The first broker-dealer start-up has been announced recently.
The Genesis Litigation Oversight Committee filed two lawsuits against the parent company of Genesis Global Capital, hoping for a recovery.
The Genesis creditor with the wallet address 0x999…46E has received the largest compensations from the repayment process and has been offloading ETH over the past month.
While Litecoin (LTC) and Polkadot (DOT) face an uphill battle, DTX is positioning itself to survive and thrive in the volatile crypto space.
These transfers come in the wake of a significant settlement Genesis reached with New York State.
As part of the deal, Binance agreed to fully compensate Gopax users for losses from its crypto custody service, GOFi, which stored funds with Genesis before it collapsed in November 2022.
With the approved plan to distribute $3 billion to customers, Gemini is poised to commence fund distributions to those affected by the Genesis liquidity crisis in 2022 through its Earn program.
The settlement with Genesis signifies the SEC’s commitment to overseeing crypto lending platforms and safeguarding investor interests.
Genesis now has legal approval to sell $1.6 billion in Grayscale shares, including GBTC and ETHE, even though DCG disagrees.
The motion to liquidate Genesis assets at Grayscale Investment has been supported by Gemini that is seeking to repay the affected Earn Program customers.
Genesis claims that, as market volatility increased, Gemini made significant withdrawal demands that harmed other creditors.
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.
The bankrupt crypto lender Genesis announced that it would cease all of its crypto operations for spot and derivatives trading, for institutional players as well.
In addition to the partial repayment agreement, DCG has also committed to paying an additional $275 million, disbursed in four installments after the date of the initial partial repayment.
The Digital Currency Group has hinted that they could be making creditor payments for Genesis Global soon and plan to resolve all the claims.
The timing of the IRS’s ruling coincides with increased scrutiny from federal regulators towards crypto-staking services offered by exchanges.