Cointime

Cointime

Download App
iOS & Android
Home / JUST IN

Breaking: Genesis Is Reportedly Planning To File for Bankruptcy Soon

Troubled crypto lending platform – Genesis Global – has started to move towards filing for bankruptcy, according to a report by Bloomberg. The platform could file for bankruptcy as soon as this week. The platform has been on the brink of bankruptcy since November 2022, with the platform trying to raise nearly a billion in funds.

Notably, the report comes days after Digital Currency Group (DCG) – the parent firm of Genesis – suspended quarterly dividends. Moreover, the crypto lending platform has been in a tiff with Gemini – a leading American crypto exchange – since the start of the year. The cause of the friction is the suspension of withdrawals on Genesis, a move made in November as a result of the FTX collapse.

Related Readings:

Gemini Terminates Genesis Loans, Officially Ends Earn Program

Troubled Crypto Lender Genesis Owes Creditors Over $3B

DCG Scrambling To Raise Funds To Cover Genesis’ $3B Debt Burden

SEC Charges Over Gemini, Genesis Earn Program Latest Shot at Crypto Lending

Genesis Owner DCG Suspends Dividend Payouts

DCG
Comments

All Comments

Recommended for you

  • Cointime August 11st News Express

    1.Fed Governor Bowman: Be cautious about rate cuts

  • Cointime August 4 News Express

    1.Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX

  • Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX

    According to the monitoring of on-chain analyst Yu Jin, Jump Trading may be selling ETH: they are currently redeeming a wstETH (120,000 pieces) worth $410 million in batches into ETH and then transferring it to exchanges such as Binance/OKX. So far, they have unpacked and redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH (191.4 million US dollars) have entered the exchange.At present, there are still 37,600 wstETH in their wstETH storage address that have not been transferred out; 11,500 stETH in the redemption ETH address is being redeemed into ETH; and 20,000 ETH in the ETH transfer address to the exchange are waiting to enter the exchange in batches.

  • Trump team files complaint over Harris inheriting $96 million in Biden campaign funds

    According to reports from foreign media, the Trump campaign team has filed a complaint with the Federal Election Commission, claiming that Biden's transfer of $96 million in campaign funds to Harris is illegal. David Warrington, a lawyer for the Trump campaign team, said that this was a "shameless money-grabbing act" and would constitute the largest excessive donation and most serious violation in the history of the Federal Election Law. Shortly after Biden withdrew from the election and appointed Harris as his preferred successor, she took over Biden's campaign committee's bank account. Steve Roberts, a lawyer who represented Republican candidates, said that the argument against the transfer was a "wishful thinking" of his Republican colleagues. The Harris campaign team said that this complaint would not affect its fundraising or spending.

  • Donald Trump Plans to Release Fourth NFT Collection, Embraces Crypto Industry

    Former US President Donald Trump is reportedly planning to release a fourth NFT collection, as he continues to embrace the crypto industry. In a recent interview with Bloomberg Businessweek, Trump stated that his previous NFT collections were "very successful" and sold out in a day. He also revealed that he plans to release another collection, as his supporters are demanding it. Trump's campaign has also started accepting crypto donations, and he has been vocal about the importance of the US not falling behind China in the crypto industry.

  • Crypto Industry Disappointed as Digital Assets Fail to Make an Appearance in First 2024 US Presidential Debate

    Despite hopes from industry participants, the topic of crypto was not discussed during the first general debate of the 2024 U.S. presidential election between Joe Biden and Donald Trump. The debate, hosted by CNN, primarily focused on the economy, with brief mentions of other issues such as abortion, immigration, and foreign policy. While crypto has been a talking point throughout the election cycle, neither candidate made any significant statements about it during the debate. The crypto industry is hoping for a Congress and administration that will pass legislation friendly to digital asset businesses, and is looking to repeat the massive spending on elections from 2022.

  • Cointime May 25 News Express

    1. British media: 61,000 Bitcoins in Qian Zhimin case may belong to British police and Home Office

  • Cointime's Evening Highlights for May 19th

    1.US spot Bitcoin ETFs saw net inflows of $948.3 million this week

  • Reuters: Barry Silbert and Mark Murphy have resigned from Grayscale Investments board

    Reuters reported that DCG founder and CEO Barry Silbert and Mark Murphy have resigned from the board of directors of Grayscale Investments. Shifke will replace Barry Silbert as chairman of Grayscale Investments.

  • Barry Silbert’s Digital Currency Group Names Mark Shifke as CFO

    Digital Currency Group, the battered crypto conglomerate run by Barry Silbert, named financial services veteran Mark Shifke as chief financial officer. Shifke has almost four decades of experience in finance and most recently served as CFO at Billtrust, DCG said in a statement Monday. He also served as CFO at mobile banking and prepaid debit-card provider Green Dot, and worked at JPMorgan Chase & Co. and Goldman Sachs Group Inc. Former CFO Michael Kraines left in April after more than two years.

Daily Must-Read

Popular Activities

Delysium $AGI & AI Private Yacht Party

Delysium $AGI & AI Private Yacht Party

March 27 - March 27
Seoul

Popular Tags

Cointime
News
Contents
RSS
Company