Genesis Global has obtained court approval to return about $3 billion in cash and cryptocurrencies to customers, resolving disputes with significant recoveries for creditors and Gemini Earn program participants.
Cheng YuanGenesis Global, a bankrupt crypto lender, agrees to a $21 million penalty tied to Gemini Earn, settling SEC charges of securities law violations.
WeiliangThe $21 million Genesis-SEC settlement signifies a pivotal shift in crypto regulation, impacting Genesis, its affiliates, and setting a precedent for industry-wide regulatory compliance.
AlexThe claim alleges that Gemini's preferential transfers of funds from Genesis unfairly disadvantaged other creditors, prompting a plea to the court for rectification.
BrianCrypto trading firm Genesis is reportedly under the lens of regulators in the state of Alabama and other U.S. states.
BitcoinistSeparately, the CEO of Genesis' parent company disclosed that it had a roughly $575 million liability to Genesis.
CoindeskIf Genesis is forced to file for bankruptcy, creditors will have no claim on GBTC assets, the report said.
CoindeskThe statement was released in response to reports that Genesis Global and the Gemini exchange have stopped allowing withdrawals.
CryptoknowmicsThis comes after the collapse of hedge fund Three Arrows Capital and crypto exchange FTX.
BeincryptoHuobi Global has mentioned that its founder is now planning to sell his controlling stake to buyout firm About Capital Management (HK) Co.
Bitcoinist