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☆ A Digital Coin Based on Baby Trump? Yup.
▼ + stars: | 2024-07-27 | by ( David Yaffe-Bellany | ) www.nytimes.com time to read: +1 min

The dog was cute, he thought, but more important, its name evoked something every crypto trader covets — billionaire status. “I started hearing people say ‘Billy’ to a billy,” Mr. Bailey said. “Kind of has that ring to it.”Mr. Bailey bought about $900 of $BILLY on Pump.fun, a leading vendor for memecoins, volatile cryptocurrencies based on the fluctuating popularity of internet memes. Many of the tokens have names like Bread (yes, the meme is a loaf of bread) or Baby Trump (the former president in a diaper). One of the most popular memecoins is based on Pepe the Frog, an alt-right mascot that is sometimes used as a hate symbol.

Persons: Josh Bailey, Billy, covets, “, Billy ’, billy, ” Mr, Bailey, Mr, BILLY, Pump.fun, Baby Trump, Pepe Locations: Austin , Texas

☆ Grayscale's $9 billion head start in ethereum is at risk as big investors launch ETFs
▼ + stars: | 2024-07-24 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +4 min

With the SEC clearing the path for ETFs, Grayscale will have a boatload of rivals, and investors can go hunting for the lowest fees. Large financial firms, including Fidelity Investments, Franklin Templeton, BlackRock and Invesco, are already on the market with their own spot ether ETFs. In their first day of trading on Tuesday, spot ether ETFs collectively saw over $1 billion in volume, with JPMorgan analysts estimating net sales of $104 million. While money poured into the new offerings, the Grayscale Ethereum Trust (ETHE) saw redemptions of $485 million. watch nowIn the bitcoin ETF market, Grayscale has been struggling to handle the flood of competition.

Persons: Jakub Porzycki, Barry Silbert's, Franklin Templeton, Morningstar's Bryan Armour, Grayscale's David LaValle, LaValle Organizations: Nurphoto, U.S, Digital Currency Group, SEC, Fidelity Investments, BlackRock, JPMorgan, CNBC Locations: Invesco, U.S

☆ New York AG announces $2 billion settlement with crypto lender Genesis
▼ + stars: | 2024-05-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

New York Attorney General Letitia James is settling with crypto lender Genesis for $2 billion to repay defrauded investors. The lawsuit was broadened in February, alleging that DCG and Genesis defrauded additional investors out of more than $2 billion. Despite a legal challenge brought by parent company DCG, a bankruptcy court approved the lender's Chapter 11 repayment plan, which included the settlement between James' office and Genesis. The settlement bars Genesis from operating in New York. The settlement also established a fund for victims comprising at least 29,000 New York residents who collectively gave more than $1.1 billion to Genesis through its Gemini Earn product.

Persons: Letitia James, James, DCG, Genesis Organizations: New, Digital Currency Group, Gemini Trust, Securities, Exchange Commission Locations: New York

☆ Crypto exchange Gemini to pay $1.1 billion back to customers
▼ + stars: | 2024-02-29 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

CNN —Gemini Trust, a cryptocurrency exchange founded by Cameron and Tyler Winklevoss, will return at least $1.1 billion to customers of its now shuttered lending program, following a settlement with a New York regulator. NYDFS has the right to “bring further action against Gemini if the company does not fulfill its obligation,” it said in the statement. In a Wednesday blog post, the crypto exchange said that due to the settlement, customers of its lending program, Gemini Earn, would receive 100% of their digital assets back in kind plus any appreciation in value. Gemini Earn marketed itself as a low-risk investment in which customers could lend crypto assets to another firm, Genesis Global Capital (GGC), while earning interest payments as high as 8%. That was when the trillion-dollar crypto market crumbled, due to the collapse of FTX, the once high-flying crypto exchange.

