/wiki/Public-key_cryptography
1983: Blind Signatures For Untraceable Payments
https://sceweb.sce.uhcl.edu/yang/teaching/csci5234WebSecurityFall2011/Chaum-blind-signatures.PDF
1985: Cryptography on Elliptic Curves
https://en.wikipedia.org/wiki/Elliptic-curve_cryptography
1988: The Crypto Anarchist Manifesto
https://bitcoin.fr/the-crypto-anarchist-manifesto/
1989: Digicash
https://en.wikipedia.org/wiki/DigiCash
1991: PGP - Pretty Good Privacy
https://en.wikipedia.org/wiki/Pretty_Good_Privacy
1992: Cypherpunk
https://en.wikipedia.org/wiki/Cypherpunk
1993: A Cypherpunk's Manifesto
https://en.wikipedia.org/wiki/Eric_Hughes_(cypherpunk)
1994: CyberCash | The Cyphernomicon
https://en.wikipedia.org/wiki/CyberCash
1996: How to Make a Mint | E-gold
https://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm
1997: Hashcash
https://www.researchgate.net/publication/2482110_Hashcash_-_A_Denial_of_Service_Counter-Measure
1997: Formalizing and Securing Relationships on Public Networks
https://firstmonday.org/ojs/index.php/fm/article/view/548
1998: Bit Gold | Secure Property Titles with Owner Authority
https://nakamotoinstitute.org/secure-property-titles/
1998: B-money
https://www.investopedia.com/terms/b/bmoney.asp
1999: Computer-Implemented Securities Trading System
https://patents.google.com/patent/US5950176A/en
2001: Distributed Hash Table | Bittorrent
https://en.wikipedia.org/wiki/Distributed_hash_table
https://en.wikipedia.org/wiki/BitTorrent
2004: RPOW - Reusable Proofs of Work
https://nakamotoinstitute.org/finney/rpow/
2006: Liberty Reserve
https://en.wikipedia.org/wiki/Liberty_Reserve
2008: Birth of Bitcoin
https://bitcoin.org/bitcoin.pdf
And it succeeded where many others had failed.
#crypto2023 #BTC #Genesis
1974: A Protocol for Packet Network Intercommunication
https://www.cs.princeton.edu/courses/archive/fall06/cos561/papers/cerf74.pdf
1976: New Directions in Cryptography
https://ee.stanford.edu/~hellman/publications/24.pdf
1978: RSA Encryption
https://en.wikipedia.org/wiki/RSA_(cryptosystem)
1980: Protocols for Public Key Cryptosystems
https://en.wikipedia.org/wiki/Public-key_cryptography
1983: Blind Signatures For Untraceable Payments
https://sceweb.sce.uhcl.edu/yang/teaching/csci5234WebSecurityFall2011/Chaum-blind-signatures.PDF
1985: Cryptography on Elliptic Curves
https://en.wikipedia.org/wiki/Elliptic-curve_cryptography
1988: The Crypto Anarchist Manifesto
https://bitcoin.fr/the-crypto-anarchist-manifesto/
1989: Digicash
https://en.wikipedia.org/wiki/DigiCash
1991: PGP - Pretty Good Privacy
https://en.wikipedia.org/wiki/Pretty_Good_Privacy
1992: Cypherpunk
https://en.wikipedia.org/wiki/Cypherpunk
1993: A Cypherpunk's Manifesto
https://en.wikipedia.org/wiki/Eric_Hughes_(cypherpunk)
1994: CyberCash | The Cyphernomicon
https://en.wikipedia.org/wiki/CyberCash
1996: How to Make a Mint | E-gold
https://groups.csail.mit.edu/mac/classes/6.805/articles/money/nsamint/nsamint.htm
1997: Hashcash
https://www.researchgate.net/publication/2482110_Hashcash_-_A_Denial_of_Service_Counter-Measure
1997: Formalizing and Securing Relationships on Public Networks
https://firstmonday.org/ojs/index.php/fm/article/view/548
1998: Bit Gold | Secure Property Titles with Owner Authority
https://nakamotoinstitute.org/secure-property-titles/
1998: B-money
https://www.investopedia.com/terms/b/bmoney.asp
1999: Computer-Implemented Securities Trading System
https://patents.google.com/patent/US5950176A/en
2001: Distributed Hash Table | Bittorrent
https://en.wikipedia.org/wiki/Distributed_hash_table
https://en.wikipedia.org/wiki/BitTorrent
2004: RPOW - Reusable Proofs of Work
https://nakamotoinstitute.org/finney/rpow/
2006: Liberty Reserve
https://en.wikipedia.org/wiki/Liberty_Reserve
2008: Birth of Bitcoin
https://bitcoin.org/bitcoin.pdf
And it succeeded where many others had failed.
#crypto2023 #BTC #Genesis
