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The company listed over 100,000 creditors in a "mega" bankruptcy filing, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars, according to bankruptcy documents. In a statement, the company noted that the companies were only involved in Genesis' crypto lending business. Genesis listed a $765.9 million loan payable from Gemini in Thursday's bankruptcy filing. Other sizeable claims included a $78 million loan payable from Donut, a high-yield, decentralized platform, and a VanEck fund, with a $53.1 million loan payable. The bankruptcy puts Genesis alongside other fallen crypto exchanges including BlockFi, FTX, Celsius, and Voyager.

☆ Crypto lending unit of Genesis files for US bankruptcy
▼ + stars: | 2023-01-20 | by ( ) edition.cnn.com time to read: +3 min

The lending unit of crypto firm Genesis filed on Thursday for US bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on Nov. 16 after FTX stunned the financial world with its bankruptcy, fueling concern that other companies could implode. Genesis’ lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion in its filings with the US Bankruptcy Court for the Southern District of New York. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit Genesis Asia Pacific. The two firms are fighting over a crypto lending product called Earn that they jointly offered.

☆ Crypto lending unit of Genesis files for U.S. bankruptcy
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +3 min

Jan 19 (Reuters) - The lending unit of crypto firm Genesis filed on Thursday for U.S. bankruptcy protection from creditors, toppled by a market rout along with the likes of exchange FTX and lender BlockFi. Genesis Global Capital, one of the largest crypto lenders, froze customer redemptions on Nov. 16 after FTX stunned the financial world with its bankruptcy, fuelling concern that other companies could implode. Genesis' lending unit said it had both assets and liabilities in the range of $1 billion to $10 billion in its filings with the U.S. Bankruptcy Court for the Southern District of New York. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit Genesis Asia Pacific. The two firms are fighting over a crypto lending product called Earn that they jointly offered.

☆ Factbox: Crypto's string of bankruptcies
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +4 min

GENESIS GLOBAL CAPITALOne of the largest crypto lenders, Genesis froze customer redemptions in November after major exchange FTX stunned the financial world with its bankruptcy. Genesis Global Holdco, the parent group of Genesis Global Capital, also filed for bankruptcy protection, along with another lending unit, Genesis Asia Pacific. FTXThe Bahamas-based exchange shocked the crypto world by going bankrupt in November after suffering withdrawals of about $6 billion in just 72 hours and rival crypto exchange Binance ditched a possible rescue. CELSIUS NETWORKA crypto lender brought down by the collapse of terraUSD and luna, Celsius began its U.S. bankruptcy case on July 14. The U.S. affiliate of major crypto exchange Binance said in December it intends to buy Voyager's crypto lending platform in a deal valued at about $1 billion.

☆ Crypto news site CoinDesk hires banker to explore potential sale
▼ + stars: | 2023-01-19 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Crypto outlet CoinDesk Inc is exploring a full or partial sale of its business and has hired investment bank Lazard Ltd (LAZ.N) to lead the process, the media company's chief executive said on Wednesday. The crypto industry is going through one of its worst phases, with prices of major tokens at two-year lows and a string of bankruptcy filings from top players. "My goal in hiring Lazard is to explore various options to attract growth capital to the CoinDesk business, which may include a partial or full sale," CEO Kevin Worth told Reuters in a statement. The development comes amid an industry turmoil, which began with the crash of stable coins TerraUSD and Luna early last year. The company is wholly owned by crypto-focused venture capital firm Digital Currency Group, which also has interest in Coinbase, according to its website.

☆ Crypto Media Outlet CoinDesk Taps Bankers for Potential Sale
▼ + stars: | 2023-01-19 | by ( Lauren Thomas | ) www.wsj.com time to read: 1 min

CoinDesk’s parent company is Digital Currency Group Inc., or DCG, which operates the media platform as well as an events business and cryptocurrency price indexes. CoinDesk Inc., a cryptocurrency-focused media company, has retained investment bankers at Lazard Ltd. to help it explore options including a partial or full sale, according to its chief executive officer. “Over the last few months, we have received numerous inbound indications of interest in CoinDesk,” CoinDesk CEO Kevin Worth said.

