According to a recent report from the Financial Times (FT), Genesis Global Capital allegedly owes $900 million to Gemini customers. The exchange operated by Cameron and Tyler Winklevoss is attempting to recover the funds from Genesis, according to FT’s sources.
FT reports that the centralized crypto asset exchange created by the Winklevoss brothers is owed $900 million and reportedly Genesis Global Capital is the debtor. People familiar with the matter told FT that Gemini was in the process of trying to recover the funds from Genesis and the company’s parent firm Digital Currency Group (DCG).
The report further alleges that Genesis is still attempting to solicit funds from investors to ease financial burdens. While reports noted that Genesis was trying to get $1 billion in funding, FT details that it’s been cut down to roughly $500 million. The news follows the report published by Barron’s author Joe Light that noted Genesis is reportedly being probed by state securities regulators.
Furthermore, on Nov. 22, 2022, the New York Times (NYT) reported that Genesis Global Capital hired a restructuring adviser. NYT detailed that Moelis & Company was hired by Genesis to “explore options including a potential bankruptcy,” according to three people familiar with the matter. FT’s report about the issues between Genesis and Gemini indicates that FT’s sources say Gemini is in the midst of creating a creditors’ committee.
Last month, Gemini revealed that customers using the platform’s Earn program could not withdraw funds. “We are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible,” Gemini said on Nov. 16, 2022. Gemini insisted that customer funds on Gemini could be redeemed at a 1:1 rate at any time and the exchange’s other products and services were normal.
Gemini’s message was published the same day Genesis Global Capital detailed that it was pausing withdrawals and new loan originations. DCG founder Barry Silbert detailed in a letter to shareholders on Nov. 22 that it was important to note the lending arm of Genesis has had “no impact on Genesis’ spot and derivatives trading or custody businesses, which continue to operate as usual.” Silbert also reassured shareholders that his firm will “continue to be a leading builder of the industry.”
What do you think about Genesis reportedly owing Gemini $900 million in funds? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
According to a recent report from the Financial Times (FT), Genesis Global Capital allegedly owes $900 million to Gemini customers. The exchange operated by Cameron and Tyler Winklevoss is attempting to recover the funds from Genesis, according to FT’s sources.
FT reports that the centralized crypto asset exchange created by the Winklevoss brothers is owed $900 million and reportedly Genesis Global Capital is the debtor. People familiar with the matter told FT that Gemini was in the process of trying to recover the funds from Genesis and the company’s parent firm Digital Currency Group (DCG).
The report further alleges that Genesis is still attempting to solicit funds from investors to ease financial burdens. While reports noted that Genesis was trying to get $1 billion in funding, FT details that it’s been cut down to roughly $500 million. The news follows the report published by Barron’s author Joe Light that noted Genesis is reportedly being probed by state securities regulators.
Furthermore, on Nov. 22, 2022, the New York Times (NYT) reported that Genesis Global Capital hired a restructuring adviser. NYT detailed that Moelis & Company was hired by Genesis to “explore options including a potential bankruptcy,” according to three people familiar with the matter. FT’s report about the issues between Genesis and Gemini indicates that FT’s sources say Gemini is in the midst of creating a creditors’ committee.
Last month, Gemini revealed that customers using the platform’s Earn program could not withdraw funds. “We are working with the Genesis team to help customers redeem their funds from the Earn program as quickly as possible,” Gemini said on Nov. 16, 2022. Gemini insisted that customer funds on Gemini could be redeemed at a 1:1 rate at any time and the exchange’s other products and services were normal.
Gemini’s message was published the same day Genesis Global Capital detailed that it was pausing withdrawals and new loan originations. DCG founder Barry Silbert detailed in a letter to shareholders on Nov. 22 that it was important to note the lending arm of Genesis has had “no impact on Genesis’ spot and derivatives trading or custody businesses, which continue to operate as usual.” Silbert also reassured shareholders that his firm will “continue to be a leading builder of the industry.”
What do you think about Genesis reportedly owing Gemini $900 million in funds? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Quant was one of the biggest gainers to start the weekend, as price remained close to a multi-week high. This comes as cryptocurrency markets were marginally higher, following Friday’s volatile session. Monero was also higher on Saturday, as the token extended its recent gains for a fifth consecutive day.
Quant (QNT) was trading near a multi-week high on Saturday, as prices rallied above a notable resistance point.
QNT/USD rose to an intraday high of $131.95 to start the weekend, less than a day after it fell to a bottom of $121.95.
This surge in price pushed quant towards its highest point since Nov. 9, when price was trading at $150.60.
Looking at the chart, today’s rally came as the token moved beyond a resistance at the $125.00 mark.
In addition to this, the 14-day relative strength index (RSI) is tracking at its strongest point since October 26, with a reading of 54.85.
Although this is below a resistance of 55.00, many expect QNT to move beyond this over the weekend, with price moving towards $140.00.
