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New York district judge orders crypto lender Genesis to produce documents related to the collapse of algorithmic stablecoin TerraUSD. Genesis, a renowned crypto lending firm, has been commanded by a New York district judge to adhere to a subpoena. This decision was taken after the firm allegedly did not provide certain
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A United States judge has approved an order requiring Genesis Global entities to produce certain documents in accordance with a subpoena requested by Terraform Labs.In an Oct. 13 filing in U.S. District Court the Southern District of New York, Judge Jed Rakoff said Genesis would have 5 days — likely
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Rakoff is also grappling with how to extract information from Kwon in connection with the case. Kwon’s lawyers have argued he can’t come to the U.S. as he is serving a jail sentence in Montenegro for possession of a fake passport, but “the laws of physics do not make it
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Following the court’s decision, Genesis debtors have gained authorization to execute the settlement agreement, which entails the payment of $175 million to FTX. At the same time, the New York Bankruptcy Judge Sean Lane has also removed several claims made by FTX debtors against Genesis. Claim withdrawals As per the filed documents, the court
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A New York bankruptcy judge has approved a settlement between bankrupt cryptocurrency firms FTX and Genesis Global Trading (GGC), allowing FTX-affiliated Alameda Research to get $175 million from GGC.The United States Bankruptcy Court for the Southern District of New York gave the green light to the settlement agreement between FTX
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Gemini said that the recent report from New York Post is quite misleading and “pure fantasy”. The exchange added that all the funds belonged to its Earn users. In August of the previous year, cryptocurrency exchange Gemini transferred $282 million from its Earn users’ funds to its liquidity reserve, as stated
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Gemini Trust Co., a crypto exchange, reportedly withdrew $282 million from Genesis Global Holdco LLC months before Genesis filed for bankruptcy. Genesis and Gemini used to work together on the Earn program. Under this initiative, Gemini allowed users to lend crypto via Genesis and earn returns. This partnership appeared mutually beneficial
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Lawyers representing Gemini Trust have pushed back against a plan proposed by Digital Currency Group (DCG) for creditors of Genesis Global.In a Sept. 15 filing in the United States Bankruptcy Court for the Southern District of New York, the legal team accused DCG of gaslighting Genesis creditors through “contrived, misleading,
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Earlier this week, Genesis and its parent company, Digital Currency Group, said more than 230,000 retail creditors who used Gemini’s Earn program stand to be made “nearly whole” under a proposed remuneration deal to be voted on later this year. Earn was offered to customers of the Gemini crypto exchange,
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