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☆ Genesis and Gemini face civil suit alleging $1 billion fraud
▼ + stars: | 2023-10-19 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

The lawsuit accused the companies of lying to investors and covering up more than $1 billion in losses. According to the latest lawsuit, Gemini knew that Genesis’ loans were risky and, at one point, “highly concentrated” with Bankman-Fried’s crypto trading house Alameda Research. “Gemini hid the risks of investing with Genesis, and Genesis lied to the public about its losses,” James said. Gemini’s owners, the Winklevoss twins, have said Genesis owed more than $900 million to some 340,000 customers using the Earn program. The AG’s lawsuit follows another civil action brought by the Securities and Exchange Commission, which in January sued Genesis and Gemini for offering unregistered securities through the Earn product.

Persons: Sam Bankman, —, Cameron, Tyler Winklevoss, Letitia James, James, James ’, Crypto, Cameron Winklevoss, Christopher Goodney, Gemini, Fried, “ Gemini, Genesis, ” James, Soichiro “ Michael ” Moro, Barry Silbert, DCG didn’t Organizations: CNN, New, — Gemini Trust, Genesis Global Capital, Digital Currency Group, Yorkers, Gemini Trust, Bloomberg, Getty, Alameda Research, Securities and Exchange Commission, Gemini, Genesis Locations: New York

☆ New York Attorney General Sues Crypto Firms in $1 Billion Fraud Case
▼ + stars: | 2023-10-19 | by ( Ephrat Livni | More About Ephrat Livni | ) www.nytimes.com time to read: +1 min

Continuing a crackdown on cryptocurrency companies, the New York attorney general accused three major players in the digital asset industry of lying to investors and concealing losses in a $1 billion fraud scheme, according to a lawsuit filed on Thursday. The suit targets Gemini Trust, the exchange run by the twin brothers Tyler and Cameron Winklevoss; the lender Genesis Capital; and Digital Currency Group, the parent company of Genesis. The attorney general, Letitia James, contends in the suit that Gemini lied to investors about the dangers of Gemini Earn, a program started by Gemini and Genesis that promised investors a high rate of return — up to 8 percent — if they essentially lent their cryptocurrency to Genesis. But Genesis struggled after the FTX cryptocurrency exchange, founded by Sam-Bankman Fried, imploded last November. It froze accounts amid a crash in digital asset values, leaving Earn investors unable to reclaim hundreds of millions of dollars’ worth of cryptocurrency.

Persons: Tyler, Cameron Winklevoss, Letitia James, Gemini, Genesis, Bankman Fried Organizations: New, Gemini Trust, Genesis, Digital Currency Group, Gemini Locations: New York

☆ Sam Bankman-Fried's lieutenant Nishad Singh said he was embarrassed by 'flashy' FTX spending
▼ + stars: | 2023-10-16 | by ( Jacob Shamsian | Katie Balevic | ) www.businessinsider.com time to read: +8 min

Singh testified at Bankman-Fried's trial that his concerns were almost always rebuffed. In Manhattan federal court Monday, Singh testified about how he frequently questioned and pushed back against Bankman-Fried's spending sprees and investment decisions — and was almost always rebuffed. "I would hear that my opinions were already factored in, and I didn't need to continue sharing them," Singh testified. Singh testified that he came to know Bankman-Fried through a friendship with the FTX founder's younger brother, Gabe Bankman-Fried. Infighting over expensesThe pair often disagreed on money, Singh testified.

Persons: Nishad Singh, Sam Bankman, Singh, —, Fried, Bill Clinton, Tony Blair, spender, Caroline Ellison, Gary Wang, Gabe Bankman, FTX, SBF, I've, Sam, Tom Brady, Gisele Bündchen, Steph Curry, Kevin O'Leary, Larry David, Jon Kopaloff, Fatih Aktas, Getty Images Singh, Michael Kives, Hillary Clinton, Katy Perry, Orlando Bloom, Ted Sarandos, Jeff Bezos, Kate Hudson, Leonardo DiCaprio, Corey Gamble, Kendall Jenner, Singh wasn't, Kris Organizations: Service, Bankman, Alameda, US Securities and Exchange Commission, University of California, Facebook, Engineering, Sequoia Capital, Yuga, Miami, Major League Baseball, of Legends, Getty Images, Anadolu Agency, K5 Global Locations: Bankman, FTX, Manhattan, Berkeley, Alameda, Bahamas, Kazakhstan, Albany