Persons: Cameron, Tyler Winklevoss, NYDFS, Meta’s, Mark Zuckerberg, Sam Bankman, Fried Organizations: CNN, Gemini Trust, Gemini, New York Department of Financial Services, Facebook, Genesis Global, Bankman, New, GCC, Digital Currency Group Locations: New York, FTX, Manhattan

☆ NY attorney general expands crypto lawsuit, sees $3 billion fraud
▼ + stars: | 2024-02-09 | by ( ) www.cnbc.com time to read: +2 min

New York Attorney General Letitia James on Friday expanded her lawsuit against Digital Currency Group and other cryptocurrency defendants, tripling the size of their alleged fraud scheme to more than $3 billion. James had in October sued DCG, its Genesis Global Capital unit, and Gemini Trust, the exchange run by twin brothers Cameron and Tyler Winklevoss. James is seeking more than $3 billion of restitution for the more than 230,000 investors who she believes were defrauded. Representatives for DCG, Genesis and Gemini did not immediately respond to requests for comment. Gemini, meanwhile, has sued DCG over their failure of their crypto lending partnership.

Persons: Letitia James, Donald Trump, James, DCG, Cameron, Tyler Winklevoss, Gemini, Barry Silbert, Soichiro Moro, Genesis, Sam Bankman Organizations: New, Trump Organization, Court, New York, Digital Currency Group, Genesis Global, Gemini Trust, DCG, Gemini, U.S . Securities, Exchange Commission, SEC Locations: New York, Manhattan, New York City, U.S

☆ Genesis sues Gemini over $689 million in customer withdrawals
▼ + stars: | 2023-11-22 | by ( Dietrich Knauth | ) www.reuters.com time to read: +2 min

Under the companies' operating agreements, Genesis borrowed crypto assets from Earn customers, re-invested the assets and paid interest to customers. Gemini acted as custodian, processing deposits and withdrawals and taking a cut from payments by Genesis to Earn users. The U.S. Securities and Exchange Commission sued Genesis, its parent company Digital Currency Group (DCG) and Gemini in January. Genesis has also sued DCG over $600 million in unpaid loans made to the parent company. Genesis Global filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November 2022.

Persons: Dado Ruvic, Genesis, Gemini, Letitia James, Mark Zuckerberg, DCG, Dietrich Knauth, Will Dunham Organizations: REUTERS, Gemini Trust, U.S . Securities, Exchange Commission, Digital Currency Group, Gemini, New York, Meta, Genesis Global, Thomson Locations: New York

☆ US SEC sues Kraken crypto exchange over failure to register
▼ + stars: | 2023-11-20 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

Kraken cryptocurrency exchange logo is seen in this illustration taken July 28, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNov 20 (Reuters) - Kraken, one of the world's largest cryptocurrency exchanges, was sued on Monday by the U.S. Securities and Exchange Commission, which accused it of illegally operating as a securities exchange without first registering with the regulator. In June, the SEC filed similar lawsuits against Binance, the world's largest cryptocurrency exchange, and Coinbase, the largest in the United States. Monday's lawsuit seeks a civil fine, disgorgement of ill-gotten gains, and a halt to acting as a crypto exchange without registering. The case is SEC v Payward Inc et al, U.S. District Court, Northern District of California, No.

Persons: Dado Ruvic, Gary Gensler's, Kraken, Gurbir Grewal, Binance, Jonathan Stempel, Chris Prentice, David Gregorio, Stephen Coates Organizations: REUTERS, U.S . Securities, Exchange Commission, SEC, Binance, Payward Inc, Payward Ventures Inc, Blockchain, Digital Currency Group, Hummingbird Ventures, Tribe Capital, Payward, Court, Northern District of, Thomson Locations: San Francisco federal, United States, San Francisco, U.S, Northern District, Northern District of California, New York

☆ Company Led by Former NYSE President Buys Crypto News Site CoinDesk
▼ + stars: | 2023-11-20 | by ( Vicky Ge Huang | ) www.wsj.com time to read: 1 min

Tom Farley’s crypto exchange, Bullish, bought 100% of CoinDesk in an all-cash deal. Photo: Simon Dawson/Bloomberg NewsA company run by former New York Stock Exchange President Tom Farley said on Monday that it has acquired crypto-focused media company CoinDesk. Bullish, the crypto exchange run by Farley, bought 100% of CoinDesk in an all-cash deal. Financial terms of the deal weren’t disclosed. Digital Currency Group, the parent company of CoinDesk, acquired the media company in 2016 for $500,000.

