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Tag: Genesis

Inside the $4.5 Billion Settlement: Terraform Labs and Do Kwon’s Legal Battle

FinTelegram tamir -
As reported recently by FinTelegram, the U.S. Securities and Exchange Commission (SEC) proposed a settlement with Do Kwon and his collapsed crypto scheme Terraform Labs. The judge has now approved this $4.5 billion settlement, marking one of the largest settlements in the crypto sector. This settlement follows a series of high-profile legal actions against various crypto firms, highlighting the ongoing efforts to clean up the sector after significant turmoil.

New York Attorney General Secures $2 Billion Settlement from Collapsed Crypto Scheme Genesis!

Law Enforcement tamir -
New York Attorney General Letitia James has successfully secured a $2 billion settlement with bankrupt cryptocurrency firms Genesis Global Capital, LLC, Genesis Asia Pacific PTE, LTD., and Genesis Global Holdco, LLC. The settlement aims to maximize recoveries for investors defrauded by these entities. Due to Genesis' prior bankruptcy declaration, this historic settlement requires bankruptcy court approval.

Genesis Settles for $21 Million with SEC Over Unregistered Crypto Asset Lending Program

Bankruptcies tamir -
Genesis Global Capital, LLC has agreed to a final judgment that includes a $21 million civil penalty and a permanent injunction, resolving charges brought by the U.S. SEC accusing Genesis of conducting an unregistered offer and sale of securities via its crypto asset lending program. The SEC will be queued behind other claimants, including retail investors, in the bankruptcy court's distribution of payments, ensuring that Genesis's penalty is only paid after the fulfillment of all other allowed claims.

Troubled Crypto News Platform CoinDesk Sold For In Undisclosed All-Cash Deal To Crypto Exchange Bullish!

Crypto tamir -
CoinDesk, the prominent U.S. crypto news platform, has been acquired by Bullish, a crypto exchange led by former New York Stock Exchange president Tom Farley. This acquisition comes as CoinDesk's parent company, Digital Currency Group (DCG), grapples with financial challenges arising from the collapse of FTX. CoinDesk carried out a mass termination in the summer and sought new owners willing to inject fresh funds.

Crypto Contagion: Troubled Crypto Lender Genesis, Barry Silbert, And The Web Of Loans!

Bankruptcies Ben -
Genesis Global Capital, the troubled crypto lender, has hired the investment bank Moelis & Company to explore options, including a potential bankruptcy, the New York Times reports. Insiders told the NYT that no final decisions had been made and that it was still possible for the company to avert a bankruptcy filing. Genesis was a trading partner with FTX and said that $175 million of its assets were stuck at FTX when the exchange froze accounts shortly before filing for bankruptcy this month.

Crypto Contagion: Binance Refused To Rescue Troubled Crypto Lender Genesis!

Bankruptcies Charlene Lensburg -
The troubled U.S. crypto lender Genesis said it has no immediate plans to file for bankruptcy after the FTX collapse forced it to suspend customer redemptions. A report from Bloomberg News said Genesis was struggling to raise fresh cash for its lending unit. The lender has approached crypto Binance for investment and to bid for its loan book, according to people familiar with the matter. However, Binance decided not to invest.

Troubled Crypto Broker Genesis Loses CEO And Fires 20% Of Its Workforce.

Crypto Schemes Charlene Lensburg -
The New York-based digital asset brokerage and crypto lender Genesis Global Trading Inc. (www.genesistrading.com) announced that CEO Michael Moro is stepping down. Genesis COO Derar Islim will take over as interim CEO. Furthermore, WSJ reports that the company plans to fire 20% of its workforce. During the 2021 crypto bull run, the company's loan originations surged more than sevenfold to $131 billion, and the company increased its headcount by 22% to 260. A cut of 20% equates to the loss of about 52 jobs.

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