Crypto lender Genesis and related companies complete their bankruptcy restructuring and begin distributing ~$4B in digital assets and cash to creditors
I feel pretty taken advantage of here and down more money than I care to admit through this FTX
Sources: Sam Bankman-Fried gave some Genesis executives the chance to invest in presale of FTT and Serum at a discount, before the tokens were issued publicly
Financial Times :
DCG reports $719M in revenue and a $1.1B loss in 2022 as the conglomerate faced plunging crypto prices and the restructuring of its Genesis lending platform
Ian Allison / CoinDesk :
Gemini plans to provide up to $100M to Genesis' bankruptcy recovery, mainly for its Earn users, who had ~$900M of assets frozen when Genesis paused withdrawals
- Crypto exchange Gemini will contribute $100 million in cash to a recovery plan for bankrupt crypto lender Genesis.
Sources: crypto broker Genesis owes creditors more than $3B, leading DCG to explore selling venture assets, estimated to be worth ~$500M, to raise cash
Barry Silbert's conglomerate weighs offloading venture assets to help wholly owned digital asset lender
Sources: Alameda invested $1.1B in bitcoin miner Genesis Digital, including $500M to buy co-founders' shares; Genesis is among FTX's largest bankruptcy assets
WSJ More Than $500 Mln of Alameda Cash Went to Genesis Digital Founders, Sources Say — WSJ Genesis Digital Is Among Largest Assets in FTX-Alameda Bankruptcy — WSJ
Sources: DCG is attempting to raise capital and avoid bankruptcy for its Genesis subsidiary in part to avert a $350M loan repayment to Todd Boehly's Eldridge
as always, thanks for reading and follow me here Tweets: Katie Martin / @katie_martin_fx : Genesis failure would land owner with $350mn payout to financier Todd Boehly @nikasgari here on crypto, Chels...
A spreadsheet SBF used in November lists nearly 500 alleged VC investments by Alameda, including in Circle, Genesis, Sky Mavis, Paxos, StarkWare, and Anchorage
A spreadsheet SBF used in November claims nearly 500 alleged VC investments by Alameda, including in Circle, Genesis, Sky Mavis, Paxos, StarkWare, and Anchorage
A look inside Sam and Caroline's grab-bag of crypto, etc. — As well as running a crypto exchange that didn't exchange crypto …
Sources: Winklevoss twins' Gemini crypto exchange is trying to recover $900M owed to it by Genesis Global and Genesis' parent company Digital Currency Group
New York-based Gemini is trying to recover funds after FTX failure plunged market into turmoil — Digital asset trading group Genesis …