Crypto exchange Gemini Trust Co. filed a complaint against now bankrupt crypto lender Genesis Global Holdco LLC over which firm should have nearly $1.6 billion worth of shares of the Grayscale Bitcoin Trust.
Lawyers for Gemini asked a New York bankruptcy court on Friday to decide that it should have access to the over 62 million GBTC shares. Gemini told the court that Genesis promised to deliver those shares to secure loans made by Gemini users as part of its Gemini Earn Program.
"Today, the Collateral is worth nearly $1.6 billion, an amount that would completely secure and satisfy the claims of every single Earn User," Gemini said in its complaint.
Gemini has been battling Genesis and its parent company Digital Currency Group for months over an agreement the firms had as part of the Gemini Earn Program. That program allowed users to lend digital assets to Genesis Global as part of a tri-party contract and was terminated early this year.
"Amidst the broad market turmoil in the summer of 2022, Gemini worked tirelessly to evaluate Genesis’s financial condition in order to manage risk related to the Gemini Earn Program," Gemini said in its complaint.
Gemini also accused Genesis of taking repeated actions to harm Earn Users and to delay recovery of users' digital assets, according to the complaint.
Genesis' lending unit filed for bankruptcy protection at the beginning of the year. Since then, Gemini co-founders Tyler and Cameron Winklevoss have accused Genesis and DCG CEO Barry Silbert of misleading investors.
Both firms have also caught regulators' ire. The Securities and Exchange Commission sued Gemini and Genesis with an unregistered securities offering over the Gemini Earn program in January. Last week, New York Attorney General Letitia James filed a complaint against all three: Genesis, Gemini and DCG.
DCG did not immediately respond to a request for comment.
source:theblock
Polkadot was launched in May 2020. In a market dominated by Bitcoin and Ethereum, it quickly established itself as the next generation blockchain. The scale and interoperability problems limit Bitcoin's ability to transfer value without the assistance of
For some newcomers to the currency circle, they are not familiar with the investment in the currency circle, and their understanding of the special currency is not very deep. Therefore, they may be at a loss in the choice of investment methods. Many inves
Lummis is a well-known crypto advocate on Capitol Hill with over $100,000 in crypto.
Several analysts argue that shrimp accumulation is good for the Bitcoin network because it makes the asset more decentralized over time.
ARK Invest filed for a spot Bitcoin ETF in collaboration with 21Shares long before BlackRock did, and its application is reportedly first in line for the SEC’s approval.
Interestingly, the price surge was on the back of increased activity from whales, as indicated by on-chain data. The increased activity led to an increased"/>
Recent market dynamics have seen Solana struggling to break above the $200 mark. A notable bearish factor among these market fundamentals is the recent"/>
DOGE, the internet's favorite memecoin, is back in the spotlight. Recent data reveals a surge in futures market activity, coupled with bullish technical"/>
The recent stratospheric rise of Bitcoin, reaching a new all-time high of $73,000, has sent ripples of excitement and trepidation through the crypto world."/>
Co-founder of Tornado Cash Roman Storm has filed a motion to dismiss the charges levied against him by the US Department of Justice (DOJ)."/>
On Thursday, March 28, a hack occurred on Prisma Finance, a decentralized lending protocol on the Ethereum network. The exploiter carted away about 3,257.7"/>
Once fully licensed in Dubai, Bybit plans to run a full-scope exchange, offering crypto lending, payments, investment and other services.
Tue, 18 Apr 2023