Gemini sues Genesis over GBTC shares used as Earn collateral, now worth $1.6B
Genesis wants to use the shares’ initial value in claims and is not releasing additional collateral transferred by DCG, the suit claims. Go to Source
Digital Currency Group
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Gemini legal team accuses DCG of ‘gaslighting’ Genesis creditors
Lawyers representing Gemini Trust filed a response in bankruptcy court to Digital Currency Group’s plan claiming to offer unsecured creditors a “70–90% recovery”. Go to Source
Genesis announces winding down of crypto trading services
In January, Genesis Global Capital announced it would eliminate its crypto spot trading services “voluntarily and for business reasons” without additional details. Go to Source
Gemini Earn users could recover all funds in new DCG remuneration scheme
DCG suggests a new deal in Genesis bankruptcy, offering unsecured creditors 70%–90% baseline recovery; if approved, it would involve the renegotiation of a $630-million loan between Genesis and DCG. Go to Source
Genesis sues parent company DCG, other affiliate for $600M in overdue loans
DCG borrowed $500,000 from its subsidiary last year and DCG Investments borrowed over 18,000 BTC and both have allegedly defaulted. Go to Source
US-based Genesis Global Trading will eliminate its crypto spot trading service
The company, an affiliate of Barry Silbert’s Digital Currency Group, has been providing crypto spot trading since 2013. Its closure is “for business reasons.” Go to Source
Genesis lenders call DCG agreement ‘wholly insufficient’
The agreement in-principle reached by DCG and creditors also said that the Ad Hoc Group and Gemini did not support the deal. Go to Source
DCG agrees deal with Genesis that would see recoveries of up to 90%
The estimated USD equivalent recoveries could account for 70% to 90% for Genesis creditors, should the amended plan be carried out. Go to Source
CoinDesk to lay off part of editorial staff in preparation for sale of stake: Report
Estimates of staffers facing the axe range from 45% (20 people) to 16%. A company-wide meeting is reportedly scheduled for Aug. 14. Go to Source
Digital Currency Group files motion to dismiss Gemini lawsuit, claiming it’s a PR campaign
Gemini’s complaint filed in July alleged DCG and Barry Silbert had made “false, misleading, and incomplete representations and omissions” related to Genesis and the Earn program. Go to Source