☆ Alameda Research and Genesis' multi-billion dollar relationship reportedly began years ago with Sam Bankman-Fried asleep in a beanbag chair at their first meeting
▼ + stars: | 2023-01-19 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Alameda Research and Genesis reportedly kicked off their relationship at a meeting in 2018. Genesis doled out hundreds of millions of dollars in unsecured loans to Alameda, the Wall Street Journal reported. At the peak, Alameda had $6.5 billion from Genesis through loans that were only 50% secured, sources told the WSJ. Alameda has since been accused of using customer deposits from Bankman-Fried's crypto exchange FTX for daily operations like making risky investments. Meanwhile, Genesis is reportedly making bankruptcy plans after taking hits from exposure to defunct crypto hedge fund Three Arrows Capital and FTX.

The cryptocurrency crunch is so bad even the pros are getting squeezed. A year ago, Barry Silbert ’s 40% stake in Digital Currency Group Inc., or DCG, was valued at more than $3 billion. A crypto conglomerate, with tentacles in nearly every corner of the industry from lending to bitcoin mining, DCG worked out of plush Connecticut offices featuring a marble-countertop kitchen with a coffee barista and a French chef.

☆ Crypto lender Genesis is reportedly preparing to file for bankruptcy as soon as this week
▼ + stars: | 2023-01-18 | by ( Carla Mozée | ) www.businessinsider.com time to read: +2 min

Cryptocurrency lender Genesis Global Capital may file for bankruptcy protection as soon as this week, Bloomberg reported Wednesday. A filing could come as early as this week, the report said, citing people with knowledge of the matter. Genesis owes its creditors more than $3 billion, the Financial Times reported last week. The FT had previously reported DCG may sell assets in its venture portfolio to raise funds. It plans to halt quarterly dividends to conserve cash, as Genesis tries to avoid bankruptcy.

☆ Crypto publication CoinDesk hires Lazard to explore sale as crisis deepens at parent company DCG
▼ + stars: | 2023-01-18 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

Crypto trade publication CoinDesk is exploring a potential sale, hiring advisors at Lazard to weigh a move that would remove it from Barry Silbert's Digital Currency Group. The Wall Street Journal was first to report on the media company's hiring of Lazard. That reporting sparked a downward spiral at crypto exchange FTX, ultimately leading to the collapse of the company in November, the arrest of Bankman-Fried and multiple regulatory probes. Genesis is also the subject of a Securities and Exchange Commission charge alongside crypto exchange Gemini. Worth said Lazard will help CoinDesk "explore various options to attract growth capital to the CoinDesk business, which may include a partial or full sale."

☆ Crypto lender Genesis preparing to file for bankruptcy - Bloomberg News
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Cryptocurrency lender Genesis Global Capital is planning to file for bankruptcy as soon as this week, Bloomberg News reported on Wednesday, citing people with knowledge of the situation. The collapse of FTX in November has claimed several victims including crypto lender BlockFi and Core Scientific Inc , one of the biggest publicly traded crypto mining companies in the United States, both of which filed for bankruptcy protection in the following months. Genesis is also locked in a dispute with Gemini, founded by the identical twin crypto pioneers Cameron and Tyler Winklevoss. Gemini offered a crypto lending product called Earn in partnership with Genesis, and now says Genesis owes it $900 million in connection with that product. The U.S. Securities and Exchange Commission last week said it had charged Genesis and Gemini with illegally selling securities to hundreds of thousands of investors through their crypto lending program.

LONDON, Jan 13 (Reuters) - Chinese crypto entrepreneur Justin Sun is willing to spend $1 billion of his own funds on buying assets belonging to Digital Currency Group (DCG), the parent company of embattled crypto lender Genesis, Sun told Reuters. Genesis' owner, DCG, is also the parent company of several high-profile crypto firms, including crypto asset manager Grayscale, and its website lists more than 160 companies in its venture capital portfolio. DCG is considering offloading parts of that portfolio to raise money, the Financial Times reported on Thursday. Sun told Reuters in an interview he would be willing to spend up to $1 billion to buy some of DCG's assets, "depending on their evaluation of the situation". When major crypto exchange FTX faced a rush of investor withdrawals in November, Binance said it had signed a no-nbinding agreement to buy FTX's non-U.S. unit.

Genesis, a part of Digital Currency Group, entered into a deal with Gemini in December 2020 to offer Gemini customers the chance to loan their crypto assets to Genesis in exchange for earning interest, the SEC said. Beginning in February 2021, they raised billions of dollars' worth of crypto assets from investors, the SEC said. The firms violated securities laws through the offer and sale of crypto assets through their Gemini Earn product, the SEC said. In November 2022, Genesis told investors they could not withdraw their crypto assets as volatility in the crypto markets prompted a liquidity crunch. Gemini and other Genesis creditors have been agitating for a solution to avoid a situation similar to FTX's rapid descent into bankruptcy.

