Cryptocurrency Analysis and News Portal
State securities regulators are reportedly investigating Genesis Global Capital in a broad range probe into the “interconnectedness of crypto firms,” Barron’s reported on Friday. The report notes that the Alabama Securities Commission is looking into whether or not cryptocurrency firms have violated securities laws without filing the proper registrations. Report Says
Read More
Cryptocurrency lending firm Genesis Global Capital and other crypto firms are under investigation by securities regulators in the United States, according to reports on Nov. 25. Joseph Borg, Alabama Securities Commission Director, confirmed that its state and several other states are participating in inquiries regarding Genesis' alleged ties to retail investors,
Read More
The report said that Alabama Securities Commission Director Joseph Borg indicated that his agency and several other states are involved in the investigations, which focus on whether Genesis and other companies persuaded residents of their states to invest in crypto securities without having the proper registrations. Borg did not name
Read More
Just days after reassuring concerned customers, Marius Reitz, the general manager of crypto exchange Luno Africa, recently reiterated the company has not been impacted by Genesis Capital’s decision to pause withdrawals. He added Luno customers still have access to funds in the savings wallet despite its lending partner’s decision to
Read More
"We've begun discussions with potential investors and our largest creditors and borrowers, including Gemini and DCG," Genesis' interim CEO Derar Islim said in a memo sent to customers. "We expect to expand these conversations in the coming days," noting that Moelis was hired to fast track these talks. Source
Read More
Cryptocurrency lending firm Genesis Global Capital has reportedly hired a restructuring adviser to explore all possible options that include, but aren’t limited to, a potential bankruptcy. It is understood that the firm has hired investment bank Moelis & Company to explore options, while people familiar with the situation have stressed that
Read More
"In recent days, there has been chatter about intercompany loans between Genesis Global Capital and DCG," Silbert wrote. "For those unaware, in the ordinary course of business, DCG has borrowed money from Genesis Global Capital in the same vein as hundreds of crypto investment firms. These loans were always structured
Read More
"We have no plans to file bankruptcy imminently," a Genesis representative told Bloomberg. "Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors." Original Source
Read More
The market is concerned that Grayscale could be “considered for strategic options in case of catastrophe,” the note said. But DCG, even in the most adverse scenario, would prefer to hold onto Grayscale over Genesis, it said. Greyscale is DCG’s “flagship business and its cash cow,” generating around $300 million
Read More
The Hong Kong-based company was once Asia’s largest Bitcoin ATM player. Source
Read More