Crypto lender Genesis Global, has agreed to a final judgment imposing a $21 million civil penalty and a permanent injunction as part of a settlement with the US Securities and Exchange Commission (SEC). The settlement resolves charges against Genesis related to the unregistered offer and sale of “securities” through its crypto asset lending program, the […]
The crypto community has been abuzz with discussions surrounding Genesis’ intent to sell approximately 36 million shares of Grayscale Bitcoin Trust (GBTC), a move valued around $1.5 billion. This announcement stoked fears of a potential market downturn, reminiscent of the apprehensions following the FTX bankruptcy estate’s sale of over $1 billion worth of GBTC. However, a […]
New York Attorney General Letitia James has expanded the state’s lawsuit against Digital Currency Group (DCG) and tripled the estimated size of alleged fraud to more than $3 billion. Digital Currency Group Accused Of Defrauding Investors The amended complaint, filed by Attorney General James, accuses Digital Currency Group, DCG’s CEO Barry Silbert, and the bankrupt […]
In a recent development, Digital Currency Group (DCG), the parent company of bankrupt crypto lender Genesis Capital, has objected to Genesis’ bankruptcy plan, arguing that it violates the Bankruptcy Code. DCG’s objection centers around Genesis’ proposal to pay customers more than they are legally entitled to, a move that DCG believes “unfairly” favors a select group […]
Genesis Global, a Digital Currency Group (DCG) subsidiary, has reached a settlement agreement with the US Securities and Exchange Commission (SEC) to end a civil lawsuit. The regulator accused the bankrupt crypto lender of violating securities rules through its now-terminated Gemini Earn program. Genesis has agreed to pay a $21 million civil penalty as part […]
A recent Fortune Magazine report revealed that the New York Department of Financial Services (DFS) is set to announce a settlement with Genesis Global, a subsidiary of the crypto conglomerate Digital Currency Group (DCG). In a statement shared with Fortune, Superintendent Adrienne Harris expressed concerns about Genesis’ failure to maintain a functional compliance program, stating […]
Venture capital firm Digital Currency Group (DCG) has completed a $700 million payment to its subsidiary company Genesis Global Capital (GGC) as a settlement of its short-term loans from the now-bankrupt crypto lending platform. This development comes four months after Genesis filed a lawsuit against DCG and one of the company’s affiliates regarding the repayment […]
The New York Attorney General, Letitia James, has set her sights on three major players in the crypto space, alleging investor fraud. Genesis Global, its parent company, Digital Currency Group (DCG), and the renowned crypto platform Gemini find themselves in the crosshairs of a significant lawsuit. Attorney General James accuses them of deceptive practices that have allegedly […]