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Genesis sues Gemini over $689 million in customer withdrawals

Economic Times

Economic Times · 1y ago

Genesis sues Gemini over $689 million in customer withdrawals

Genesis, a digital currency trading firm, has filed a lawsuit against Gemini, a cryptocurrency exchange, over $689 million in customer withdrawals. The legal dispute arises from a significant increase in customer withdrawal requests during a recent period of significant price volatility in the cryptocurrency market.

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Crypto exchange Gemini says bankrupt Genesis moves to authorize sale of trust assets

Reuters · 1y ago

Crypto exchange Gemini says bankrupt Genesis moves to authorize sale of trust assets

Cryptocurrency exchange Gemini Trust Co has announced that crypto lender Genesis has filed a motion seeking authorization to sell trust assets and monetize its interests in two Grayscale Ethereum trusts. The motion also seeks authority for Gemini to monetize the initial collateral of over 30 million shares of Grayscale Bitcoin Trust. Genesis has requested an expedited hearing for the motion, as it plans to move forward with its liquidation plan to repay customers in cash or cryptocurrency. This comes after Genesis settled a lawsuit with the U.S. SEC over its Gemini Earn lending program.

Crypto Groups Gemini, Genesis, and DCG Sued for $1.1 Billion ‘Fraud’

Wired · 1y ago

Crypto Groups Gemini, Genesis, and DCG Sued for $1.1 Billion ‘Fraud’

The attorney general of New York has filed a civil lawsuit against cryptocurrency exchange Gemini, crypto lender Genesis, and its parent company Digital Currency Group (DCG), accusing them of causing $1.1 billion in losses for investors. The lawsuit alleges that Gemini marketed its program called Gemini Earn as a safe way to earn interest on crypto holdings but failed to disclose the associated risks. When Genesis filed for bankruptcy, Gemini Earn customers lost access to about $900 million. The lawsuit may have implications for the approval of a Bitcoin exchange-traded fund and could further enforcement actions against the crypto industry.

Australia sues ex-director of crypto exchange Blockchain Global over alleged duty breaches

Economic Times

Economic Times · 2m ago

Australia sues ex-director of crypto exchange Blockchain Global over alleged duty breaches

Australia's corporate regulator has filed civil penalty proceedings against Liang (Allan) Guo, a former director of the failed cryptocurrency exchange Blockchain Global. The allegations involve breaches of duties related to Blockchain Global's operation of ACX Exchange, which collapsed in December 2019, affecting customer withdrawals. Following an investigation triggered by a liquidator's report, ASIC claims the company owed A$58 million to creditors. Despite a previous travel ban, Guo left Australia in September 2024.

Crypto firm Gemini to pay over $1 billion back to customers in settlement

The Verge

The Verge · 1y ago

Crypto firm Gemini to pay over $1 billion back to customers in settlement

Cryptocurrency exchange Gemini has agreed to pay $1.1 billion to customers as part of a settlement with New York's Department of Financial Services. The settlement was reached due to compliance and internal audit issues with Gemini's Earn program, which allowed customers to loan their cryptocurrency to Genesis Global Capital. When Genesis defaulted on loans, around 200,000 customers were unable to access $1.1 billion worth of funds. Gemini has committed to returning 100% of the assets back to customers, with 97% expected to be returned within two months and the remainder over the next year.

Crypto exchange Gemini to return $1.1 billion to customers, pay fine in regulatory settlement

Economic Times

Economic Times · 1y ago

Crypto exchange Gemini to return $1.1 billion to customers, pay fine in regulatory settlement

Cryptocurrency exchange Gemini has settled with the New York Department of Financial Services (NYDFS) over its defunct lending program. The exchange will pay a fine of $37 million and return at least $1.1 billion to customers affected by the program's halt during a market crash in November 2022. The resolution brings relief to Gemini's Earn customers who have been unable to access their funds since late 2022. Gemini will contribute $40 million to help conclude the bankruptcy of Genesis Global Capital, the crypto lender it partnered with for the program.

New York recovers $50 million for defrauded Gemini Earn crypto investors

Economic Times

Economic Times · 1y ago

New York recovers $50 million for defrauded Gemini Earn crypto investors

New York Attorney General Letitia James has announced that her office has secured $50 million from cryptocurrency platform Gemini Trust to reimburse investors who were defrauded through its Gemini Earn program. Gemini, founded by Cameron and Tyler Winklevoss, will provide full reimbursements to over 230,000 investors, including 29,000 in New York. The platform marketed the Earn program as a means to grow investments but instead locked investors out of their accounts. Gemini will also be prohibited from operating similar crypto lending programs in the state. The settlement comes after a previous $2 billion settlement with Genesis Global Capital, a unit of Digital Currency Group.

Bankrupt crypto lender Genesis to pay $21 million to settle SEC charges

Economic Times

Economic Times · 1y ago

Bankrupt crypto lender Genesis to pay $21 million to settle SEC charges

Genesis Global Capital LLC has agreed to pay a $21 million civil fine to settle charges by the U.S. Securities and Exchange Commission (SEC) for selling securities illegally through its crypto lending program. The SEC had filed charges against Genesis and Gemini Trust Company LLC in January 2023. Genesis, which declared bankruptcy in January 2023, is part of Digital Currency Group (DCG). The settlement allows the SEC to recover the penalty, but only after other claims are resolved in bankruptcy court, including those from retail investors. The case is one of several enforcement actions taken by the SEC against major firms in the crypto industry.

Genesis gets court approval to sell $1.6 billion in crypto trust shares

Economic Times

Economic Times · 1y ago

Genesis gets court approval to sell $1.6 billion in crypto trust shares

Genesis, the bankrupt crypto lender, has received permission from a U.S. court to sell around $1.6 billion worth of Grayscale cryptocurrency trust shares. This move is part of Genesis' effort to repay its creditors. The court approved the sale of shares in Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust. Genesis aims to monetize its shares to repay customers and avoid monthly fees on its trust agreements. The decision overruled an objection from Digital Currency Group (DCG), Genesis' parent company. The court will further consider approving Genesis' bankruptcy plan on February 26.

Tide intends to up its customer base in India

Economic Times

Economic Times · 1y ago

Tide intends to up its customer base in India

UK-based banking application for businesses, Tide, has plans to increase its customer base in India from 200,000 to half a million. Additionally, it aims to grow its headcount from 800 to 2,000 in the next three years. The company plans to help digitize the financial operations of small businesses in India through its platform. Tide is set to launch various services including credit, bill payments, invoicing, bank transfers, and ATM cash withdrawals for its merchant partners in India.

Crypto app CoinDCX hit by cyberattack, Web3 trading halted - The Economic Times

Economic Times

Economic Times · 20d ago

Crypto app CoinDCX hit by cyberattack, Web3 trading halted - The Economic Times

CoinDCX, a cryptocurrency trading platform, faced a cyberattack early Saturday, prompting the suspension of trading in the Web3 section as a precaution. Co-founders Neeraj Khandelwal and Sumit Gupta confirmed via social media that customer assets remain safe, with ongoing trading activity and INR withdrawals unaffected. An operational account was compromised, resulting in a $44 million loss borne by CoinDCX Treasury. The platform is addressing the breach with cybersecurity experts and aims to recover affected assets.

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