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NEW YORK, Nov 21 (Reuters) - The founder of Infinity Q Capital Management, a New York firm accused of inflating assets by over $1 billion to collect more fees, pleaded guilty on Monday to securities fraud. James Velissaris, 38, of Atlanta, entered his plea before U.S. District Judge Denise Cote in Manhattan, averting a scheduled Nov. 28 trial. Before suspending redemptions in February 2021, the fund reported $1.73 billion of assets. The case is U.S. v. Velissaris, U.S. District Court, Southern District of New York, No. Reporting by Jonathan Stempel and Jody Godoy in New York; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Grayscale refuses to share proof of reserves due to 'security concerns' as shares trade at a 45% discount to bitcoin
▼ + stars: | 2022-11-21 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

Grayscale, the asset manager running the world's largest bitcoin fund, said in a statement that it won't share its proof of reserves with customers. Grayscale's flagship fund is the Grayscale Bitcoin Trust, known by its GBTC ticker. The firm pointed to a letter sent by Coinbase CFO Alesia Haas on Nov. 18, which breaks down an accounting of the tokens held at Coinbase Custody. In a tweet, the firm added that the "laws, regulations, and documents that define Grayscale's digital asset products prohibit the digital assets underlying the products from being lent, borrowed, or otherwise encumbered." Barry Silbert's Digital Currency Group is the parent company of Grayscale, Genesis, and CoinDesk.

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☆ Crypto lender Genesis says no plans to file bankruptcy imminently
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +1 min

Nov 21 (Reuters) - Cryptocurrency lender Genesis said on Monday it has no plans to file for bankruptcy imminently, days after the collapse of crypto exchange FTX forced it to suspend customer redemptions. "We have no plans to file bankruptcy imminently. A report from Bloomberg News, citing sources, said on Monday that Genesis was struggling to raise fresh cash for its lending unit, and warning investors it may need to file for bankruptcy if it does not find funding. Last week, Genesis Global Capital suspended customer redemptions in its lending business, citing the sudden failure of Sam Bankman-Fried's crypto exchange FTX. On Thursday, the Wall Street Journal reported that Genesis had sought an emergency loan of $1 billion from investors before it suspended withdrawals.

☆ Crypto lender Genesis says no immediate plans to file for bankruptcy
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

Nov 21 (Reuters) - Cryptocurrency lender Genesis said on Monday it has no immediate plans to file for bankruptcy, days after the collapse of crypto exchange FTX forced it to suspend customer redemptions. "We have no plans to file bankruptcy imminently. Also, the Wall Street Journal reported, citing sources that the company approached crypto exchange Binance seeking an investment but Binance decided against it, fearing a conflict of interest down the line. Last week, Genesis Global Capital suspended customer redemptions in its lending business, citing the sudden failure of Sam Bankman-Fried's crypto exchange FTX. Crypto exchange Gemini, which runs a crypto lending product in partnership with Genesis, tweeted on Monday that it was continuing to work with the company to enable its users to redeem funds from its yield-generating "Earn" programme.

☆ Hong Kong's leading crypto retail operator says it ceases trading as FTX fallout roils sector
▼ + stars: | 2022-11-18 | by ( Georgina Lee | ) www.reuters.com time to read: +3 min

HONG KONG, Nov 18 (Reuters) - A leading cryptocurrency retail service provider in Hong Kong said it has ceased trading as the broader fallout from the collapse of FTX, and solvency issues at other major crypto firms, continues to roil the sector. Genesis Block has no connection with a separate crypto player called Genesis Global Capital which suspended customer redemptions this week. One person with knowledge of the matter said one Genesis Block official was previously a director in FTX Hong Kong, but resigned from the directorship this month. FTX Hong Kong is one of the about 130 FTX-affiliated companies backed by Sam Bankman-Fried that have filed Chapter 11 bankrupcy proceedings in the United States. CoinHero's website offers a guide for its customers on how to buy FTT through Genesis Block's trading desk in Hong Kong.

Even though more than half the money ever invested in bitcoin would now be underwater if it had stayed, crypto monitors insist it's somehow still attracting punters. Cryptocurrency and bitcoin investors seem to be showing few signs of dumping their crypto-related assets, stocks and exchange-traded funds (ETFs), despite the latest wave of turmoil and scandal to crash over the sector. Analysts at JP Morgan estimate that around $25 billion has flowed out of the crypto since May. He estimates that the stablecoin market cap peaked at around $170 billion earlier this year and has declined by around $25 billion since May. That is, $25 billion of redemptions flowing out of crypto, most likely to fiat currency, perhaps cash or cash-like products.

