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“In terms of leverage, we don’t want this to turn into a full blown leverage casino. So for Bitcoin, the max leverage we are offering is 20x, and then for ETH and BNB, just 10x,” said Moro. “But of course, if we only traded bitcoin, ETH and BNB, then, frankly,
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The updated reorganization plan “reflects substantial agreement on certain key issues,” the filing said, but added that Genesis, its creditors and other stakeholders reserve their position in negotiations that are still ongoing. In April, for a 30-day period that was subsequently extended, the court appointed a mediator to resolve differences,
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On Jan. 20, the three affiliated companies Genesis Global Holdco LLC, Genesis Asia Pacific Pte. Ltd and Genesis Global Capital LLC filed for bankruptcy. At the time, DCG said it owed Genesis Capital $526 million, due in May 2023, plus $1.1 billion under a promissory note due in June 2032. Source
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Just a month after bankrupt cryptocurrency exchange FTX was seeking $4 billion from the also bankrupt crypto lender Genesis, it is now contesting a claim that it is entitled to nothing.According to a June 2 court filing in a New York Bankruptcy Court, FTX has raised an objection to Genesis’
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The outcome of the SEC’s lawsuit against Gemini and Genesis is expected to have significant implications for the crypto industry and its evolving regulatory landscape. Gemini crypto exchange, and Genesis, an insolvent crypto lender, have jointly filed a motion in US federal court, seeking the dismissal of the complaint filed by
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"As alleged in the complaint, Genesis then exercised its discretion in how to use investors’ crypto assets to generate revenue and pay interest to Gemini Earn investors," the SEC said in its complaint. Genesis, like CryptoX, is owned by the Digital Currency Group (DCG). Source
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Gemini seeks to exact its owed payment sum from Genesis parent DCG and is working with several creditors on a forbearance plan. Gemini Trust Company LLC recently said that Genesis parent DCG missed a $630 million loan payment last week. This development is the latest occurrence in the ongoing dispute between
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Gemini says it is working with Genesis, DCG, and creditors to provide forbearance to DCG in order to avoid a default. Original Source
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Digital Currency Group (DCG), the parent company of crypto firm Genesis Capital, has reported no solution to its “outstanding intercompany obligations” that could help reimburse creditors.In a May 9 announcement, DCG said it was in the middle of a 30-day mediation period with Genesis in response to creditor demands. The firm
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The crypto conglomerate may owe its bankrupt lending division hundreds of millions in loan payments. Source
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