Genesis

The distributions mark a 232% recovery from when withdrawals were halted in November 2022

NYAG announced details about its settlement with bankrupt lender Genesis on Monday

And, the US Congress drew headlines last week as it moved crypto-friendly regulation to completion

Bankrupt lender Genesis has “fully monetized” its nearly 36 million GBTC shares, court documents show

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

A lawyer for Genesis put the value of the Grayscale shares around $1.6 billion

The company repaid over $1 billion in debt, according to the letter

The bankrupt crypto lender’s settlement proposal comes after it agreed to pay a possible $21 million as part of an agreement with the SEC last week

DCG says the plan “strips” the company of “other valuable economic and corporate governance rights”

A hearing on the motion will take place on Thursday, Feb. 8

The SEC first filed the suit in January of last year

DCG has now repaid a total of more than $1 billion in debts to creditors

FTX, Genesis, Core Scientific and Voyager continue to move forward with bankruptcy proceedings

Genesis said that the carryforwards could “translate into future tax savings”

Plus, former Genesis CEO departs new exchange, and a crypto research firm teases expansion

Plus, crypto job postings decline, and the Boston Fed looks to hire a CBDC researcher

There is yet another legal battle unfolding in the Gemini and Genesis saga

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

Gemini is now targeting Genesis in an attempt to recover roughly 62 million shares GBTC shares

In its third quarter shareholder letter, DCG gave updates on Grayscale, the NYAG suit and the Genesis creditor plan

Genesis and Gemini’s Earn program operated as an investment contract, New York Attorney General Letitia James alleges