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