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☆ Binance Hires Gemini Executive as Chief Compliance Officer
▼ + stars: | 2023-02-14 | by ( Mengqi Sun | ) www.wsj.com time to read: +2 min

Binance said Noah Perlman has joined as its chief compliance officer from rival Gemini Trust Co., as the cryptocurrency exchange continues to beef up its legal and compliance team amid regulatory scrutiny. Mr. Perlman joined Binance last month after serving as Gemini’s chief operating officer for more than two years. He joined Gemini as its chief compliance officer in 2019. Mr. Perlman’s appointment ends a monthslong search for a compliance chief at Binance, which over the past year or so has been bolstering its compliance team head count. Binance Chief Executive Changpeng Zhao, known as CZ, said on Twitter in September that the exchange planned to hire a few hundred more compliance people.

The restructuring deal and recovery plan were announced during a status conference for crypto lender Genesis, which filed for bankruptcy protection in New York on Jan. 19. The deal, cut between Genesis, DCG, Gemini, and Genesis' range of creditors, is largely predicated around a refinancing of Genesis' loans to DCG. DCG will also contribute to Genesis "all equity" in Genesis' trading subsidiary, which remained operational during the bankruptcy. As part of the recovery plan, that promissory note will be equitized, meaning it will be converted into something of substantive value, typically equity, CoinDesk reported. When Genesis halted its lending business following the collapse of FTX in November, Gemini Earn was forced to temporarily shutter its operations, as well.

☆ Gemini is laying off 10% of staff - The Information
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +1 min

Jan 23 (Reuters) - Cryptocurrency exchange Gemini is slashing 10% of its headcount in what is at least the third round of layoffs in eight months, the Information reported on Monday, citing an internal message. Founded by identical twins Cameron and Tyler Winklevoss, crypto pioneers and former U.S. Olympic rowers, Gemini has faced pressure in recent months due to a high-profile dispute involving crypto company Genesis, over a product that the two firms jointly offered. Crypto firms are off to a rocky start in 2023, with major players such as Coinbase Global Inc (COIN.O) cutting jobs and Genesis Global Capital, the lending arm of Genesis, seeking bankruptcy protection. Genesis owes $765.9 million to Gemini, its largest creditor, according to its bankruptcy filing from last week. Reporting by Niket Nishant in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. Crypto exchange Gemini will reduce its headcount by 10%, a spokesperson told CNBC on Monday. Other crypto firms like Crypto.com, Coinbase , Kraken, and Genesis have eliminated positions since Nov. 11, the day that Sam Bankman-Fried's crypto exchange FTX filed for bankruptcy. Gemini has been embroiled in an intense spat with Silbert's Genesis Trading, a crypto lending firm that generated rich returns for Gemini clients through Gemini's high-yield lending product, known as Gemini Earn. Genesis filed for bankruptcy protection on Jan. 19.

☆ Bankrupt crypto lender Genesis optimistic it can resolve creditor disputes
▼ + stars: | 2023-01-23 | by ( Dietrich Knauth | ) www.reuters.com time to read: +3 min

Sean O'Neal, the lawyer, spoke at a hearing in Manhattan bankruptcy court to consider "first-day" motions for Genesis Global Capital, the crypto lending business owned by Barry Silbert's venture capital firm Digital Currency Group. The filing followed the bankruptcies since last July of crypto lenders BlockFi, Celsius Network and Voyager Digital. Brian Rosen, a lawyer for creditors holding $1.5 billion of claims, said "we are getting closer" to an accord. On Jan. 12, the U.S. Securities and Exchange Commission charged Genesis and Gemini with illegally selling unregistered securities through their Gemini Earn lending product. Cameron Winklevoss has also called for Silbert's removal as DCG chief, and threatened litigation against DCG if Genesis' bankruptcy did not result in " a fair offer to creditors."

☆ 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.

☆ 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.

☆ 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.

☆ Tyler Winklevoss says SEC charges over Gemini are 'super lame' and a 'manufactured parking ticket'
▼ + stars: | 2023-01-14 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Tyler Winklevoss called the SEC "super lame" after filing charges against his crypto company. Winklevoss said the SEC was trying to score political points rather than work with Genesis clients. In a Twitter thread Thursday, Tyler Winklevoss argued that the SEC action was counterproductive to the company's aim of settling cases with customers. It's unfortunate that they're optimizing for political points instead of helping us advance the cause of 340,000 Earn users and other creditors," Tyler Winklevoss wrote. Tyler Winklevoss also questioned the pace of the SEC's action, given the Earn program had been shut down for more than two months.

