Bankrupt crypto lender Genesis Global has consented to a $21 million civil penalty tied to the now-defunct Gemini Earn lending initiative, according to a March 19 statement from the US SEC. Under the settlement terms, the SEC will not be paid the penalty until Genesis satisfies all bankruptcy claims, including those from Gemini Earn investors. […]
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London-based Attestor has filed a lawsuit against FTX claims seller Lemma after making a 200% profit on the purchased FTX claims stash.
A Google document attached to the U.S. government sentencing memorandum reveals “random probably bad ideas” that Sam Bankman-Fried had to repair his public image.
Coinbase’s offering will better position the firm to pay off three existing debts due in 2026, 2028 and 2031.
The New Zealand exchange went offline in 2019 following a cyber attack that saw millions of dollars worth of tokens stolen.
Barry Silbert, CEO of Digital Currency Group once pitched creating a combined company with Gemini that could compete with the likes of Coinbase and FTX.
The FTX collapse and initial efforts to recover funds are described in new letters attached to Sam Bankman-Fried’s sentencing submission.
FTX Europe will be sold back to its founders for $32.7 million, roughly three years after being acquired by Sam Bankman-Fried for $323 million.
Digital Currency Group (DCG) is objecting to the settlement between the New York attorney general and Genesis – the failed crypto lender that was among DCG's array of digital assets businesses.
Filings suggested that Genesis Global Holdco held roughly $1.6 billion worth of shares of Grayscale Bitcoin Trust, Grayscale Ethereum Trust and Grayscale Ethereum Classic Trust.
The bankrupt exchange's unit, Digital Custody Inc., which FTX bought for $10 million, sold for just $500k to CoinList.
According to DCG, Genesis’ proposed bankruptcy plan pays creditors “hundreds of millions of dollars more” than the amount of the petition.
Nearly $1.4 billion of Genesis’ assets were held in Grayscale Bitcoin Trust (GBTC), which has since converted to a spot exchange-traded fund (ETF).
Former Securities Exchange Commission (SEC) official John Reed Stark described the FTX reorganization plan as a “highway robbery of highway robbers.”
FTX submitted a motion to sell its entire stake in AI startup Anthropic, worth about $1.4 billion.
The distribution will be made through PayPal and Coinbase.
Core Scientific shares plunged 30% on its Nasdaq relisting, following a 13-month restructuring process.
According to the Third Circuit, an independent investigation by an examiner will let the court “consider the greater public interest” in ruling on FTX’s reorganization plan.
The embattled crypto lender has filed an intent to claw back funds from those who withdrew $100,000 or more in the three months before it declared bankruptcy.
Grayscale investment products are no substitute for BTC, Genesis creditors say, and there’s still the matter of late fees.
Fintech firm Dave will purchase a convertible promissory note worth $100 million at a discounted rate, paying $71 million to FTX liquidators. Court approval is pending for the deal.
The crypto lender has 206,300 Ether (ETH) currently in the staking withdrawal queue, according to Nansen.
Many online objected to the proposed pricing, based on the U.S. dollar value of cryptocurrencies when FTX filed for bankruptcy in November 2022.
Payments through bank accounts are still awaited.
FTX US acquired Embed for $220 million in June 2022, with the crypto exchange issuing two simple agreements for future equity to Sam Bankman-Fried.
Reports suggested that some FTX creditors were able to get up to 73 cents on the dollar for selling their claims ahead of any bankruptcy court proceedings.
The proposed settlement is still subject to approval by the U.S. Bankruptcy Court for the District of Delaware and the Supreme Court of the Bahamas.
FTX’s SOL holdings are worth over $4.2 billion in today’s money, up from $1.16 billion from earlier this year.
A federal judge took steps to end a protracted dispute between FTX and its largest creditor at a bankruptcy hearing, signaling the court could try to speed up efforts to recover FTX customer's funds from the failed crypto firm's estate.
Crypto lender Genesis Global Capital has sued cryptocurrency exchange Gemini Trust, its former business partner, to recover more than $689 million.