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☆ New CEO says FTX had 'complete failure of corporate control'
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +4 min

Nov 17 (Reuters) - New FTX CEO John Ray said there was flawed regulatory oversight and a lack of corporate control of the bankrupt crypto exchange founded by Sam Bankman-Fried in a U.S. court filing on Thursday. "Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here," Ray said in the filing, which was lodged with the District of Delaware bankruptcy court. Bankruptcy specialist Ray, who took over from Bankman-Fried as CEO when FTX filed for protection on Friday, did not name any specific overseas regulator in that part of the 30-page filing. FTX founder Bankman-Fried did not immediately respond to a request for comment on the allegations contained in the filing. Vox on Wednesday published an interview with Bankman-Fried in which he said he regretted his decision to file for bankruptcy protection and criticized regulators.

☆ Singapore's Temasek writes down $275 million in FTX, calls belief in Sam Bankman-Fried 'misplaced'
▼ + stars: | 2022-11-17 | by ( Diksha Madhok | ) edition.cnn.com time to read: +2 min

New Delhi CNN Business —Singapore has become the latest backer of crypto exchange FTX to admit being burned by its spectacular collapse. FTX Group abruptly filed for bankruptcy in the United States last Friday when its founder, Sam Bankman-Fried, resigned as CEO. This “write down of our investment in FTX will not have significant impact on our overall performance,” Temasek said in the statement. Last week, investor Sequoia Capital said it had marked the value of its FTX stake down to $0. Last week, crypto lending platform BlockFi said it was pausing customer withdrawals.

☆ Coinbase plunges as FTX chaos spreads further into the crypto market
▼ + stars: | 2022-11-17 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

About a year ago, Coinbase had a valuation of $85 billion, but shares of the crypto firm have crashed more than 80% this year. FTX's collapse has shaken confidence in the crypto sector that was already in the thick of a deep bear market. On Friday, Goldman Sachs said Coinbase was sufficiently insulated from the FTX crash and had a highly liquid balance sheet. And S&P Global Market Intelligence has estimated that Coinbase burned through $278 million in cash last quarter, despite saving $391 million in cash outlays by paying employees with stock. And Genesis Global Capital, the crypto-lending arm of Genesis Global Trading, cited "the extreme market dislocation and loss of industry confidence caused by the FTX implosion," CoinDesk reported.

☆ Morning Bid: Bear Hunt
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +5 min

Long-term sovereign bond yields have been falling sharply all week in advance of finance minister Jeremy Hunt's new budget, dragged down largely by U.S. disinflation hopes. UK 10- and 30-year gilt yields outperformed, however, dropping to their lowest since early September before backing up slightly on Thursday. U.S. housing starts numbers out later will give another glimpse at the state of the ailing property sector. Reverberations continued around the world from this month's latest implosion in the crypto universe and the failure of the FTX exchange. Major crypto player Genesis Global Capital suspended customer redemptions in its lending business on Wednesday, citing the FTX collapse.

☆ Crypto lender Genesis had sought emergency loan of $1 billion - WSJ
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +1 min

Nov 17 (Reuters) - Cryptocurrency lender Genesis was seeking an emergency loan of $1 billion from investors before it suspended withdrawals on its website, the Wall Street Journal reported on Thursday, citing a confidential fundraising document. The document viewed by the Journal cites a "liquidity crunch due to certain illiquid assets on its balance sheet" at Genesis. On Wednesday, Genesis Global Capital suspended customer redemptions in its lending business, citing the sudden failure of Sam Bankman-Fried's crypto exchange FTX. Genesis did not immediately respond to a Reuters request for comment on the WSJ report. Reporting by Manya Saini in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Chinese investors burnt by bond slump urged to have 'serene heart'
▼ + stars: | 2022-11-17 | by ( ) www.reuters.com time to read: +4 min

"We deeply understand your anxiety in a volatile market," HZBank Wealth Management, a unit of Bank of Hangzhou (600926.SS), told investors in a letter on Wednesday. The Bank of China's (601988.SS) asset management unit also asked investors not to worry. Investors need faith and a serene heart," BOC Wealth Management said in a public letter to investors, suggesting clients view volatility "from a rational and long-term perspective." A slew of other asset managers that sell banks' wealth management products to risk-averse investors, including Nanyin Wealth Management and CIB Wealth Management, wrote similar letters of good cheer. Xu forecasts the end of Chinese bonds' bull market, with the 10-year yield rising to a one-year high around 3%.