☆ 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 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.

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.

☆ Who is DCG's Barry Silbert, the crypto baron in the crosshairs of the Winklevoss twins over 'bad faith' business practices?
▼ + stars: | 2023-01-09 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +4 min

Barry Silbert is the CEO of Digital Currency Group, the crypto conglomerate that owns Genesis and Grayscale. In 2015, the 46 year old started Digital Currency Group (DCG), the $10 billion parent company that controls industry giants like crypto brokerage Genesis and digital asset manager Grayscale. The conglomerate also owns trade publication Coindesk, crypto mining firm Foundry Services, crypto index provider TradeBlock, and digital asset platform Luno Global. Cameron Winklevoss blasted Silbert for "bad faith" business practices last week, alleging the crypto baron owes the digital asset exchange's customers $900 million. Prior to launching DCG, Silbert went to Emory University's Goizueta Business School and began his career as an investment banker at Houlihan Lokey.

☆ The December jobs report sent mixed signals. Here's what it means for markets.
▼ + stars: | 2023-01-09 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

The December jobs report is another data point that signals the Fed has more work to do to cool the economy. "A labor market this strong means an imminent recession is highly improbable," Indeed Hiring Lab economist Nick Bunker wrote in a note. While stocks usually sell off after these strong reports, fearing the worst from the Fed, Friday saw a strong rally. History suggests there are very strong odds the stock market gains 20% this year after last year's bludgeoning. Tesla stock has tumbled to multiyear lows.

☆ Gemini's Winklevoss accuses crypto mogul Silbert of 'bad faith stalling tactics' over frozen funds
▼ + stars: | 2023-01-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Tyler Winklevoss and Cameron Winklevoss (L-R), co-founders of crypto exchange Gemini, on stage at the Bitcoin 2021 Convention in Miami, Florida. He also alleged that Digital Currency Group and Genesis are "beyond commingled." Digital Currency Group (DCG) — of which you are the founder and CEO — owes Genesis (its wholly owned subsidiary) ~1.675 billion," Winklevoss said. watch nowIn addition to Genesis, Digital Currency Group also owns Grayscale, the embattled digital asset manager. "DCG did not borrow $1.675 billion from Genesis," Silbert said in reply to Winklevoss' tweet Monday.

☆ Woman sues Aerosmith frontman Steven Tyler, alleging child sex assault in the ‘70s
▼ + stars: | 2022-12-31 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

LOS ANGELES — A woman who has previously said Steven Tyler had an illicit sexual relationship with her when she was a teenager is now suing the Aerosmith frontman for sexual assault, sexual battery and intentional infliction of emotional distress. The lawsuit brought by Julia Misley was filed Tuesday under a 2019 California law that gave adult victims of childhood sexual assault a three-year window to file lawsuits for decades-old instances of assault. While the lawsuit doesn’t name Tyler, Misley identified him by name in the statement, issued through the law firm Jeff Anderson & Associates. Some of the abuse occurred in Los Angeles County, the lawsuit said. Steven Tyler performs with Aerosmith in Los Angeles in 1978.

☆ ‘9-1-1: Lone Star’ actor Tyler Sanders' death due to 'fentanyl effects,' according to autopsy
▼ + stars: | 2022-12-29 | by ( Antonio Planas | Antonio Planas Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

Teen actor Tyler Sanders, best known for his starring role on “Just Add Magic: Mystery City” and guest appearances on “9-1-1: Lone Star” and “Fear the Walking Dead,” died in June from “fentanyl effects,” according to his autopsy. The report said 911 was called and paramedics responded to the apartment where Sanders was pronounced dead. “Drug paraphernalia was identified on scene.”Toxicology tests later determined Sanders had the potent drug in his system, the autopsy said. Sanders’ death was determined to be an accident, according to the autopsy. Sanders’ agent, Pedro Tapia, confirmed the actor’s death in June in a statement: “Tyler was a talented actor with a bright future.

