Crypto exchange Gemini dismisses the SEC's lawsuit against its Earn program, claiming that the regulatory agency is floundering and contradicting itself in its classification of the program as a security.
Sentiment suggests that digital asset markets are preparing for an upward reversal, despite the possibility of a credit-induced correction, according to crypto investor Chris Burniske.
Digital Currency Group (DCG) has reached an in-principle deal with Genesis creditors, potentially resulting in recoveries of 70%-90% for unsecured creditors and 65%-90% recovery on an in-kind basis, subject to market pricing and definitive documentation.
Digital Currency Group and its subsidiary Genesis Global have reached a tentative agreement to resolve bankruptcy issues with unsecured creditors, potentially recovering 70%-90% for creditors and 65%-90% for customers depending on the denomination of digital assets, but the deal does not include customers of its investment program or former partner Gemini.
Crypto lender Genesis' bankruptcy case is facing opposition from a group of creditors who consider the treatment of outstanding loans to be insufficient, as Genesis and parent company DCG reach a tentative deal.
Crypto exchange Gemini and a group of ad hoc creditors have raised objections to Genesis' proposed resolution for its bankruptcy, citing a lack of detail and assurances for debtors, as well as inadequate economic consideration, while calling for an end to the exclusivity period for negotiations.
Genesis Global Capital has filed a lawsuit against Digital Currency Group (DCG) and Digital Currency Group International (DCGI) seeking repayment of over $600 million in loans, alleging that DCG and DCGI are wrongfully in possession of property belonging to Genesis Global Capital's bankruptcy estate.
U.S. authorities are investigating claims of fraud made by Cameron Winklevoss, co-founder of crypto firm Gemini Trust Co, against the Digital Currency Group (DCG) and its founder Barry Silbert, relating to the misrepresentation of DCG's lending arm Genesis, which filed for bankruptcy in January.
Over 230,000 retail creditors who used Gemini's Earn program are expected to recover almost all of their claims under a proposed remuneration deal, which would see them receive approximately 95-110% of their claims, following the bankruptcy filing of Genesis, the company that provided the financial infrastructure for the program.
Crypto exchange Gemini has criticized a proposed bankruptcy recovery plan for Genesis, calling it misleading and deceptive, stating that Gemini Earn users will not recover the real value of the money they’re owed.
Gemini co-founders Cameron and Tyler Winklevoss secretly withdrew over $280 million from the crypto company's bank shortly before its collapse, leaving customers unable to access their deposits, raising questions about what they knew and potentially undermining their claims in a pending lawsuit against Digital Currency Group owner Barry Silbert.
Coinbase is demanding immediate action from the Securities and Exchange Commission (SEC) or for the courts to intervene on its request for formal rules on digital assets as securities. Despite a previous delay, Coinbase accuses the SEC of refusing to act on its petition, leaving digital assets in a difficult situation with no clear guidelines.