☆ Caroline Ellison 'freaked out' when the crypto market crashed as she realized Alameda owed billions to lenders
▼ + stars: | 2023-10-11 | by ( Katie Balevic | Jacob Shamsian | ) www.businessinsider.com time to read: +3 min

Bankman-Fried directed Ellison to find "alternative ways" to present troubling finances to lenders. Around May 2022, as Alameda continued to borrow from FTX, Ellison said the cryptocurrency market experienced a downturn, as did Alameda's assets. Despite the troubling outlook, Ellison said, Bankman-Fried directed her to continue using FTX customer's assets and other liquid assets to repay Alameda's lenders. Despite her concerns, Bankman-Fried "continued to direct me to repay the loans" that Alameda owed to lenders, Ellison said. When pressed, she added that she "understood that to mean he was telling me to use Alameda's line of credit at FTX."

Persons: Caroline Ellison, Sam Bankman, Fried, Ellison, —, Sam, FTX, messaged Ellison Organizations: Service, Alameda Research, Alameda Locations: Manhattan, Alameda, Ellison

Eventually, according to Ellison, Bankman-Fried chose the one that omitted a line saying "FTX borrows," hiding $10 billion in borrowed customer money. When asked by Sassoon why she continued with the scheme, Ellison said, "Sam told me to." She said Bankman-Fried told her she should have hedged and, "speaking loudly and strongly," said it was her fault. CEO Sam Bankman-Fried Bloomberg | Bloomberg | Getty ImagesEllison then went into her own emotional state. After all the movement of FTX money, the company only had $4 billion to cover $12 billion in customer holdings, she said.

Persons: Caroline Ellison, Yuki Iwamura, Sam Bankman, Saudi Crown Prince Mohammed bin Salman, Ellison, Fried, Danielle Sassoon, Genesis, Gary Wang, Nishad Singh, Bankman, FTX, Mark Cohen, District Judge Lewis Kaplan, Jane Rosenberg, Sassoon, Sam, Mohammed bin Salman, Jane Street, Slack, she'd, who'd, sloppily Organizations: Alameda Research, Bloomberg, Getty, Saudi Crown, U.S, District, Federal Court, Reuters, Stanford, Bankman, Wall, Alameda, New York Times, MBS, Vox, Forbes, Twitter, Toyota Corolla, Fried Bloomberg Locations: New York, Bankman, Alameda, FTX, New York City, U.S, San Francisco Bay, Saudi, Japan

☆ Sam Bankman-Fried's risk appetite was so large that he would flip a coin if losing meant destroying the world, Caroline Ellison testified
▼ + stars: | 2023-10-10 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +5 min

Sam Bankman-Fried said he was willing to destroy the world with a coin flip, Caroline Ellison said. Sam Bankman-Fried said he would flip the coin — and urged everyone else to do so, too, Caroline Ellison testified in court Tuesday. Aside from customer funds, Ellison testified in federal court on Tuesday, Alameda made its crypto bets using money from loans. Ellison testified about a point in time in 2021 when Bankman-Fried wanted to spend $3 billion on venture investments. In addition, she said, Alameda Research already had around $2.7 billion in liabilities at the time.

Persons: Sam Bankman, Fried, Caroline Ellison, SBF, —, Ellison, Genesis —, Ellison —, Mark Cohen Organizations: Service, Alameda Research Locations: Alameda, FTX

MIAMI (AP) — A Florida man and his three adult sons were sentenced Friday for selling a toxic industrial bleach as a fake COVID-19 cure through their online church. A Miami federal judge ordered the church to stop selling the substance in 2020, but that was ignored. Political Cartoons View All 1202 ImagesJonathan and Jordan Grenon were arrested in Bradenton, just south of the Tampa Bay area. Mark and Joseph Grenon fled to Colombia, where they were arrested and extradited back to the U.S. U.S. authorities agreed to drop those same contempt charges against Mark and Joseph Grenon as a condition of their extradition from Colombia.

