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Genesis Global Trading (GGT) will close down its cryptocurrency spot trading service on Sept. 18, according to press reports. GGT is affiliated with the Digital Currency Group (DCG), but it was not affected when the parent company’s crypto lender, Genesis Global Capital, declared bankruptcy in January. The GGT trading shutdown is
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GGT was one of a handful of Genesis-linked companies that escaped the conglomerate’s crypto lending-induced bankruptcy earlier this year. Another trading-focused wing, GGC International Limited, will continue to run its spot and derivative trading services, the email said. Original Source
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The accusations of vote-buying and manipulation have added complexity and uncertainty to the Genesis bankruptcy case. Bankrupt crypto lender Genesis Global Capital (GGC) is facing new charges from creditors that the proposed $175 million transaction with the insolvent FTX exchange is an attempt to manipulate the bankruptcy process through vote buying. These
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“[Genesis], by entering into the Proposed Settlement, have sought to buy the support of the FTX Debtors, and their votes,” said a Thursday filing by a set of creditors which calls itself the Fair Deal Group. “This is, of course, a perversion of the Chapter 11 process.” Source
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"Debtors have repeatedly promised that a plan that resolves claims against DCG is right around the corner, as they seek extension after extension of mediation periods, hearing dates, and bid deadline," the Gemini filing said. The harm to Gemini is worsened by the fact, it said, that DCG has "not
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The lenders of the bankrupt cryptocurrency lender Genesis are not satisfied with the latest in-principle settlement agreement with other parties including the Digital Currency Group (DCG).The Ad Hoc Group of Genesis Global Capital (GGC) lenders — represented by lawyers Brian Rosen and Jordan Sazant — on Aug. 29 responded to
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied DCG and its subsidiary, Genesis, reached a pivotal legal agreement that may reimburse creditors up to 90% and stabilize the volatile cryptocurrency market. In a pivotal development, Digital Currency Group (DCG) and its subsidiary, Genesis, have reached
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Digital Currency Group (DCG), a major venture capital firm in the cryptocurrency industry, has reached an agreement in principle with creditors of its crypto lending subsidiary, Genesis.According to a court filing published on Aug. 29, the estimated United States dollar equivalent recoveries could amount to 70%–90% for unsecured creditors, should
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To satisfy DCG's existing liabilities of approximately $630 million in unsecured loans due in May 2023 and $1.1 billion under an unsecured promissory note due in 2032, a new partial repayment agreement was agreed upon with two tranches – approximately $328.8 million with a two-year maturity and $830 million
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Alameda Research, the trading wing of the defunct exchange, FTX, has settled a claim for $175 million with the bankrupt crypto firm, Genesis, according to recent court filings. Based on legal filings unveiled on Aug. 17, Alameda
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