Winklevoss twins announced that Gemini had "reached an agreement in principle" with Genesis Global Capital, DCG, "and other creditors on a plan that provides a path for Earn to recover their assets."
In legally ambiguous and vague language, Gemini repeatedly told its customers that funds were FDIC-insured, giving them false hope that their money was safe.
Barry Silbert was bullish on bitcoin in 2014; however, in 2017-2022, he turned to a multi-chain and speculation/trading-based investment strat, leading to one of the major bankruptcies of this bear market.
It's estimated that the firm will cut 330 jobs, mostly in its marketing department, giving some insight into how industry insiders view the growth prospects of exchanges in the near-term future.
GGC International Ltd filed a summons with the New York State Supreme Court, giving Roger Ver 20 days to answer the complaint filed against him for failing to honor his financial obligations.
The U.S. securities regulator has formally charged Genesis Global Capital LLC and Gemini Trust Company LLC for the unregistered offer and sale of securities in connection with the Gemini Earn digital asset lending program.
Cameron Winklevoss says some 340,000 Gemini Earn users have been “defrauded” by DCG subsidiary Genesis Global Capital and, by extension, by Silbert “and other key personnel.”
A Wall Street Journal report suggests the layoffs could be as high as 60 individuals, with insiders with knowledge of the matter noting the terminations cut across several departments.
The DoJ and the SEC are probing DCG’s transactions with Genesis, while prosecutors in New York are seeking documents as well as interviews with staff.
Marquez Comelab gives an in-depth discussion on how two clashing groups led to the split of Bitcoin and the importance of building a stable protocol in achieving scalability.
Recently, users saw a precipitous drop in the value of multiple alt-coins, including many associated with companies in which DCG had invested.
Digital Currency Group boss Barry Silbert has issued a note to shareholders, noting the “difficult industry conditions” plaguing the digital asset sector.
