Genesis

The lending unit of crypto firm Genesis filed for U.S. bankruptcy protection from creditors on Thursday, following the dramatic market downturn that has affected other crypto giants such as FTX (CRYPTO: FTT) and BlockFi.  What Happened: Genesis' lending unit...

The Securities and Exchange Commission (SEC) announced on Thursday it charged Genesis Global Capital and Gemini Trust Company “for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program.” What Happened: The...

A popular crypto analyst recently declared that Gemini (CRYPTO: GUSD) is not involved in any shady dealings — they're simply "losers." What Happened: Ki Young Ju, co-founder of CryptoQuant, a crypto analysis platform, revealed that only $9 million Gemini is sitting on...

Institutional investor Digital Currency Group has revealed it owes Genesis, a digital currency lending firm, $447.5 million and an additional $78 million in Bitcoin (CRYPTO: BTC). These debts are set to mature in May of this year and come in addition to an outstanding promissory note. DCG...

Federal prosecutors in New York, along with the U.S. Securities and Exchange Commission, are investigating Digital Currency Group (DCG) for possible wrongdoing involving internal transfers at its lending subsidiary, Genesis. DCG has reportedly received requests for documents and interviews by...

As the crypto lending industry faces increasing financial pressure, Genesis Trading, a subsidiary of Digital Currency Group (DCG), announced a 30% reduction in its workforce, as reported by CNBC.  The move followed the layoff of 20% of Genesis staff last year and the replacement of its...

Digital Currency Group CEO Barry Silbert has refuted Gemini co-founder Cameron Winklevoss's allegations that his venture capital company owes hundreds of millions to the cryptocurrency platform. What Happened: Winklevoss said on Monday that DCG parent...

Genesis owes at least $1.8 billion to its creditors, according to multiple media reports. The troubled crypto trading and lending company owes users of Gemini's Earn program $900 million and another $900 million to a group of assorted debtors represented by law firm Proskauer Rose. Another ad...

In response to the FTX collapse, Binance CEO Changpeng Zhao “CZ” said they are allocating $1 billion in ‘recovery funds’ for six months to help address the liquidity crisis faced by crypto exchanges. What Happened: In an interaction with Bloomberg, CZ alleged that his...

A crypto analyst has predicted price targets for apex cryptocurrency Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL), in the wake of FTX (CRYPTO: FTT) collapse. What Happened: Pseudonymous cryptocurrency analyst Altcoin Sherpa said on Twitter that Ethereum's...

The two largest cryptocurrencies, Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH), declined on Monday evening as the global cryptocurrency market cap shrunk by 1.91% to $788.67 billion at 8:45 p.m. EST. Cryptocurrency  Performance Price (Monday, 8:45 pm EST) Bitcoin -1.58% $15,790...

Genesis is struggling to acquire new capital for its lending section, according to Bloomberg, and has warned potential investors that if attempts fail, it may have to declare bankruptcy. “We have no plans to file bankruptcy imminently,” a representative for Genesis said in an...

Cryptocurrency lender Genesis was seeking a $1 billion emergency loan from investors before telling customers it was suspending withdrawals this week, reported the Wall Street Journal. The newspaper claimed to have seen physical evidence of a confidential document in which the...

Stablecoin issuer Tether (CRYPTO: USDT) said on Wednesday that it had no exposure to institutional cryptocurrency lender Genesis or the Gemini Earn program, which have halted withdrawals. What Happened: The lending division of crypto investment bank Genesis Global Trading ...

Numerous cryptocurrency trading hedge funds have opened major short positions on Tether (CRYPTO: USDT). What Happened: According to CoinDesk, digital currency broker Genesis stated that following Terra’s (CRYPTO: LUNA) downfall due to UST’s (CRYPTO: UST) de-peg, numerous short positions...