DCG
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Also, former legal head at Digital Currency Group joins law firm to expand blockchain capabilities
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The distributions mark a 232% recovery from when withdrawals were halted in November 2022
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Elsewhere, Anchorage and DCG fill out the C-suite and Polygon reportedly cuts its COO
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DCG and Silbert said the suit was an attempt to find a “headline-worthy scapegoat”
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Gemini “failed to prevent harm suffered by Earn program customers,” according to a NYDFS statement
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The hearings are expected to last for a couple of days as the court hears arguments for and against the bankruptcy plan proposed by Genesis
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The parent company of bankrupt lender Genesis filed an objection to its settlement agreement with the NYAG on Wednesday
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James’ office initially sued Gemini, DCG, CEO Barry Silbert and subsidiary Genesis in October
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DCG says the plan “strips” the company of “other valuable economic and corporate governance rights”
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KuCoin CEO Johnny Lyu said the settlement shows the exchange’s “commitment to compliant operations”
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The “root lesson to be learned,” Ahluwalia says, is “not to borrow from Genesis to go levered long on your own product”
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A US trustee says the disclosure fails to include information about creditor distributions
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In its third quarter shareholder letter, DCG gave updates on Grayscale, the NYAG suit and the Genesis creditor plan
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Unsecured creditors could expect a recovery rate between 70-90% according to the plan
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Genesis previously initiated a 30-day mediation process in May following concerns parent company DCG could risk defaulting on $630 million in debt obligations
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The Gemini suit is pointing fingers at the wrong defendants, DCG claims in motion to dismiss
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