Genesis And Digital Currency Group Owe $900M To Gemini Users

Genesis and its parent company, Digital Currency Group (DCG), owe $900M to users of Gemini Earn. Gemini has formed a creditors’ committee to re-acquire these funds.

Kraken Slashes 30% Of Its Workforce To Survive Crypto Winter

Kraken laid off 30% of its global workforce (around 1,100 employees) to brave the crypto winter.

Alabama State Regulator Begins Investigations On Genesis

Alabama Securities Commission is investigating Genesis Global for violation of security laws. The regulator aims to ascertain if Genesis enticed residents to invest without proper registration.‍

Digital Currency Group Owes Intercompany Loans Worth $575M To Genesis

Barry Silbert, the CEO of Digital Currency Group, said the firm owes $575M to Genesis Global Capital, with these intercompany loans due in May 2023.

Genesis Rejects Notions Of Imminent Bankruptcy Filing

Genesis denied rumors of “imminently” submitting bankruptcy filings after failing to raise funds over the last week.

Nexo Reports Zero Exposure To Genesis

Nexo’s latest tweets revealed that the platform does not have any exposure to Genesis after the latter suspended its loan services.

Genesis Global Capital Suspends Loan Redemptions Following FTX Insolvency Crisis

Genesis becomes the latest firm affected by FTX’s collapse as its lending entity halts loan originations and redemptions due to liquidity issues.

Genesis Cuts 20% of Workforce, Announces CEO Stepping Down

Michael Moro, CEO of crypto lending platform Genesis, steps down from his leadership position and instead shifts to an advisory role. The platform also slashes 20% of its staff as it suffers from the fallout of Three Arrows Capital's collapse.