Persons: Jonathan Grenon, Jordan Grenon, Mark Grenon, Joseph Grenon, ”, Healing, Jonathan, Mark Organizations: MIAMI, Prosecutors, Bradenton family's, of Health, Food and Drug Administration, Authorities Locations: Florida, Miami, United States, Bradenton, Tampa, Colombia

☆ Hyundai and Kia are the latest to switch to Tesla EV charging
▼ + stars: | 2023-10-05 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

In 2025, Hyundai will begin providing adapters to owners of older Hyundai models with the Combined Charging System ports their EVs are currently built with. The three South Korean automakers are all part of Hyundai Motor Group, although Hyundai and Kia operate as separate companies in the United States. A major stepThis marks an especially significant development for the Tesla charging system. Counted together, Hyundai, Kia and Genesis would be the second-best-selling EV manufacturer in the United States after Tesla, according to figures from Kelley Blue Book. Having more automakers and charging companies using its standard has been seen as a win for Tesla.

Persons: Tesla, Kelley, Elon Musk Organizations: New, New York CNN, South, Kia, Hyundai, Ford, General Motors, Mercedes, Benz, Nissan, Honda, Hyundai Motor Group, Kona, Niro, Genesis, GM, EV, CCS, Tesla Locations: New York, United States

While not a typical outlet for the sale of precious metals, the members-only warehouse chain has seen its 1-ounce gold bars sell out faster than discounted 170-ounce jugs of laundry detergent. Unlike some other discount finds at the retail giant, gold bars come with hefty price tag. Political Cartoons View All 1199 ImagesCostco did not specify how many gold bars have been sold recently, or how often it restocks them. Chances are, interest around Costco's gold bars isn't going away anytime soon. For other precious metals, silver for December delivery fell 23 cents to $21.15 an ounce and December copper fell 3 cents to $3.59 a pound.

Persons: Richard Galanti, —, there's, Jonathan Rose, ”, David Wagner III, Rose, Wagner Organizations: Costco, Associated Press, Genesis Gold, U.S ., Aptus Capital Advisors, Commodity Futures Trade Commission, Gold Locations: Issaquah , Washington

☆ In Australia's Outback, Indigenous Voice Proposal Struggles to Inspire
▼ + stars: | 2023-10-04 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +9 min

Experts have partly attributed the slump to misinformation, along with a lacklustre "Yes" campaign and conservative opposition. That's something I have been wondering about," he said, referring to laws allowing Indigenous Australians to claim rights to land based on traditional occupation. Reaching out to Aboriginal Australia can be challenging, as communities are scattered over vast distances and speak more than 150 languages. Votes from the Northern Territory and the Australian Capital Territory count toward only the former. Visiting Alice Springs last month, Reuters saw "Yes" campaign posters on walls in the town centre and in government office complexes.

Persons: Praveen Menon AREYONGA, Tarna Andrews, Andrews, Sarah Gallagher, Anthony Albanese, Albanese, Albert Namatjira, Patrick Oliver, Oliver, Conrad Ratara, Ratara, Les Turner, Turner, it's, Lidia Thorpe, Nampijinpa Price, Price, Kathy Coulthard, Alice Springs, Natasha McCormack, Bill Yan, Praveen Menon, Jill Gralow, David Crawshaw Organizations: Aboriginal, Torres Strait, Reuters, Labor, Voice, New, Central Land Council, Australian, Victoria Locations: Australia, Alice Springs, Areyonga, Northern Territory, New Zealand, Canada, U.S, Hermannsburg, Canberra, Northern

☆ The $8 billion Sam Bankman-Fried criminal trial starts today — here's what's at stake and how we got here
▼ + stars: | 2023-10-03 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +19 min

In the first trial, Bankman-Fried faces seven criminal counts related to the collapse of the crypto empire he built, including wire fraud, securities fraud and money laundering. Alameda, FTX and a host of subsidiaries Bankman-Fried founded filed for bankruptcy protection in Delaware. FTX's own terms of use specifically forbade him, or Alameda, from using customer money for anything — unless the customer allowed it. And from FTX's inception, there was a lot of customer money. Bankman-Fried and other executives admitted to each other that "FTX customer funds were irrevocably lost because Alameda had appropriated them."

