Digital Currency Group
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DCG said on Friday it had completed its repayment of short-term loan obligations to Genesis, but a new court filing Monday claims otherwise
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Genesis and Gemini’s Earn program operated as an investment contract, New York Attorney General Letitia James alleges
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Gemini believes that Gemini lenders will not “receive anything close in real value” under current terms
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In its lawsuit, Gemini cited a number of other prolonged measures it took before resorting to legal action against DCG
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Gemini co-founder Cameron Winklevoss wants DCG to pay up in US dollars, bitcoin and ether — or else face a lawsuit
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Genesis, Gemini and other stakeholders are weighing whether to allow DCG more time to stave off a potential default
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Genesis has initiated a 30-day mediation process with DCG, UCC, Creditor Committee and Gemini to reach a final resolution as soon as possible
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DCG says that the creditors who reneged on the previous deal “raised all new demands”
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Luno has asked Singapore-based users to withdraw their crypto and fiat currencies from the platform before June 19
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The crypto lender reportedly warned investors about filing for bankruptcy if it couldn’t line up sufficient financing
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US equities and a bitcoin are testing the top of their medium-term range as traders hope for a ‘soft landing’
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Now that Genesis is considering bankruptcy, hopes of returning $900 million to lending partner Gemini are shrinking
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Despite all the bad news, crypto startups are still securing funding rounds as the bear market stretches into its second year
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While GBTC’s discount crossed a record 50% Monday morning, Grayscale is unlikely to act, industry watchers say
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The move by Genesis does not affect its other business lines, including crypto trading
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BitMEX reduces headcount amid refocus on crypto derivatives while Dapper Labs cuts staff by 22%
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Capital to focus on support for gaming, infrastructure, decentralized finance, content and creators
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Digital Currency Group, Multicoin Capital, Reciprocal Ventures, gumi Cryptos Capital, NGC Ventures and HashKey provided the capital to accelerate growth on The Graph
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“We are looking forward to leveraging the funding to improve access to blockchain technology in an ever growing list of countries across the world,” Marieke Flament, NEAR Foundation CEO said in a statement
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This new debt capital raise comes shortly after DCG raised $700 million in the beginning of November, at a $10 billion valuation.
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