Coinbold Crypto News

In a seismic development rocking the cryptocurrency world, New York Attorney General Letitia James has taken bold action, filing a lawsuit against major players – Gemini Trust , Genesis Global , and Digital Currency Group (DCG) . The charges? Defrauding a staggering 230,000 investors and siphoning over $1 billion . This legal saga unveils a tangled web, implicating not just the companies, but also former Genesis CEO Soichiro “Michael” Moro and DCG founder Barry Silbert . The lawsuit alleges a web of deception, accusing these entities of concealing the true financial state of Genesis from the public eye. The roots of this crisis trace back to the collapse of FTX , which set off a domino effect ensnaring Genesis and Gemini. The Earn program, a joint venture of these firms, led to significant losses after relying on faith in SBF’s empire, which ultimately crumbled, leaving billions in losses across the crypto industry. The lawsuit paints a grim picture. Gemini stands acc

Sam Bankman-fried's Web of Deceit Unraveled in Court In a courtroom spectacle that feels straight out of a crime thriller, the testimony of Caroline Ellison has sent shockwaves through the crypto community. As she continues to testify against her ex-boyfriend Sam Bankman-fried (SBF) , the sordid tale of deception and financial manipulation is laid bare for the world to see. Ignoring Recommendations, Blaming Others: SBF's Tactics Exposed Caroline Ellison's testimony paints a damning picture of SBF's behavior. She revealed how he blatantly disregarded his team's advice to safeguard Alameda Research’s investments during a market downturn. Instead, he pinned the blame on Caroline for not hedging Alameda's positions. It's a chilling narrative of betrayal and shifting blame, leaving Alameda's investments vulnerable. Sam Bankman fried and Caroline Ellison Testimony Fabricating Financial Reports: A Desperate Cover-up As the crypt

Digital Currency Group ( DCG ), a prominent conglomerate of cryptocurrency-focused companies based in the United States, has unveiled a fresh plan to address the concerns of creditors affected by the bankruptcy of Genesis Global. This proposal holds the promise of substantial recoveries for those involved. https://twitter.com/DCGco/status/1701933367392866348?ref_src=twsrc%5Etfw Aim for Substantial Recovery The newly proposed plan, presented on September 13th, outlines a strategy designed to provide unsecured creditors with the opportunity for significant recovery. DCG aims to offer these creditors a remarkable 70-90% recovery, with a notable portion of the recovery being provided in digital currencies. This bold move reflects DCG's commitment to ensuring that affected parties receive meaningful compensation for their losses. Hope for Gemini Earn Users Notably, the plan extends its reach to Gemini Earn users, presenting a potential recovery of approximately

In the world of cryptocurrency, the winds of change can blow swiftly and unexpectedly. Genesis Global Trading ( GGT ), an affiliate of Barry Silbert's Digital Currency Group ( DCG ), has recently dropped a bombshell. The company is set to shutter its over-the-counter ( OTC ) trading platform, leaving many wondering what's driving this abrupt decision. A Sudden Announcement Customers of GGT were taken by surprise when they received an email outlining the company's decision to cease its trading services. The message conveyed a sense of urgency, explaining that for "business reasons," GGT will be closing shop on September 18. Customers were urged to wrap up any pending transactions by September 21, with open accounts slated for closure by the end of the day on September 30. The announcement was concise but left a trail of questions in its wake. What could these mysterious "business reasons" be? Why the rush to wrap things up? A Volu

Singapore, August 31, 2023 Unikura today announced the launch of the Closed Beta version of 'Unikura,' a Web3 marketplace on the Ethereum mainnet designed to connect global collectors with Japan's unique collectibles. In a world where collectors face numerous challenges such as limited access to quality products, potential counterfeits, and high storage costs, Unikura revolutionizes ownership of collectibles. "Whether it's an authentic piece of modern art or a rare item from your favorite musician, each one of us cherishes something," says Daisaku Harada, the founder of Unikura. "Web3 technology is accelerating the formation of these niche communities. We are challenging the traditional notions of 'ownership' and 'trust' through Unikura." Why Unikura? Collectors have long been hindered by limited access to quality global products, inadequate secure storage solutions, a prevalence of counterfeit collectibles

Genesis Global Capital, the crypto lender facing bankruptcy , has initiated legal proceedings against cryptocurrency exchange Gemini in a bid to reclaim $689 million in preferential transfers. As per a court filing on 21 November , Genesis alleges that within the 90-day period before declaring bankruptcy in January, Gemini withdrew around $689,302,000, disadvantaging other creditors. The lawsuit contends that Gemini continues to benefit by retaining assets Genesis is attempting to recover. Genesis's legal team urges the court to utilise remedies outlined in the United States Bankruptcy Code to rectify the perceived unfairness and equalise Gemini's position with other creditors. Background of the Dispute This legal dispute can be linked to the aftermath of the FTX crypto exchange collapse, where both Genesis and Gemini found themselves embroiled in legal battles over fund recovery. In July, Gemini filed a lawsuit against Digital Currency Group (DCG), the parent company of Gene