Persons: Tom Farley’s, Simon Dawson, Tom Farley, Farley Organizations: Bloomberg, New York Stock Exchange, Digital Currency Group

☆ Crypto exchange Bullish buys news website CoinDesk
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: 1 min

Nov 20 (Reuters) - Cryptocurrency exchange Bullish said on Monday it has acquired crypto news website CoinDesk from Barry Silbert's Digital Currency Group (DCG). Financial terms of the deal, which was first reported by the Wall Street Journal, weren't disclosed. CoinDesk, which was launched in 2013 and bought by DCG three years later, will continue to be led by Kevin Worth and operate as an independent subsidiary within Bullish, the firm said. CoinDesk also announced the appointment of Matt Murray, former editor-in-chief of the WSJ, to serve as chair of its editorial committee tasked with ensuring journalistic independence. Reporting by Manya Saini in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Bullish, Barry, weren't, Kevin Worth, CoinDesk, Matt Murray, Manya Saini, Shailesh Organizations: Barry Silbert's Digital Currency Group, Wall Street, Thomson Locations: Bullish, Bengaluru

☆ Barry Silbert's crypto empire continues to spiral as ex-NYSE president buys news site CoinDesk
▼ + stars: | 2023-11-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +1 min

After months on the market, crypto news site CoinDesk has finally been acquired by a business that's run by the former president of the New York Stock Exchange. Bullish, a digital asset exchange led by ex-NYSE chief Tom Farley, has purchased CoinDesk from Barry Silbert's Digital Currency Group. It's the latest sign that Silbert's crypto empire, which had vaulted its founder into the billionaire ranks, continues to fall apart. In July, however, a $125 million purchase agreement from a consortium of investors fell through. In August, CoinDesk reportedly laid off around 16% of its staff.

Persons: CoinDesk, Tom Farley, Barry, Farley, Bullish, Silbert, Michael Casey Organizations: New York Stock Exchange, ex, NYSE, Barry Silbert's Digital Currency, Wall Street Journal, Lazard, CNBC

As token prices plummeted last year, the sector saw other stunning meltdowns that put several industry moguls into authorities' crosshairs. Changpeng "CZ" ZhaoThe U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Zhao in June for allegedly operating "a web of deception." Kwon faces multiple charges of fraud in the U.S. and was arrested in Montenegro earlier this year for allegedly forging documents, authorities said. He has pleaded not guilty to U.S. fraud charges that he misled customers and artificially inflated the value of his company's proprietary crypto token. Barry SilbertSilbert is the boss of crypto group Digital Currency Group whose subsidiary Genesis Global Capital filed for bankruptcy in January.

Persons: Zhao Changpeng, Binance, Costas Baltas, Sam Bankman, Fried, he's, Zhao, Kwon, Luna, Terraform, Alex Mashinsky, Mashinsky, Barry Silbert Silbert, Letitia James, Silbert, Stephen Ehrlich Stephen Ehrlich's, Ehrlich, Justin Sun, Sun, Niket Nishant, Hannah Lang, Michelle Price, Anil D'Silva Organizations: REUTERS, Rights, Zhao, U.S . Securities, Exchange Commission, SEC, U.S . Commodity Futures Trading Commission, Korean, Terraform Labs, Montenegrin, Mashinsky, CFTC, U.S . Federal Trade Commission, Digital Currency Group, Genesis Global Capital, New York, FTC, Tron Foundation, Thomson Locations: Athens, Greece, China, Canada, U.S, Montenegro, New York

