Cryptocurrency lender Genesis Global Capital is planning to file for bankruptcy as soon as this week, Bloomberg News reported on Wednesday, citing people with knowledge of the situation.
on Nov. 16 following the downfall of major cryptocurrency exchange FTX.
The collapse of FTX in November has claimed several victims including crypto lender BlockFi and Core Scientific Inc , one of the biggest publicly traded crypto mining companies in the United States, both of which filed for bankruptcy protection in the following months. Genesis, its parent Digital Currency Group and creditors have exchanged several proposals, but have so far failed to come to an agreement, the BloombergGenesis did not immediately respond to a Reuters request for comment.
Genesis is also locked in a dispute with Gemini, founded by the identical twin crypto pioneers Cameron and Tyler Winklevoss. Gemini offered a crypto lending product called Earn in partnership with Genesis, and now says Genesis owes it $900 million in connection with that product.Genesis and Gemini with illegally selling securities to hundreds of thousands of investors through their crypto lending program.Our Standards:
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
SEC charges over Gemini, Genesis Earn program latest shot at crypto lendingThe SEC's enforcement action against Gemini and Genesis over the Gemini lending program is another warning shot to others in the space that are offering yield-bearing products.
Consulte Mais informação »
Crypto Conglomerate DCG Suspends Dividends Amid Distress at Genesis Unit'In response to the current market environment, DCG has been focused on strengthening our balance sheet by reducing operating expenses and preserving liquidity,' it told shareholders in a letter Tuesday.
Consulte Mais informação »
Crypto Brokerage Genesis Global Capital May Be Nearing Bankruptcy Filing: ReportsThe collapse of FTX in late 2022 may have been the final straw for Genesis, which earlier that year reportedly suffered losses of several hundred million dollars due to its exposure to failed crypto hedge fund Three Arrows Capital.
Consulte Mais informação »
World Economic Forum 2023 Begins in DavosBusiness elites and government officials met in Davos, Switzerland for the start of the 2023 World Economic Forum on Monday. See potential bias and similarities in coverage from business, Reuters and FoxNews: WEF2023 Davos
Consulte Mais informação »
Fidelity-Backed Exchange OSL Cuts Workers Amid Ongoing Crypto Winter: BloombergHong Kong-based crypto exchange OSL is cutting staff and reducing overall costs by about a third in yet another example of a major crypto firm retrenching, according to Bloomberg. By NelWang
Consulte Mais informação »