Gemini genesis news11/4/2023 ![]() Securities and Exchange Commission filed a civil suit against Gemini and Genesis in January for allegedly selling unregistered securities through the Earn program. “Barry was not only the architect and mastermind of the DCG and Genesis fraud against creditors, he was directly and personally involved in perpetrating it,” said Gemini co-founder Cameron Winklevoss in June. ![]() The crypto exchange filed a claim in May aimed at recovering more than $1.1 billion in assets for roughly 232,000 Earn users and filed a lawsuit against DCG and CEO Barry Silbert in June, alleging fraud. Related: BITBOY CRYPTO BRAND WILL NO LONGER INCLUDE YOUTUBER BEN ARMSTRONGĪccording to court filings by Gemini, Genesis owed more than $3.5 billion to its top 50 creditors at the time of its Chapter 11 filing. Genesis halted withdrawals in November 2022 in the wake of FTX’s collapse, citing “unprecedented market turmoil” at the time, and filed for bankruptcy in January 2023. The legal battle involved entanglements with cryptocurrency exchange Gemini and DCG over the Gemini Earn program, financed in part by Genesis. Bankruptcy Court for the Southern District of New York. ![]() “Make no mistake: Gemini Lenders will not actually receive anything close in real value terms to the proposed recovery rates under the current ‘agreement in principle.’” Sept. “To distract the Genesis creditors from the inconvenient facts of its facially inadequate and inequitable proposal, DCG touts proposed recovery rates that are a total mirage - misleading at best and deceptive at worst,” said the Sept.
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