Jan 12 (Reuters) - Crypto broker Genesis owes creditors more than $3 billion, a person familiar with the matter told Reuters, as woes pile up for its owner, venture capital company Digital Currency Group (DCG). DCG is considering offloading parts of its venture capital holdings to raise money, the Financial Timesreported Thursday. DCG's portfolio includes 200 crypto-related projects such as exchanges, banks and custodians in at least 35 countries, and are worth about $500 million, the report added. Meanwhile, its parent DCG saw calls from Cameron Winklevoss, co-founder of crypto exchange Gemini, for the removal of DCG's chief executive officer, Barry Silbert, earlier this week amid tensions between the high-profile executives. Stamford, Connecticut-based DCG is also the parent company of several high-profile crypto firms, including crypto asset manager Grayscale.

☆ Bitcoin rallies to a 2-month high after inflation data, shrugging off FTX and DCG troubles for now
▼ + stars: | 2023-01-12 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

The rally came after key inflation data raised hopes for a more favorable macro environment ahead. "While it's too early to count [the] chickens, the price action since yesterday has been encouraging," a crypto executive told Insider. Early Thursday, Consumer Price Index (CPI) data for December indicated that inflation pressures eased again, giving Federal Reserve officials leeway to slowdown rate hikes. Favorable inflation data ought to boost token prices and could "help the market cement [its] current rebound," said Wael Makarem, Senior Market Strategist at financial services firm Exness. Crypto markets endured a lengthy bear market through 2022.

☆ US securities regulator charges Genesis, Gemini with unregistered offerings
▼ + stars: | 2023-01-12 | by ( ) edition.cnn.com time to read: +2 min

Beginning in February 2021, they raised billions of dollars’ worth of crypto assets from investors, the SEC said. The firms violated securities laws through the offer and sale of crypto assets through their Gemini Earn product, the SEC said. In November 2022, Genesis told investors they could not withdraw their crypto assets as volatility in the crypto markets prompted a liquidity crunch. At the time, Genesis had about $900 million in assets from 340,000 Gemini Earn investors. Gemini and other Genesis creditors have been agitating for a solution to avoid a situation similar to FTX’s rapid descent into bankruptcy.

☆ Crypto lender Genesis reportedly owes creditors $3 billion, and is eyeing the sale of its parent company's venture assets to raise funds
▼ + stars: | 2023-01-12 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +3 min

Crypto lender Genesis owes its creditors more than $3 billion, the Financial Times reported on Thursday. Genesis' parent company DCG may sell assets in its venture portfolio to raise fresh cash. Genesis' lending arm took hits after FTX filed for bankruptcy, causing a liquidity crisis late last year. Digital Currency Group (DCG), the crypto conglomerate that oversees Genesis, is also looking to sell assets in its venture portfolio to raise fresh cash, per the Financial Times. In November, Gemini had to halt withdrawals for its interest-bearing product due to a liquidity crisis with Genesis, its lending partner.

☆ Crypto firms Genesis and Gemini charged by SEC with selling unregistered securities
▼ + stars: | 2023-01-12 | by ( Rohan Goswami | ) www.cnbc.com time to read: +3 min

The Securities and Exchange Commission on Thursday charged crypto firms Genesis and Gemini with allegedly selling unregistered securities in connection with a high-yield product offered to depositors. Gemini, a crypto exchange, and Genesis, a crypto lender, partnered in February 2021 on a Gemini product called Earn, which touted yields of up to 8% for customers. Genesis should have registered that product as a securities offering, SEC officials said. Gemini's Earn program, supported by Genesis' lending activities, met the SEC's definition by including both an investment contract and a note, SEC officials said. SEC officials said the possibility of a DCG or Genesis bankruptcy had no bearing on deciding whether to pursue a charge.

Jan 12 (Reuters) - U.S. crypto company Digital Currency Group (DCG) is at the center of the industry's latest meltdown after one of its companies, Genesis, froze customer withdrawals in November. Here is what we know about the many companies Digital Currency Group owns:COINDESKDCG acquired crypto news website CoinDesk in 2016 after previously investing in the outlet. Genesis' crypto lending arm, Genesis Global Capital, announced in November its crypto lending arm would stop making new loans and blocked customers from withdrawing funds, citing the market dislocation caused by the collapse of FTX. Genesis Global Capital had partnered with a number of other crypto companies, including crypto exchange Gemini, to offer a crypto lending product. DCG itself owes $1.675 billion to Genesis' crypto lending arm, according to a November letter Silbert sent to shareholders.