Monero (XMR) was another notable gainer on Saturday, as prices edged closer to a key ceiling.
Following a low of $143.30 in yesterday’s session, XMR/USD moved to a peak of $148.19 earlier today.
This saw monero hover close to a resistance point of $150.00, as bulls attempt to recapture a recent three-and-a-half-week high.
As can be seen from the chart, XMR hit a three-week high on Thursday, when price traded at a top of $159.45.
Overall, the token has now been in the green for five straight days, and is up nearly 7% in the last week.
The RSI is currently tracking at 61.92, which is below a key ceiling of 65.00, which seems to be where bulls intend to land, and capture the $150.00 point in the process.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect monero to hit $150.00 in the upcoming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments
The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.
Quant was one of the biggest gainers to start the weekend, as price remained close to a multi-week high. This comes as cryptocurrency markets were marginally higher, following Friday’s volatile session. Monero was also higher on Saturday, as the token extended its recent gains for a fifth consecutive day.
Quant (QNT) was trading near a multi-week high on Saturday, as prices rallied above a notable resistance point.
QNT/USD rose to an intraday high of $131.95 to start the weekend, less than a day after it fell to a bottom of $121.95.
This surge in price pushed quant towards its highest point since Nov. 9, when price was trading at $150.60.
Looking at the chart, today’s rally came as the token moved beyond a resistance at the $125.00 mark.
In addition to this, the 14-day relative strength index (RSI) is tracking at its strongest point since October 26, with a reading of 54.85.
Although this is below a resistance of 55.00, many expect QNT to move beyond this over the weekend, with price moving towards $140.00.
Monero (XMR) was another notable gainer on Saturday, as prices edged closer to a key ceiling.
Following a low of $143.30 in yesterday’s session, XMR/USD moved to a peak of $148.19 earlier today.
This saw monero hover close to a resistance point of $150.00, as bulls attempt to recapture a recent three-and-a-half-week high.
As can be seen from the chart, XMR hit a three-week high on Thursday, when price traded at a top of $159.45.
Overall, the token has now been in the green for five straight days, and is up nearly 7% in the last week.
The RSI is currently tracking at 61.92, which is below a key ceiling of 65.00, which seems to be where bulls intend to land, and capture the $150.00 point in the process.
Register your email here to get weekly price analysis updates sent to your inbox:
Do you expect monero to hit $150.00 in the upcoming days? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments
The National Securities Commission (CNV), which is the Argentinian securities watchdog, recently launched an innovation hub with the goal of advancing conversations about cryptocurrency and fintech investments. This organization will serve as a link between private entities and the institution, ... read more.
PRESS RELEASE. INTERNET CITY, DUBAI, Dec 2nd, 2022 – LBank, a global crypto exchange, hosted an ‘LBank & Crypto Friends’ afterparty alongside the Web3 conference DCENTRAL Miami. LBank was proud to host more than 200 guests from all layers of the industry. This was LBank’s second event in Miami after exhibiting at the Bitcoin 2022 conference earlier this year.
‘LBank & Crypto Friends’, hosted on November 28th, served as a buffer between conference days, giving many attendees a chance to unwind after an intense day. A diverse crowd stopped over for the laid-back event, including Web3 entrepreneurs, investors, crypto enthusiasts, and more. “I met a lot of interesting people here. It was good to meet with LBank’s team in person and discuss our partnerships and potential collaborations,” a guest at the afterparty said.
DCENTRAL Miami, the most significant Web3 conference in the industry, hosted a large group of attendees this year and many industry-leading speakers. LBank was thrilled to be a part of this exciting event, celebrating crypto with some of the most talented minds in the industry. This year’s DCENTRAL Miami focuses on creating an “inclusive space for the entire Web3 and NFT community to foster a shared learning environment.” LBank regards innovation, integration, and professionalism as the company’s three fundamental values and goals. “We are glad to have found more people who are aligned with our values and hope that together we can shape crypto into a more harmonious, inclusive space,” a representative from LBank stated.
Education has been a major focal point for LBank, especially in developing markets such as the MENA region and the Asia Pacific. DCENTRAL has announced Vietnam for its next event location, the first time the conference will be hosted in Asia. “We hope that more crypto events in regions such as Southeast Asia will help with a broader adoption of crypto and more awareness of the powers of blockchain technology,” an LBank representative told us.
About LBank
LBank, founded in 2015, is an innovative global trading platform for various crypto assets. The exchange provides its users with safe crypto trading, specialized financial derivatives, and professional asset management services. It has become one of the most popular and trusted crypto trading platforms, with over 7 million users from more than 210 regions around the world.
DISCLAIMER: LBank has not established an official presence in the United States.
Start Trading Now: lbank.info
Community & Social Media:
Telegram l Twitter l Facebook l Linkedin
Press contact:
press@lbank.info
Contact Details:
LBK Blockchain Co. Limited
LBank Exchange
media@lbank.info
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News