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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.

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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.

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 lender Genesis to return $3 billion to customers in bankruptcy wind-down

Economic Times

Economic Times · 1y ago

Crypto lender Genesis to return $3 billion to customers in bankruptcy wind-down

Crypto lender Genesis Global has gained court approval to return approximately $3 billion in cash and cryptocurrency to its customers through a bankruptcy liquidation process. This decision leaves Digital Currency Group (DCG), Genesis' owner, with no recovery from the bankruptcy. The approval overruled an objection raised by DCG, which argued that the customers and creditors should be paid based on crypto asset values in January 2023. However, the judge ruled that Genesis must first pay other creditors, including financial regulators with $32 billion in claims, before providing any recovery to DCG.

SEC Cracks Down on Another Crypto Lender With $3 Million In Fines

Startup News FYI

Startup News FYI · 1y ago

SEC Cracks Down on Another Crypto Lender With $3 Million In Fines

The U.S. Securities and Exchange Commission has charged TradeStation Crypto, a Florida-based crypto brokerage firm, for failing to register a crypto lending product. TradeStation has agreed to settle the case by paying $3 million in fines ($1.5 million to the SEC and $1.5 million at the state level). The SEC claims that TradeStation offered and sold the crypto lending product as a security without appropriate registration. TradeStation voluntarily stopped offering the product in 2022.

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.

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.

SC orders SpiceJet to clear Credit Suisse dues by 15 March

Livemint

Livemint · 1y ago

SC orders SpiceJet to clear Credit Suisse dues by 15 March

The Supreme Court has ordered SpiceJet to settle all pending payments to Credit Suisse by 15 March. The court directed the airline to pay $1.25 million to Credit Suisse and summoned SpiceJet's chairman and managing director to appear before the court. The court questioned SpiceJet's capacity to finance the acquisition of bankrupt airline Go First while neglecting its overdue payments. Credit Suisse had filed a petition alleging intentional non-compliance with court directives and failure to settle outstanding dues. SpiceJet has recently garnered attention for a joint bid to acquire Go First.

Apple offers to settle EU antitrust charges on Apple Pay, sources say

Economic Times

Economic Times · 1y ago

Apple offers to settle EU antitrust charges on Apple Pay, sources say

Apple has reportedly offered to settle the European Union's antitrust charges related to Apple Pay. The tech giant has proposed certain commitments to address the concerns raised by the EU competition enforcer. The charges against Apple alleged that it practices anti-competitive behavior by limiting access to the NFC (Near Field Communication) technology on its devices for payments made through mobile apps other than Apple Pay. The company could face a fine of up to 10% of its global turnover if found guilty.

US SEC has extended timeline for Musk to respond to settlement offer in Twitter probe, source says

Economic Times

Economic Times · 8m ago

US SEC has extended timeline for Musk to respond to settlement offer in Twitter probe, source says

The US Securities and Exchange Commission (SEC) has extended the deadline for Elon Musk to respond to its settlement offer regarding an inquiry into his $44-billion takeover of Twitter in 2022. Initially given 48 hours to agree to pay a penalty or face charges, Musk requested additional time, prompting the extension to Monday. Neither the SEC nor Musk's lawyer have commented on the matter so far.

FTX Founder Sam Bankman-Fried Has Been Found Guilty of Fraud

Wired · 1y ago

FTX Founder Sam Bankman-Fried Has Been Found Guilty of Fraud

Sam Bankman-Fried, the founder of bankrupt crypto exchange FTX, has been found guilty of fraud by a jury in New York. He was convicted on all seven counts, including overseeing a multi-billion-dollar fraud whereby money from FTX customers was used for high-risk trades, debt repayments, personal loans, and political donations. The US Department of Justice views this conviction as a significant victory and a message to the crypto industry that fraud will not be tolerated. Bankman-Fried awaits sentencing and will face a second trial on additional charges in 2024.

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