☆ Genesis says NY AG lawsuit may force "no deal" bankruptcy liquidation
▼ + stars: | 2023-10-24 | by ( Dietrich Knauth | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsNEW YORK, Oct 24 (Reuters) - Crypto lender Genesis Global said on Tuesday a New York civil fraud lawsuit could lead to a bankruptcy liquidation that does not resolve its claims against parent company Digital Currency Group (DCG). Rather than await the outcome of the lawsuit, Genesis intends to propose a "no deal" bankruptcy plan to distribute available crypto assets to customers and set up a process to preserve litigation claims against DCG and others, Genesis attorney Sean O'Neal said at a court hearing in New York. "It's not an easy decision, but it is an obvious decision," he told U.S. Bankruptcy Judge Sean Lane. Genesis believes creditors would be better off under a bankruptcy plan that includes a DCG settlement, but the company is running out of time to finalize a plan and send it to creditors for a vote, O'Neal said. Genesis Global filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November 2022.

Persons: Dado Ruvic, Letitia James, Genesis, DCG, Sean O'Neal, Sean Lane, O'Neal, litigate Genesis's, Mark Zuckerberg, Dietrich Knauth, Richard Chang Organizations: REUTERS, Genesis Global, Digital Currency Group, . New York, Gemini, U.S, New York, Meta, Thomson Locations: York, ., New York

Through the lawsuit, Attorney General James is seeking restitution for investors and "disgorgement of ill-gotten gains," along with a ban on all the three cryptocurrency firms from the financial investment industry in New York. At the heart of the lawsuit is a program that Gemini ran in partnership with Genesis, dubbed "Gemini Earn". Gemini did not reveal any of this information to the investors of Gemini Earn, she added. Genesis and Gemini have clashed several times over the past few months, including over Gemini Earn. DCG said it was blindsided by the attorney general's complaint and the company's CEO Barry Silbert said the lawsuit had "baseless allegations".

Persons: Dado Ruvic, Letitia James, cryptocurrency, Sam Bankman, James, Gemini, Genesis, Mark Zuckerberg, DCG, Barry Silbert, Silbert, Niket, Krishna Chandra Eluri, Shinjini, Shounak Organizations: REUTERS, New York, Genesis Global, Digital Currency Group, Gemini, Meta, Arrows, Thomson Locations: New York, Alameda, Bengaluru

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. At the heart of the lawsuit is a program Gemini ran in partnership with Genesis. Dubbed "Gemini Earn", the program let customers lend crypto assets such as bitcoin to Genesis. The development underscores the challenges the crypto industry continues to face almost a year after the bankruptcy of Sam Bankman-Fried's exchange FTX, which had led to an industry meltdown. It did not reveal any of this information to the investors of Gemini Earn, she added.

Persons: Marco Bello, Letitia James, cryptocurrency, Genesis, Gemini, James, Sam Bankman, Soichiro Moro, Barry Silbert, Niket, Shounak Dasgupta, Krishna Chandra Organizations: Gemini Trust, REUTERS, New York, Genesis Global, Digital Currency Group, Gemini, Thomson Locations: Miami Beach , Florida, U.S, Alameda, Bengaluru

☆ 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

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailNew York AG sues Digital Currency Group, Genesis and Gemini, alleging fraud: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Paul Tuchmann of Wiggin and Dana shares his take on the performance of both prosecutors and the defense team in the trial of Sam Bankman-Fried.

Persons: explainers, Paul Tuchmann, Wiggin, Dana, Sam Bankman Organizations: New York AG, Digital Currency Group, Gemini, CNBC Crypto, CNBC

☆ New York sues crypto firms for alleged $1 billion fraud, cites SBF hedge fund bet
▼ + stars: | 2023-10-19 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Crypto firms Digital Currency Group and Gemini defrauded more than 230,000 investors out of a collective $1.1 billion, New York state prosecutors said in a lawsuit filed in Manhattan Thursday. They cited a series of missteps, including failure to adequately manage the risk associated with exposure to Sam Bankman-Fried's bankrupt and allegedly fraudulent crypto trading firm. For a time, it was very lucrative, until crypto hedge fund Three Arrows Capital defaulted on its loans and sent much of the crypto world into tumult. Gemini would then give Genesis that customer crypto for further lending, collecting a slice of Genesis' interest. By extension, prosecutors say, that meant that Gemini also had exposure to Alameda — and allegedly knew they did.