Persons: Sam Bankman, Fried, Caroline Ellison, Gary Wang, Ellison, FTX, Wang, Judge Lewis Kaplan, Samuel Bankman, MacKenzie Sigalos, San Francisco —, SBF, Wang —, Nishad Singh —, Goldman Sachs, Binance, Damian Williams, Rehypothecation, —, Crypto, Solana, Zhao, he'd, Cromwell, John J, Ray, John Ray's, — CNBC's Rohan Goswami Organizations: Alameda Research, Southern, of, Stanford, MIT, U.S, New York Times, Bankman, That's, CNBC, Jane, Capital, University of California, Formula, Democratic, Twitter, Securities Exchange Commission, SEC, Futures Trading, United States Attorney's Office, CFTC, Alameda, Alameda didn't, Voyager, BlockFi, FTX, Industry, Investors, Zhao, Publicly, Sullivan, Enron Locations: Bahamas, Manhattan, New York, Alameda, of New York, FTX, Brooklyn , New York, San Francisco, South Korea, Alameda , California, Fried's Alameda, Berkeley, Miami, Washington, Delaware, California, Federal, Solana, Fried

On day one of Sam Bankman-Fried's criminal trial, assistant U.S. attorney, Danielle Sassoon, rattled off a lengthy list of potential witnesses who might be called to testify for either the government or the defense. The list, which was compiled jointly by both sides, was released during the afternoon session and included Bankman-Fried's brother, Gabe, as well his parents, Allan Joseph Bankman and his wife, Barbara Fried. Parents of the disgraced former CEO of FTX are themselves the subject of new scrutiny. Other entities that may take the witness stand included various venture funds and crypto-focused companies like Genesis, Lightspeed Venture Partners, Ontario Teachers Pension Fund, Third Point, Signature Bank, and Voyager Digital. Many of these businesses were hurt or wiped out by the collapse in cryptocurrency prices triggered in part by FTX's implosion.

Persons: Sam Bankman, Danielle Sassoon, Gabe, Allan Joseph Bankman, Barbara Fried, Ellison, FTX, Wang, Anthony Scaramucci, Fried Alfred Lin, Sequoia Capital Zac Prince, Michael Lewis Organizations: Alameda Research, U.S, SkyBridge, Sequoia Capital, Lightspeed Venture Partners, Ontario, Pension Fund, Signature Bank, Voyager Locations: Bankman, Manhattan

☆ Hyundai and Kia warn of potential fires in 3.3 million vehicles
▼ + stars: | 2023-09-27 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +3 min

The recall covers 1.64 million Hyundai models including 2012 through 2015 Hyundai Accents, 2011 through 2015 Elantras and 2011-2015 Genesis coupes. Hyundai and Kia are both part of the Hyundai Motor Group and their vehicles frequently share engineering. Kia and Hyundai owners are being advised to check NHTSA’s website to see if their specific vehicle is involved in this, or any, recalls. In 2022, owners of 500,000 Kia and Hyundai vehicles were also warned to park outside because a problem with anti-lock brake control electronics. In 2020, Kia recalled 295,000 vehicles because they could catch fire while driving because of fuel leaks.

Persons: they’re, Kia, Elantras, Sorentos Organizations: CNN, Hyundai, Kia, National, Traffic Safety Administration, NHTSA, Hyundai Motor Group Locations: United States

☆ Costco is selling gold bars and they are selling out within a few hours
▼ + stars: | 2023-09-27 | by ( Jeff Cox | ) www.cnbc.com time to read: +2 min

Costco is well-known as a place to get bargain prices on any variety of items, from food to luggage to appliances to gold bars. Wait, gold bars? "I've gotten a couple of calls that people have seen online that we've been selling one ounce gold bars," he said. Zoom In Icon Arrows pointing outwards Costco selling 1 ounze gold bars. Stock Chart Icon Stock chart icon Gold futures, last 5 years

Persons: Richard Galanti, Galanti, I've, it's, Jonathan Rose, Rose Organizations: Costco, Suisse, Genesis Gold, U.S .