The presence of police in schools actively jeopardizes the safety of Black students compared to their counterparts of other races, according to a report published this month. Black students were subjected to more than 80% of the incidents of police violence accounted for in the survey, which analyzed more than 285 incidents over a decade. The report also cited 24 cases of sexual assault on students and five student deaths as a result of police force in schools. Whittenberg said: “In general, Black students are often viewed as the problem and as needing some sort of disciplinary treatment in order to act correctly. Whittenberg said he hopes the report creates change in the conversation surrounding removing police from schools.

☆ The Winklevoss twins and their cryptocurrency exchange Gemini are being sued for fraud by investors
▼ + stars: | 2022-12-29 | by ( Morgan Chittum | ) www.businessinsider.com time to read: +2 min

Crypto exchange Gemini is facing a class action lawsuit over its interest-bearing accounts. Investors are accusing Gemini — along with founders Cameron and Tyler Winklevoss — of fraud, per a complaint filed on Tuesday. Gemini's Earn Program attracted customers because it offered up to 7.4% interest. Gemini Earn Program, which offered customers up to 7.4% interest, abruptly halted its offering last month, "effectively wiping out" customers who still had holdings in the program. Gemini "refused to honor any further investor redemptions, effectively wiping out all investors who still had holdings in the program," the complaint reads.

☆ Wanted: Two lighthouse keepers for tiny island in San Francisco Bay. Must have 'high-quality culinary experience' and a captain's license.
▼ + stars: | 2022-12-25 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Two custodians for a historic lighthouse and hotel in San Francisco Bay are being recruited. The East Brother Light Station is looking for two people to become lighthouse keepers for two years on the tiny island just off Point San Pablo in Richmond. Former innkeepers Tiffany Danse (left) and Tyler Waterson (right). Run boat service to the mainland. Run boat service to the mainland again," the Chronicle wrote.

☆ People investing as little as $1,000 for partial ownership of a property share how they did it, the risks, and the rewards
▼ + stars: | 2022-11-22 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +6 min

Several real-estate investing startups allow people to buy portions of properties instead of whole homes. Though he bought a personal residence for himself in 2020, the Eagle Mountain, Utah resident didn't have enough cash on-hand to purchase an investment rental property. A growing number of startups like Fintor — including Arrived Homes, Fundrise, and others — are making real-estate investing more accessible for the average person using the "fractional ownership" model. Fundrise also allows investors to buy shares of Fundrise the company itself through a primary offering, which Kelkile has also done. Tyler Witty, a 47-year-old who owns an exterior cleaning company in Richmond, Virginia, already owns three investment properties.

Gifts with inherent stability and even history appeal right now. Meanwhile, the Technicolor tree skirt in our selection is stitched together from hearty wool blankets handwoven by indigenous women of the Andes. When your giftee’s grandkids pull it out from their closet down the road, they’ll think of their parents, and their parents’ parents, and maybe even you. Brand New Serving Plates With Ancient PatinaHaand’s three-piece serving set looks as if it were hewn from centuries-old trees. 3 Piece Serving Platter Set in Burl, $265, Haand.us

☆ Tomorrow's October CPI report could jolt markets in a big way if expectations are not met. Here's what to expect, according to JPMorgan
▼ + stars: | 2022-11-09 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Economists expect the CPI report to show a year-over-year increase of 7.9%, a decline from September's 8.2% reading. The bank's trading desk ran a scenario analysis of where it expects the S&P 500 to trade depending on the CPI report. The least likely scenario happening, according to JPMorgan, is a huge beat or miss in the October CPI report. The October report "could be as much [as] a 'game changer' as 'hot' August CPI derailed S&P 500," he said. Whatever happens, investors should expect another bout of volatility heading into the end of the week in anticipation of tomorrow's CPI report.

☆ U.S. households await winter with dread due to high energy costs
▼ + stars: | 2022-10-20 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

Across the U.S., families are looking to the winter with dread as energy costs soar and fuel supplies tighten. The National Energy Assistance Directors Association says energy costs will be the highest in more than a decade this winter. The pain will be especially acute in New England, which is heavily reliant on heating oil to keep homes warm. It’s projected to cost more than $2,300 to heat a typical home with heating oil this winter, the energy department said. But that level represents an overall reduction from last year, when federal pandemic relief pushed the total energy assistance package past $8 billion.

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