Cryptocurrency lender Genesis Global Capital has initiated legal action against former partner Gemini Trust, aiming to reclaim over $689 million. The claim alleges that Gemini's preferential transfers of funds from Genesis unfairly disadvantaged other creditors, prompting a plea to the court for rectification. The Genesis-Gemini dispute emerged post-FTX's collapse, with Genesis filing for bankruptcy in January. Legal tensions escalated when Gemini sued Digital Currency Group (DCG), Genesis's parent company, in July. Genesis retaliated in September, suing DCG for the repayment of loans exceeding $600 million. Gemini's subsequent October lawsuit over 60 million Grayscale Bitcoin Trust shares valued at $1.6 billion intensified the conflict. This legal drama has attracted U.S. regulatory attention. In January, just before Genesis declared bankruptcy, the SEC accused Genesis and Gemini of selling unregistered securities. Recently, New York Attorney General Letitia James

In a seismic development rocking the cryptocurrency world, New York Attorney General Letitia James has taken bold action, filing a lawsuit against major players – Gemini Trust , Genesis Global , and Digital Currency Group (DCG) . The charges? Defrauding a staggering 230,000 investors and siphoning over $1 billion . This legal saga unveils a tangled web, implicating not just the companies, but also former Genesis CEO Soichiro “Michael” Moro and DCG founder Barry Silbert . The lawsuit alleges a web of deception, accusing these entities of concealing the true financial state of Genesis from the public eye. The roots of this crisis trace back to the collapse of FTX , which set off a domino effect ensnaring Genesis and Gemini. The Earn program, a joint venture of these firms, led to significant losses after relying on faith in SBF’s empire, which ultimately crumbled, leaving billions in losses across the crypto industry. The lawsuit paints a grim picture. Gemini stands acc

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has been embroiled in controversy following the withdrawal of $282 million from the now-bankrupt crypto lender, Genesis Global Holdco. The move, which occurred in August 2022, has raised questions about whether the funds belonged to Gemini's founders personally or if they were corporate assets. The New York Post alleged that the Winklevoss twins withdrew their own money, but Gemini vehemently denied this claim. Gemini responded to the New York Post's article on X (formerly Twitter), calling it "misleading" and "pure fantasy." The exchange clarified that the $282 million withdrawn from Genesis in August 2022 was not the personal funds of the founders or their investment firm. Instead, it belonged to Earn users, who participated in Gemini's interest-bearing program. According to Gemini, the withdrawal was prompted by the market turmoil during the summer of 2022, including events

Singapore, August 31, 2023 Unikura today announced the launch of the Closed Beta version of 'Unikura,' a Web3 marketplace on the Ethereum mainnet designed to connect global collectors with Japan's unique collectibles. In a world where collectors face numerous challenges such as limited access to quality products, potential counterfeits, and high storage costs, Unikura revolutionizes ownership of collectibles. "Whether it's an authentic piece of modern art or a rare item from your favorite musician, each one of us cherishes something," says Daisaku Harada, the founder of Unikura. "Web3 technology is accelerating the formation of these niche communities. We are challenging the traditional notions of 'ownership' and 'trust' through Unikura." Why Unikura? Collectors have long been hindered by limited access to quality global products, inadequate secure storage solutions, a prevalence of counterfeit collectibles

Digital Currency Group ( DCG ), a prominent conglomerate of cryptocurrency-focused companies based in the United States, has unveiled a fresh plan to address the concerns of creditors affected by the bankruptcy of Genesis Global. This proposal holds the promise of substantial recoveries for those involved. https://twitter.com/DCGco/status/1701933367392866348?ref_src=twsrc%5Etfw Aim for Substantial Recovery The newly proposed plan, presented on September 13th, outlines a strategy designed to provide unsecured creditors with the opportunity for significant recovery. DCG aims to offer these creditors a remarkable 70-90% recovery, with a notable portion of the recovery being provided in digital currencies. This bold move reflects DCG's commitment to ensuring that affected parties receive meaningful compensation for their losses. Hope for Gemini Earn Users Notably, the plan extends its reach to Gemini Earn users, presenting a potential recovery of approximately

In the world of cryptocurrency, the winds of change can blow swiftly and unexpectedly. Genesis Global Trading ( GGT ), an affiliate of Barry Silbert's Digital Currency Group ( DCG ), has recently dropped a bombshell. The company is set to shutter its over-the-counter ( OTC ) trading platform, leaving many wondering what's driving this abrupt decision. A Sudden Announcement Customers of GGT were taken by surprise when they received an email outlining the company's decision to cease its trading services. The message conveyed a sense of urgency, explaining that for "business reasons," GGT will be closing shop on September 18. Customers were urged to wrap up any pending transactions by September 21, with open accounts slated for closure by the end of the day on September 30. The announcement was concise but left a trail of questions in its wake. What could these mysterious "business reasons" be? Why the rush to wrap things up? A Volu