Fun

Bankrupt crypto firm Genesis completes restructuring

News Feed - 2024-08-03 05:08:58

Vince Quill3 hours agoBankrupt crypto firm Genesis completes restructuringIn a January open letter, Gemini co-founder Cameron Winklevoss accused entities related to Genesis of inflating their assets.515 Total views8 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onGenesis, an institutional lending platform that filed for bankruptcy in 2023, announced the completion of its Chapter 11 restructuring plan on Aug. 2 and the disbursement of approximately $4 billion in funds to the injured parties.


As part of the plan, Bitcoin (BTC) creditors “will receive 51.28% recoveries as valued on an in-kind basis in the form of BTC,” and Ether (ETH) creditors will receive 65.87% recoveries paid out in the digital currency.


Most altcoin creditors will receive 87.65% recoveries of their digital assets, with Solana (SOL) being the notable exception. Creditors reclaiming SOL holdings will be subject to a 29.58% recovery rate, once again payable on an in-kind basis. Stablecoin and cash creditors are eligible to recoup 100% of their losses in the form of US dollars, according to the restructuring plan.Source: Arkham Intelligence


A $70 million litigation fund for creditors seeking further legal action against any third parties to the bankruptcy, such as Genesis’ parent company Digital Currency Group (DCG), has also been establishedThe fallout from the 2022 crypto contagion


Genesis engaged in institutional lending, borrowing funds from firms like the Winklevoss twins’ Gemini and lending it to firms like Three Arrows Capital. 


Related: Genesis-labelled address moves $720M BTC to Coinbase, pointing to start of asset liquidations


The fallout from the Three Arrows Capital default drove a wedge between Gemini co-founder Cameron Winklevoss and Digital Currency Group CEO Barry Silbert. Winklevoss has publicly slammed the DCG CEO on several occasions, accusing him of fraud and an inability to run the corporate conglomerate, which is the parent company of Grayscale, Foundry, Luno and Genesis.Genesis settles with the Securities and Exchange Commission 


More recently, Genesis agreed to a $21 million settlement with the Securities and Exchange Commission for allegedly selling unregistered securities alongside the Geminin Earn program.


Following the settlement, SEC chief Gary Gensler remarked that all cryptocurrency lending providers and other digital asset services need to comply with existing securities laws.


Magazine: WazirX hackers prepped 8 days before attack, swindlers fake fiat for USDT: Asia Express# Business# Gemini# Bankruptcy# Court# Digital Currency Group# RegulationAdd reaction

News Feed

Ripple Labs Is ‘Interested’ in Bankrupt Crypto Lender Celsius and Its Assets, Company Spokesperson Says
Ripple Labs Is "Interested" in Bankrupt Crypto Lender Celsius and Its Assets, Company Spokesperson Says According to a Ripple Labs spokesperson, the distributed ledger company is i
Indonesia to Tighten Crypto Regulation With Stricter Rules for Exchanges
Indonesia to Tighten Crypto Regulation With Stricter Rules for Exchanges Indonesia is preparing to issue new rules to tighten the regulation of crypto exchanges. Under revised regu
Crypto Futures ETFs Raise More Than $73 Million Ahead of Hong Kong Launch
Crypto Futures ETFs Raise More Than $73 Million Ahead of Hong Kong Launch Hong Kong’s first crypto-based exchange-traded funds (ETFs) have attracted over $73 million ahead o
UK to propose clearer crypto regulations by July
Arijit Sarkar10 minutes agoUK to propose clearer crypto regulations by JulyThe U.K.’s economic secretary to the Treasury, Bim Afolami, said the government’s priority is improving the payments landscape and providing
Venezuelan Crypto-Friendly Freelancing Platform Emerges Amid Economic Crisis, US Sanctions
Venezuelan Crypto-Friendly Freelancing Platform Emerges Amid Economic Crisis, US Sanctions More cryptocurrency solutions keep appearing on the scene for Venezuel
Metaplanet rallies 10% as it scoops Bitcoin for 3rd time in 2 months
Brayden Lindrea4 hours agoMetaplanet rallies 10% as it scoops Bitcoin for 3rd time in 2 monthsThe firm’s third Bitcoin purchase since April 23 brings its total holdings to 141.07, worth over $9.6 million.4555 Total vie
Bitcoin’s impending ‘death cross’ might not be ‘so deadly’ for BTC bulls — Analyst
Nancy Lubale1 hour agoBitcoin’s impending ‘death cross’ might not be ‘so deadly’ for BTC bulls — AnalystBitcoin appears on the verge of confirming a death cross, but one analyst says historical data suggests
Crypto adoption in Argentina soars amid 276% inflation spike
Helen Partz11 hours agoCrypto adoption in Argentina soars amid 276% inflation spikeArgentina has emerged as the top market by numbers of visitors on Binance, one of the world’s largest crypto exchanges.1507 Total views
David Attlee29 minutes agoCrypto is second most popular investment asset in France: SurveyThe survey was conducted at the request of the Organisation for Economic Co-operation and Development in the spring of 2023.227 To
Technical Analysis: Flow Moves Higher, as SHIB Climbs 12%
Technical Analysis: Flow Moves Higher, as SHIB Climbs 12% Following a 12% decline yesterday, shiba inu (SHIB) rose by that same percentage today, as bulls once again boarded the ro
Ethereum Price Breaks Out Of Symmetrical Triangle, Next Stop $3,400?
Este artículo también está disponible en español. The Ethereum pricehas just broken out of a key symmetrical triangle pattern, signaling a potential surge to new levelsab
BTC price corrects 7% after Bitcoin sets first-ever pre-halving all-time high
William Suberg7 hours agoBTC price corrects 7% after Bitcoin sets first-ever pre-halving all-time highBitcoin is making history — but this is not stopping a post-high BTC price comedown.5222 Total views7 Total sharesLi