Crypto Morning Briefing: SEC To Sue Paxos,Hong Kong Hires Banks for Inaugural Tokenized
The U.S. Securities and Exchange Commission (SEC) intends to sue stablecoin issuer Paxos, which is behind the Pax Dollar (USDP) and Binance USD (BUSD) tokens, over the latter stablecoin, the Wall Street Journal reported Sunday.
Digital Currency Group Plans Restructuring To Pay Creditors of Bankrupt Genesis Unit
Digital Currency Group (DCG), the parent firm of failed crypto broker Genesis Global Capital, plans to transfer equity in another unit, Genesis Global Trading, to Genesis Global Holdco and eventually sell both companies to raise capital to pay back creditors, according to court filings on Friday. Genesis Global Capital and Genesis Global Holdco both filed for Chapter 11 bankruptcy protection from creditors last month.
Genesis Unveils Proposed Sale Plan With DCG, Bankruptcy Creditors
Genesis Global Holdco, which filed for bankruptcy last month, unveiled the final details of a proposed plan to sell itself off alongside Genesis Global Trading to help parent Digital Currency Group pay off some of the firm's creditors.
DCG Is Selling Holdings in Grayscale: Financial Times
Digital Currency Group (DCG) has started selling holdings in several investment vehicles run by its subsidiary and digital assets manager Grayscale at a steep discount, according to a Financial Times report citing U.S. securities filings.
Bankrupt Lender Genesis and Parent DCG Reach Initial Agreement With Main Creditors: Source
Digital Currency Group (DCG) and its bankrupt Genesis subsidiaries reached an in principle agreement on terms of a restructuring plan with a group of the firm’s main creditors, according to a person familiar with the situation.
DCG-Owned Crypto Exchange Luno Axes 35% of Staff, Citing Market Turbulence
Cryptocurrency exchange Luno is the latest company in the industry to make layoffs, setting out to cut 35% of its global workforce.
Genesis Eyes Fast Resolution to Creditor Disputes and Bankruptcy Exit in May
A lawyer for bankrupt crypto lending firm Genesis is optimistic the firm can resolve its creditor disputes as early as this week and the company could come out of Chapter 11 proceedings by late May.
Genesis Claims $5.1B in Liabilities in First Day Bankruptcy Filing
Bankrupt crypto lending firm Genesis held $5.1 billion in liabilities in the weeks following its freeze on withdrawals last November, according to court documents signed by interim CEO Derar Islim.
Genesis Global’s Top 50 Creditors Are Owed Over $3.6 Billion
A number of Genesis Global’s creditors’ names have been redacted, with the amounts owed ranging from $20 million to $462.2 million.
Genesis Parent Company DCG Denied Involvement in Genesis’ Bankruptcy Filing
According to DCG, a special committee of independent directors recommended and decided to file for Chapter 11 bankruptcy protection.