☆ How AI and better pay can address the ongoing cyber talent shortage
▼ + stars: | 2023-09-27 | by ( Bob Violino | ) www.cnbc.com time to read: +5 min

Nearly all of them said the cybersecurity skills shortage and its associated impacts have not improved over the past few years and 54% said it has gotten worse. The cybersecurity skills shortage has been going on for years, and it's getting worse, with a rising number of firms citing the issue. Artificial intelligence, particularly generative AI, might play a growing role in easing the skills shortage. Let's say an organization has an inexperienced member of its cyber team, which is a common scenario, Shockey said. In other words, you can treat generative AI as a virtual member of the cyber team."

Persons: Jon Oltsik, ESG, Oltsik, Candy Alexander, ISSA, Alexander, Jason Shockey, Shockey, there's Organizations: IT, Enterprise Strategy, Information Systems Security Association, ISSA International, NeuEon LLC, West

☆ Kia, Hyundai recall 3.37 million US vehicles over fire risks
▼ + stars: | 2023-09-27 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

[1/3] The Kia EV9 is displayed at the New York International Auto Show, in Manhattan, New York City, U.S., April 5, 2023. REUTERS/David 'Dee' Delgado/File photo Acquire Licensing RightsWASHINGTON, Sept 27 (Reuters) - Hyundai (005380.KS) and Kia (000270.KS) are recalling a combined 3.37 million vehicles in the United States due to the risk of engine fires, telling owners to park outside and away from structures until repairs are complete. The automakers say brake fluid leaks can cause a short that could lead to a fire. Hyundai said it has reports of 21 fires and 21 other thermal incidents since 2017 related to the recall, while Kia has reports of at least 10 confirmed fires and melting incidents. Kia America's recall covers 1.73 million Borrego, Cadenza, Forte, Sportage, K900, Optima, Soul Rio, Sorento, and Rondo vehicles.

Persons: Kia EV9, David, Dee, Delgado, Kia, Kia America's, Forte, Sportage, Jyoti Narayan, Kanjyik Ghosh, Jan Harvey, Kirsten Donovan Organizations: New York, REUTERS, Rights, Hyundai, Kia, National, Traffic Safety Administration, Control, Tucson Fuel Cell, Santa Fe Sport, Thomson Locations: Manhattan , New York City, U.S, KS, United States, Santa Fe, Veracruz, Tucson, Santa, Bengaluru

☆ How to Watch NASA Bring Asteroid Samples Home From Space
▼ + stars: | 2023-09-24 | by ( Katrina Miller | More About Katrina Miller | ) www.nytimes.com time to read: +1 min

On Sunday morning, a brown-and-white capsule will shoot through Earth’s atmosphere to drop off a cache of pristine space rock to a team of eagerly waiting scientists and engineers. If successful, the sample return will be the end of a seven-year mission by NASA called OSIRIS-REX — which stands for Origins, Spectral Interpretation, Resources Identification and Security-Regolith Explorer — that launched in 2016. When will OSIRIS-REX drop off the sample and how can I watch? NASA will livestream the arrival on its YouTube channel starting around 10 a.m. Earlier on Sunday, the OSIRIS-REX command team conducted what they call a go-or-no-go poll to determine whether the spacecraft would release the capsule.

Organizations: NASA, YouTube Locations: Utah, Salt Lake City

☆ Sen. Bob Menendez allegedly had a stash of gold bars. That’s become a trend
▼ + stars: | 2023-09-22 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +3 min

New York CNN —Sen. Bob Menendez, allegedly accepted gold bar bribes, prosecutors allege, according to a newly unsealed federal indictment. The value of a kilogram of gold hit a one-year-record high of nearly $66,000 in May, according to data Goldprice.org. If you can invest in gold, why do people want to physically own it? That’s because if, for instance, you invest in a gold ETF, “it’s still tied to the market,” he said. Other people who prefer to keep gold under their own roof store it in a gun safe or floor safe, he added.