Nov 16 (Reuters) - Crypto lender Genesis Global Capital suspended customer redemptions on Wednesday, citing the sudden failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action. After a flurry of tweets and interviews by Bankman-Fried, FTX said he "has no ongoing role" at the company and does not speak on its behalf. LEGAL ACTIONMeanwhile, U.S. court filings showed Bankman-Fried is facing legal action in the United States from investors alleging the company's yield-bearing crypto accounts violated Florida law. U.S. and Bahamian authorities were discussing the possibility of bringing Bankman-Fried to the United States for questioning, Bloomberg reported on Tuesday. Elsewhere, crypto exchange Binance said it had not contributed to FTX's collapse, in a response to a hearing on the crypto industry by a British parliamentary committee.

Nov 16 (Reuters) - Crypto lender Genesis Global Capital suspended redemptions on Wednesday citing the failure of crypto exchange FTX, while court papers showed FTX founder Sam Bankman-Fried faces legal action, as its sudden collapse ripples across the industry. LEGAL ACTIONMeanwhile, U.S. court filings showed Bankman-Fried is facing legal action in the United States from investors alleging the company's yield-bearing crypto accounts violated Florida law. Bloomberg on Tuesday also reported that U.S. and Bahamian authorities were discussing the possibility of bringing Bankman-Fried to the United States for questioning. Elsewhere, crypto exchange Binance, in a response to a hearing on the crypto industry by a British parliamentary committee on Monday, said it had not contributed to FTX's collapse. The U.S. House Financial Services Committee said Wednesday it plans to hold a hearing in December to investigate the collapse of cryptocurrency exchange FTX.

☆ Crypto broker Genesis suspends redemptions, new loans to shore up liquidity
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Genesis is temporarily suspending redemptions and new loan originations at its lending business, the crypto broker saidon Wednesday, the latest sign of the industry fallout from last week's collapse of major crypto exchange FTX. loading"We have taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business. We are working diligently to shore up the necessary liquidity to meet our lending client obligations," a Genesis spokesperson said in a statement. The suspension at Genesis "has no impact on the business operations of DCG and our other wholly owned subsidiaries", Digital Currency Group tweeted. Genesis Trading's derivatives business has approximately $175 million in locked funds on FTX, the company said Thursday.

☆ Crypto Lender Genesis Suspends Withdrawals After FTX Collapse
▼ + stars: | 2022-11-16 | by ( Caitlin Ostroff | Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Cryptocurrency lender Genesis told clients that it is suspending redemptions and new loan originations following the collapse of crypto exchange FTX. The swift demise of FTX, which filed for bankruptcy last week, created unprecedented turmoil for Genesis, causing the company’s lending arm to be unable to meet all withdrawal requests, the company told clients on a Wednesday call. The company said it would deliver a plan next week for its lending business.

☆ Key House lawmaker calls collapse of crypto exchange FTX 'a dumpster fire' as Financial Services Committee investigates
▼ + stars: | 2022-11-16 | by ( Chelsey Cox | ) www.cnbc.com time to read: +3 min

Rep. Patrick McHenry, a Republican of North Carolina and ranking member of the House Financial Services Committee, speaks during a hearing in Washington, D.C. Ecosystem in limbo," Rep. Patrick McHenry, the top Republican of the House Financial Services Committee said at a hearing examining the safety of the U.S. financial system Wednesday. McHenry, who is the likely incoming chair of the committee if Republicans seize control of the House as expected, announced a bipartisan hearing on the FTX collapse along with current committee Chairwoman Maxine Waters, D-Calif., earlier Wednesday morning. Cryptocurrency lender BlockFi Inc. is reportedly weighing bankruptcy, telling investors it has "significant exposure" to the FTX failure. "And it's time for the regulators to update the rulebook to strengthen protections for consumers and investors as well as safeguards for our financial system and the risk of digital access ecosystem."