☆ DCG's crypto broker Genesis owes creditors more than $3 bln - FT
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

Jan 12 (Reuters) - Crypto broker Genesis owes creditors more than $3 billion, prompting its owner Digital Currency Group (DCG) to explore selling assets in its venture portfolio to raise money, the Financial Times reported on Thursday, citing people familiar with the matter. Genesis and DCG did not immediately respond to Reuters requests for comment. Several crypto companies have lately been under pressure trying to navigate unprecedented industry-wide turmoil amid waning investor appetite for digital assets after major exchange FTX blew up late last year. Meanwhile, its parent DCG saw calls from Cameron Winklevoss, co-founder of crypto exchange Gemini, for the removal of DCG's chief executive officer, Barry Silbert, earlier this week amid tensions between the high-profile executives. Stamford, Connecticut-based DCG is also the parent company of several high-profile crypto firms, including crypto asset manager Grayscale.

☆ From the Shanghai upgrade to U.S. regulation: Watch these 5 events to see where crypto markets are heading in 2023
▼ + stars: | 2023-01-11 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +7 min

Unlike in previous crypto winters, however, macro forces outside the crypto industry are the biggest drivers of the market. The Shanghai upgrade Ethereum developers are gearing up for the network's next big upgrade, the "Shanghai" upgrade, which has a target release of March 2023. "The problem right now is if you stake ether into the network, your ether will be locked until the Shanghai upgrade," Lau said. "There will be more liquidity of ether after the Shanghai upgrade," he added. Gox but the expected distribution of the bitcoin recovered from the exchange's 2014 implosion could be a near-term headwind for bitcoin investors.

Silbert is the founder of Digital Currency Group (DCG), a crypto conglomerate that includes the Grayscale Bitcoin Trust and trading platform Genesis. Winklevoss, along with his brother Tyler, co-founded Gemini, a popular crypto exchange that, unlike many of its peers, is subject to New York banking regulation. Winklevoss and Silbert were linked through an offering called Earn, a nearly two-year-old product from Gemini that promoted returns of up to 8% on customer deposits. With Earn, Gemini loaned client money to Genesis for placement across various crypto trading desks and borrowers. Silbert has avoided responding directly to Winklevoss' latest accusation, though the company has taken up his defense.

☆ The Winklevoss' Gemini terminates its yield product as dispute between the crypto exchange and DCG escalates
▼ + stars: | 2023-01-10 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Gemini told clients that the crypto exchange will terminate its interest-bearing product. Gemini cofounder Cameron Winklevoss accused Genesis, its parent company DCG, and founder Barry Silbert of fraud on Tuesday. The firm ended its master loan agreement and partnership between Gemini and crypto brokerage Genesis. Genesis' lending arm halted customer withdrawals in November, leaving $900 million of Gemini client money in the lurch. In an open letter to DCG's board on Tuesday, Gemini cofounder Cameron Winklevoss accused Genesis, DCG, and the holding company's founder Barry Silbert of accounting fraud.

☆ Billionaire bitcoin bull Mike Novogratz says 2023 will be a year for crypto markets to try and survive, and 'heal and rebuild narrative'
▼ + stars: | 2023-01-10 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Galaxy Digital CEO Mike Novogratz is still mostly upbeat about crypto in 2023. "The outlook for crypto is not horrible, but it's not great," Novogratz told CNBC. The bitcoin bull said crypto brokerage Genesis' liquidity woes are hanging over the industry. The bitcoin bull says the crypto outlook is "not horrible, but it's not great," he told CNBC's Squawk Box on Tuesday. Novogratz says that the Gemini and DCG debacle won't involve "a lot of selling" for crypto markets, but it's "just not great news."

☆ Gemini's Winklevoss calls for removal of DCG chief Barry Silbert
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

Jan 10 (Reuters) - Cryptocurrency exchange Gemini co-founder Cameron Winklevoss on Tuesday called for the removal of Digital Currency Group Inc (DCG) chief Barry Silbert, amid tensions between the two high-profile crypto executives in the wake of the FTX collapse. Genesis halted customer withdrawals in November, after major exchange FTX filed for bankruptcy. In his open letter to the DCG board, Winklevoss said Genesis and DCG had "defrauded" some 340,000 Earn users. "There is no path forward as long as Barry Silbert remains CEO of DCG," Winklevoss wrote. The latest development comes a week after Winklevoss penned another open letter to Silbert, saying Genesis owed more than $900 million to Earn users.

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