Altcoin News by Thebittimes.Com

Gemini co-founder Cameron Winklevoss has threatened to wage legal war against Digital Currency Group ( DCG ) and its chief Barry Silbert unless he agrees to settle the debt of its subsidiary, Genesis Global Trading, with Gemini Earn’s customers. In an open letter posted on social media on Tuesday, Winklevoss offered a “best and final offer” five-year repayment scheme totaling $1.5 billion — and accused Silbert of committing fraud by knowingly lying to investors. According to Winklevoss, Silbert pretended that DCG subsidiary Genesis absorbed the $1.2 billion in losses after the collapse of Three Arrows Capital (3AC). What’s more, the letter accused Silbert of pretending to “go through the motions of negotiating a deal” to try and “rope a dope creditors and position DCG to litigate the promissory note’s viability in court for many years to come.” Genesis owes creditors up to $3.3 billion, of which $1.2 billion is owed to Gemini Earn users who had their funds dep...

Bankruptcy seemed to be the theme of the crypto-verse this year. A plethora of firms were facing insolvency over the last couple of months. Prominent crypto brokerage firm, Genesis, however, was trying hard to avoid going underwater. As per recent reports, Genesis was figuring out ways to avoid bankruptcy. The creditors of the firm were in discussions with restructuring lawyers in order to steer away from insolvency. The creditors were working with law firms like Proskauer Rose and Kirkland & Ellis. Through this, they intend to seek an emergency loan of $1 billion that would bring respite to the firm. JUST IN: Crypto lender Genesis says they are trying to avoid bankruptcy , following requests for a $1 billion emergency loan. — Watcher.Guru (@WatcherGuru) November 30, 2022 The main motive of these creditors was to prevent the occurrence of a situation similar to that of FTX. Addressing the same, the spokesperson of Genesis stated, “Our goal is to r...

Since the first half of 2022, the cryptocurrency market has experienced liquidity issues, making it difficult for businesses to survive. Numerous well-known companies have closed their businesses and filed for bankruptcy, citing various reasons. FTX , one of the world’s largest cryptocurrency exchanges, was running smoothly, at least to the outside world. SBF’s empire, however, crumbled after the exchange began to encounter liquidity issues. FTX sent ripples across the cryptocurrency realm, with their actions affecting several firms. One of the recent firms to halt withdrawals, citing the collapse of FTX, is the cryptocurrency lending arm of Genesis. JUST IN: Genesis' $2.8 billion #crypto lending unit halts withdrawals, citing FTX collapse. — Watcher.Guru (@WatcherGuru) November 16, 2022 Genesis suspends withdrawals and new loan originations Genesis cited abnormal withdrawal requests due to the aftermath of the fall of Sam Bankman-Fried’s ...