Persons: New York CNN — Sen, Bob Menendez, It’s, Menendez didn’t, Jonathan Rose, ” Rose, Rose, Fitch, ”, it’s Organizations: New, New York CNN, Genesis Gold, Western Alliance, CNN, World Gold Council, IRS Locations: New York, “, Beverly Hills , California

☆ Hyundai Motor's South Korea union accepts 12% wage hike deal
▼ + stars: | 2023-09-18 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

The logo of Hyundai Motor Company is pictured at the New York International Auto Show, in Manhattan, New York City, U.S., April 13, 2022. Workers at Hyundai Motor, the No.3 global automaker by sales with its affiliate Kia Corp (000270.KS), last went on strike in 2018. The United Auto Workers (UAW) last week went on strike against all three Detroit automakers - General Motors Co (GM.N), Ford Motor Co (F.N) and Stellantis (STLAM.MI) - at once for the first time. Hyundai Motor Group, which houses Hyundai Motor, Kia, luxury brand Genesis, operates U.S. production sites in Alabama and Georgia. “The labour risks have been there all along, especially in the auto sector, but this UAW strike is unprecedented.

Persons: Andrew Kelly, ”, Lee Jae, Heekyong Yang, Andrew Heavens, Jan Harvey, Nick Zieminski Organizations: Hyundai Motor, New York, REUTERS, Rights, Hyundai, Workers, Kia Corp, United Auto Workers, UAW, Detroit, General Motors Co, Ford Motor, Hyundai Motor Group, Kia, Eugene Investment, Securities, Thomson Locations: Manhattan , New York City, U.S, Rights SEOUL, South Korea, Alabama, Georgia, United States

☆ I compared Tesla rivals from Kia, Hyundai, and Genesis — and found the decision boils down to if you prefer style, luxury, or performance
▼ + stars: | 2023-09-15 | by ( Tim Levin | ) www.businessinsider.com time to read: +1 min

Hyundai and its Kia and Genesis brands are making some of the best electric cars today. If you're looking for a stylish, technologically advanced Tesla alternative, those brands are a solid choice. I drove and compared the Kia EV6, Genesis GV60, and Hyundai Ioniq 5. If you want an EV brimming with unique style and advanced tech, then one of the Korean company's latest models is a solid choice. I drove the Hyundai Ioniq 5, Kia EV6, and Genesis GV60 — three small SUVs all based on common technology.

Persons: Kia EV6 Organizations: Hyundai, Kia, Service Locations: Wall, Silicon, Korean

☆ Crypto firm DCG says Genesis' agreement with creditors to result in 70-90% recovery
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +1 min

Sept 13 (Reuters) - Digital Currency Group (DCG), the parent of bankrupt crypto lender Genesis Capital, said in a court filing on Wednesday that it expects to provide a recovery of 70%-90% for all unsecured creditors under a previously announced agreement. Several crypto companies have been under pressure after the collapse of major exchange FTX sent shockwaves through the sector. Genesis, which filed for bankruptcy protection in January and owes at least $3.4 billion to creditors, reached an in-principle agreement on a restructuring plan a month later to resolve claims. Venture capital firm DCG owes Genesis Capital approximately $526 million due in May 2023 and $1.1 billion under a promissory note due in June 2032. "We strongly believe the proposed agreement represents the best outcome for all creditors," DCG said in a statement.

Persons: FTX, Genesis, DCG, Jaiveer Singh, Shweta Agarwal Organizations: Currency Group, Genesis, Gemini, . Venture, Thomson Locations: Bengaluru

☆ US authorities interview Winklevoss over claims against DCG and its CEO -source
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Lucas Jackson/file photo Acquire Licensing RightsSept 7 (Reuters) - U.S. authorities are probing claims of fraud that Cameron Winklevoss, the co-founder of crypto firm Gemini Trust Co, has made against the Digital Currency Group (DCG) and its founder Barry Silbert, according to a source familiar with the inquiry. Winklevoss has said that DCG and Silbert misrepresented the financial health of DCG's lending arm Genesis, which filed for bankruptcy in January. Gemini was the largest creditor of the bankrupt firm and is suing DCG and Silbert. Federal prosecutors in New York and investigators from the FBI and the Securities and Exchange Commission asked Winklevoss about his claims during an interview in recent months, the source said. Authorities have not accused DCG or Silbert of any misconduct and investigations do not always lead to charges.