Persons: Crypto, Sam Bankman, Genesis, Barry Silbert's, DCG, 3AC, Cameron, Tyler Winklevoss, Gemini Organizations: Digital Currency Group, Gemini, Genesis Global Capital, Arrows Capital, New, Genesis's, Alameda Research, Alameda — Locations: New York, Manhattan, Alameda

☆ 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

☆ 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

☆ 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

☆ Genesis, DCG reach in-principle deal with creditors - court filing
▼ + stars: | 2023-08-29 | by ( ) www.reuters.com time to read: +1 min

Aug 29 (Reuters) - Genesis Global and its parent company Digital Currency Group have reached an in-principle agreement with Genesis' creditors to resolve claims brought during the crypto lender's bankruptcy, a court filing showed on Tuesday. The deal includes a payment of about $630 million in unsecured loans due in May 2023 and a $1.1 billion unsecured promissory note due in 2032, along with some other potential claims. 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 Digital Currency Group, and its primary creditors, including Gemini, in February. DCG, owned by Barry Silbert, owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager. Reporting by Lavanya Ahire in Bengaluru; Additional reporting by Akanksha Khushi; Editing by Rashmi Aich and Sohini GoswamiOur Standards: The Thomson Reuters Trust Principles.

Persons: Genesis, Barry Silbert, Lavanya, Akanksha Khushi, Rashmi Aich, Sohini Organizations: Genesis, Digital Currency Group, Gemini, Thomson Locations: U.S, York, DCG, New York, Bengaluru

DCG and Silbert, who is also a defendant, called Gemini a "sophisticated market participant" that had told Gemini Earn customers, who were expecting high interest rates, that it had "thoroughly vetted" Genesis. Gemini said the defendants did this so that Gemini Earn customers would continue lending crypto assets to Genesis, believing it was "business as usual." Gemini and Genesis are defendants in a U.S. Securities and Exchange Commission civil lawsuit claiming they bypassed disclosure requirements meant to protect investors in connection with Gemini Earn. According to the SEC and the Winklevosses, Genesis held about $900 million of assets from approximately 340,000 Gemini Earn customers before halting withdrawals last November. The case is Gemini Trust Co v Digital Currency Group LLC et al, U.S. District Court, Southern District of New York, No.

Persons: Entrepeneurs Tyler, Cameron Winklevoss, Manus, Lucas Jackson, Tyler, Barry Silbert, Gemini, Silbert, DCG, Genesis, Sam Bankman, Fried, Jonathan Stempel, Leslie Adler Organizations: Metropolitan Museum of Art, REUTERS, Group, Gemini Trust, Genesis Global, Gemini, Three Arrows Capital, U.S . Securities, Exchange Commission, SEC, Forbes, Currency, Court, Southern District of, Thomson Locations: Manhattan, New York, DCG, U.S, Southern District, Southern District of New York

☆ Crypto firm DCG appoints M&A specialist Mark Shifke as CFO
▼ + stars: | 2023-07-31 | by ( ) www.reuters.com time to read: +1 min

July 31 (Reuters) - Digital Currency Group said on Monday it had appointed Mark Shifke, a former JPMorgan Chase (JPM.N) and Goldman Sachs executive, as its chief financial officer. Shifke has almost four decades of experience in the financial industry, specializing in mergers and acquisitions, the company said in a statement. The appointment comes at a time when DCG is facing legal battles with cryptocurrency exchange Gemini, the largest creditor of DCG's bankrupt crypto lending firm Genesis. DCG owns a portfolio of crypto companies in addition to Genesis, including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager. "Mark brings deep finance and fintech experience, strategic vision, and overall presence as a leader to the role," DCG founder and CEO Barry Silbert said.

Persons: Mark Shifke, JPMorgan Chase, Goldman Sachs, Shifke, DCG, Barry Silbert, Jaiveer Singh, Vinay Dwivedi Organizations: Currency, JPMorgan, Thomson Locations: New York, Bengaluru

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