Ethereum mixer Tornado Cash co-founders Roman Storm and Roman Semenov have been charged with money laundering over $1 billion in criminal proceeds, while FTX-affiliated Farmington State Bank has been shut down for attempting to create a stablecoin without proper approval. Prime Trust has filed for bankruptcy after losing $6 million of customer money in Terra-Luna gambling, and Binance has lost its UK payment processor Checkout.com over money laundering concerns. Furthermore, Sam Bankman-Fried plans to blame FTX's lawyers for his decision-making in his legal defense. The SEC has sued Titan for promising unrealistic investment returns, Coinbase has suspended certain stablecoins for Canadian users, and the Centre consortium that issued the USDC stablecoin is being dissolved.
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.
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.
Lenders of bankrupt cryptocurrency lender Genesis Global Capital are unsatisfied with the recent settlement agreement, calling it "wholly insufficient."
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.
Creditors of bankrupt crypto lender Genesis Global Capital have criticized a proposed $175 million deal with FTX, accusing Genesis of vote-buying and manipulating the bankruptcy process, further complicating Genesis' efforts to wind up its affairs and return money to customers.
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.
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.
Genesis Global Capital, a crypto lending firm and subsidiary of Digital Currency Group, will cease spot and derivatives trading for crypto assets through its British Virgin Islands unit due to voluntary and business reasons.
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.
Digital asset exchange Gemini accuses Digital Currency Group of using deceptive practices to avoid repaying its obligations to the creditors of Genesis, its bankrupt crypto lending unit.