Persons: Cameron Winklevoss, Lucas Jackson, Barry Silbert, Winklevoss, Silbert, Gemini, DCG, Chris Prentice, Jaiveer Singh, Devika Syamnath, Cynthia Osterman Organizations: New York State Department of Financial Services, REUTERS, Gemini Trust, Digital Currency Group, FBI, Securities and Exchange Commission, Bloomberg, SEC, Gemini, Thomson Locations: Manhattan, New York, Bengaluru

In a complaint filed in Manhattan bankruptcy court, Genesis is seeking to recoup $500 million that DCG borrowed under four loans. In a statement on Wednesday, DCG said it expects to file a settlement with the bankruptcy court soon. Genesis filed for Chapter 11 protection from creditors in January, two months after halting withdrawals. The cases are Genesis Global Capital LLC v. Digital Currency Group Inc, U.S. Bankruptcy Court, Southern District of New York, No. 23-ap-01168; and Genesis Global Capital LLC v. DCG International Investments Ltd in the same court, No.

Persons: Dado Ruvic, Genesis, DCG, Barry Silbert, Jonathan Stempel, Stephen Coates Organizations: REUTERS, Group, Genesis Global Capital, Digital Currency Group International, Arrows Capital, Alameda Research, Genesis Global, LLC, Digital Currency Group Inc, Bankruptcy, Southern District of, DCG, Investments Ltd, Thomson Locations: Manhattan, Southern District, Southern District of New York, New York

☆ How to get into real estate on a small salary or little to no savings, according to 6 successful investors who used creative financing strategies to get started
▼ + stars: | 2023-09-02 | by ( Business Insider | ) www.businessinsider.com time to read: +7 min

It's possible to get into real estate with little-to-no savings. Investors who started with very little share the strategies they used to get their first properties. 20-year-old friends and college dropouts Caleb Hommel and Chuck Sotelo raised capital and structured a seller financing dealAdvertisementAdvertisementChuck Sotelo (L) and Caleb Hommel started investing in real estate in their teens. Hommel and Sotelo, who met on the first day of high school, were teenagers when they decided they wanted to invest in real estate. They were still in junior college at the time and delivering food to pay for an online real estate mentorship program.

Persons: Caleb Hommel, Chuck Sotelo, Sotelo, they'd, Zeona McIntyre, McIntyre, Hommel, she'd, Sean Allen, Sean Allen Sean Allen, Allen, Seegars, Jim Resonable, Jervais Organizations: Service, DoorDash Locations: Wall, Silicon, Texas, Boulder , Colorado, Sotelo, Boulder, North Carolina, California, Greensboro , North Carolina, Greensboro, North Carolina , California, Georgia

☆ Gemini tries to line up other creditors in new Genesis bankruptcy plan -The Information
▼ + stars: | 2023-09-02 | by ( ) www.reuters.com time to read: +1 min

A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello Acquire Licensing RightsSept 1 (Reuters) - Cryptocurrency exchange Gemini is trying to rally other creditors behind a plan to wring more money out of bankrupt crypto lending firm Genesis' parent company, Digital Currency Group (DCG), The Information reported on Friday. DCG, Genesis and Gemini did not immediately respond to Reuters requests for comment. Genesis filed for bankruptcy in January owing at least $3.4 billion to creditors and reached an agreement in principle on a restructuring plan, supported by DCG, and its primary creditors, including Gemini, in February. Genesis and DCG on Tuesday reached an in-principle agreement with Genesis' creditors to resolve claims brought during the crypto lender's bankruptcy.

Persons: Marco Bello, Gemini, DCG, Genesis, Kanjyik Ghosh, Sandra Maler, Gerry Doyle Organizations: Gemini Trust, REUTERS, Digital Currency Group, DCG, Gemini, Thomson Locations: Miami Beach , Florida, U.S, Bengaluru

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