☆ Finding bright spots in the bitcoin bear market
▼ + stars: | 2022-11-16 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +4 min

Despite a tumultuous year for cryptocurrencies and their trading platforms, there remains a bright spot in the space: bitcoin futures ETFs. The ProShares Bitcoin Strategy ETF (BITO) hit a trading record on Nov. 8, surpassing its previous record by 64%. And volume for ProShares Short Bitcoin Strategy ETF (BITI) also on Nov. 8 spiked 366% higher than any day since its launch, according to ProShares. Hyman said the lack of segregation among bitcoin exchanges underlines the need for maturation. "You hold enough cash, such that the return should be approximately spot bitcoin.

Nov 16 (Reuters) - Crypto broker Genesis Global Capital is suspending redemptions and new loan originations at its lending business, it said on Wednesday, in the latest sign of the industry fallout from last week's collapse of major crypto exchange FTX. "We have taken the difficult decision to temporarily suspend redemptions and new loan originations in the lending business. We are working diligently to shore up the necessary liquidity to meet our lending client obligations," a Genesis spokesperson said in a statement. U.S. court filings showed Sam Bankman-Fried, FTX's founder, is being sued in a U.S. class action by investors alleging the company's yield-bearing crypto accounts violated Florida law. The proposed class action filed late on Tuesday in Miami alleges that FTX yield-bearing accounts were unregistered securities that were unlawfully sold in the United States.

The lending arm of the bank serves an institutional client base and is known as Genesis Global Capital. Genesis Trading, which acts as Genesis Global Capital's broker/dealer, is independently capitalized and operated separately from that lending unit, interim CEO Derar Islim told customers on a call Wednesday, according to CoinDesk. He reportedly added that Genesis' trading and custody services remain fully operational. Sam Bankman-Fried's cryptocurrency exchange FTX filed for Chapter 11 bankruptcy protection in the U.S. last week, according to a company statement posted on Twitter. Approximately 130 additional affiliated companies are part of the proceedings, including Alameda Research, Bankman-Fried's crypto trading firm, and FTX.us, the company's U.S. subsidiary.

☆ Grayscale Bitcoin Trust falls as cryptocurrencies slide again
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

Nov 16 (Reuters) - Grayscale Bitcoin Trust (GBTC.PK), the world's largest bitcoin fund, fell almost 7% on Wednesday, as investors dumped more digital assets after last week's high-profile unraveling of crypto exchange FTX. The trust is a close-ended fund, whose short-term price is driven by supply, demand and market sentiment unlike an exchange traded fund that generally trades in line with its value. In June, Grayscale sued the U.S. Securities and Exchange Commission for nixing the digital asset manager's proposal to convert bitcoin trust into a spot bitcoin exchange traded fund. Grayscale bitcoin fund, which has $10.7 billion worth of bitcoin under management, has slumped about 75% in the past 12 months. Grayscale Ethereum Trust (ETHE.PK), which has $3.8 billion assets under management, shed 81% in the past year.

☆ Tom Brady and Gisele Bundchen named in lawsuit against FTX
▼ + stars: | 2022-11-16 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

Genesis said it was working with advisers “to explore all possible options,” adding that it would release a plan for the lending business next week. “We’re working tirelessly to identify the best solutions for the lending business, including among other things, sourcing new liquidity,” the company said. The suspension comes as the entire crypto industry is on edge following the unraveling of Sam Bankman-Fried’s FTX exchange and Alameda Research hedge fund, both of which filed for bankruptcy late last week. On Wednesday an FTX investor sued Bankman-Fried as well as several celebrities who have endorsed the platform, including Tom Brady, Gisele Bundchen and Steph Curry. “The deceptive FTX platform maintained by the FTX entities was truly a house of cards,” the proposed class-action lawsuit states.

☆ The fallout of Sam Bankman-Fried's FTX spreads as Gemini Earn and Genesis Global Capital suspend withdrawals
▼ + stars: | 2022-11-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The crypto lending arm of Genesis Global Trading is suspending customer withdrawals, days after Sam Bankman-Fried's FTX filed for bankruptcy. Gemini Earn, run by the Winklevoss brothers, said it also paused withdrawals on its lending program. Genesis Global Capital is the lending partner of the Gemini Earn program, which lets users to lend their crypto to institutional borrowers. Genesis Global Capital, which is the crypto-lending arm of Genesis Global Trading, cited "the extreme market dislocation and loss of industry confidence caused by the FTX implosion," according to CoinDesk. Genesis Global Trading is capitalized separately and continues to provide full trading and custody services.

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