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Following accusations from Gemini co-founder Cameron Winklevoss in an open letter to Digital Currency Group CEO Barry Silbert, a report citing “people familiar with the matter” states that federal prosecutors from New York are scrutinizing transfers between Digital Currency Group and its subsidiary, Genesis Global Capital. Report Claims Digital Currency Group,
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Genesis conducted the latest staff cut after the company informed clients about “reducing costs and driving efficiencies” amid challenging times for many crypto firms.With fingers crossed on what the crypto economy is this year, Genesis Global Trading recently dismissed more staff. This came after the company laid off 20% of
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Crypto lending platform Genesis Global Trading has reportedly cut 30% of its workforce in its second round of layouts in six months.According to a Jan. 5 Wall Street Journal report, Genesis reduced its staff by 30% following the platform suffering losses from loans to Alameda Research and Three Arrows Capital.
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“As we continue to navigate unprecedented industry challenges, Genesis has made the difficult decision to reduce our headcount globally,” a Genesis spokesperson said in a statement. “These measures are part of our ongoing efforts to move our business forward. We sincerely appreciate the hard work of our talented and dedicated
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ALSO: Bitcoin rose and most other, major cryptocurrencies spent much of Wednesday in the green. Source
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Derar Islim, interim CEO of crypto market maker and lender Genesis, has sent a letter to clients updating them on the company’s efforts to prop up its finances and resume withdrawals and new lending. The letter, sent on Jan. 4, comes two days after a Twitter exchange between Barry Silbert,
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Derar Islim addressed the institutional crypto brokerage's clients in a letter on Wednesday. Source
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Bitcoin blocks have changed a lot since 2009. They contain thousands of transactions, instead of one. They take 10 minutes to mine. Miners are rewarded with 6.25 BTC, after three “halvings” of the reward, which occur roughly every four years on a predetermined schedule. As of December 2022, there were
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Three Gemini Earn users have accused Genesis Global Capital of breaching a contract and have subsequently filed a demand for class arbitration with the American Arbitration Association. In addition, the three users assert that all transactions “constituted unregistered sales of securities” and therefore must be rescinded. ‘A Sham Transaction’ A demand
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The co-founder of Gemini, Cameron Winklevoss, shared in an update on Twitter that global investment bank Houlihan Lokey had devised a plan on behalf of the creditor committee to resolve the liquidity issues at Genesis and its parent company Digital Currency Group (DCG). According to Winklevoss, resolving the liquidity issues
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