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Crypto whales with large holdings like Satoshi Nakamoto and Grayscale Investments significantly influence cryptocurrency markets. Their actions shape trends and investor sentiment, impacting the ecosystem's health and future growth.
Gemini's Earn program, which was offered in partnership with crypto lender Genesis Global Capital, was halted during a crypto market crash in November 2022. That dislocation caused Genesis to file for bankruptcy, and has led to extensive litigation between Genesis, Gemini and Genesis's parent company, Digital Currency Group (DCG).
Genesis in the lawsuit said up to 230,000 users in the two companies' "Earn" investing program withdrew more than half of billion dollars from the crypto lending platform in the 90 days before it filed for bankruptcy in January.
New York Attorney General Letitia James has filed a lawsuit against cryptocurrency firms Genesis Global, Digital Currency Group (DCG), and Gemini, accusing them of defrauding investors of over $1 billion. The lawsuit seeks restitution for investors, disgorgement of ill-gotten gains, and a ban on the three firms from the financial investment industry in New York.
The lending unit of crypto firm Genesis filed for bankruptcy in January after the collapse of key counterparties including FTX caused it to freeze customer redemptions in November. Genesis is owned by venture capital firm Digital Currency Group (DCG).
But this ignores the bigger picture. In the first few weeks of 2023, watchdogs have done a lot. On January 3, a joint statement by US bank regulators warned the industry of crypto risks creeping into the banking system.
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Crypto exchange Gemini to lay off 10% of staff: reportCrypto firms are off to a rocky start in 2023, with major players such as Coinbase Global Inc cutting jobs and Genesis Global Capital, the lending arm of Genesis, seeking bankruptcy protection.
Lending unit of crypto firm Genesis files for US bankruptcyGenesis Global Capital, one of the largest crypto lenders, froze customer redemptions on November 16 after FTX stunned the financial world with its bankruptcy.
Crypto firms off to rocky start in 2023 with outflows, layoffs and a lawsuitThe fallout from the collapse of crypto exchange FTX and criminal charges leveled against its founder Sam Bankman-Fried weighed heavily on the sector this week.
Crypto broker Genesis owes Gemini's customers $900 million: reportCrypto exchange Gemini is trying to recover the funds after Genesis was wrongfooted by last month's failure of Sam Bankman-Fried's FTX crypto group
First US Bitcoin futures ETF may debut on Monday, filing SaysThe filing indicated Oct. 18 as the approximate date for the proposed launch of the fund, which will trade on the NYSE Arca Exchange and charge a management fee of 0.95 per cent.
SEC set to allow Bitcoin futures ETFs as deadline loomsThe Securities and Exchange Commission is poised to allow the first U.S. Bitcoin futures exchange-traded fund to begin trading in a watershed moment for the cryptocurrency industry, according to people familiar with the matter.The regulator isn’t likely to block the products from starting to trade next week, said the people, who asked not to be named while discussing the decision.
Bitcoin ETF approval may actually disappoint the bulls. Here's whyGiven the ease of access to cryptocurrency markets relative to previous years, it’s unclear that a Bitcoin ETF launch would spark a flood of demand, according to Juthica Chou, head of over-the-counter options trading at Kraken Digital Asset Exchange.
Wall Street could get four Bitcoin futures ETFs by month-endIn a move that further raised hopes among crypto advocates, the regulator asked two issuers to withdraw their Ethereum-futures ETF filings over the U.S. summer, but made no such demands on similar Bitcoin-based applications. This week it also approved the Volt Crypto Industry Revolution and Tech ETF (ticker BTCR). The actively managed product plans to invest a majority of its assets into companies “with exposure to Bitcoin and its supporting infrastructure,” according to its prospectus.
Miami, looking to be next crypto hotspot, hosts Bitcoin event"I don't think there's anything more important in my lifetime to work on" than bitcoin, given the flexibility it offers, billionaire entrepreneur Jack Dorsey, the co-founder of Twitter and payments firm Square, told a crowded auditorium.
Bitcoin breaks above $50,000: Here are nine of its best-known backersSceptics of the cryptocurrency's ability to go mainstream say it is rarely used for regular transactions and is too volatile to be a reliable store of value or hedge against inflation.
Winklevoss twins launch a marketplace for blockchain digital artNifty Gateway is debuting a website Tuesday where consumers will be able to buy and sell digital collectibles from artists including Michael Kagan and Lyle Owerko.
Winklevoss twins' fortune doubles as bitcoin ralliesThe 37-year-old twins, known for their portrayal in the 2010 movie “The Social Network,” were among early investors in Bitcoin.
View: Bitcoin back above $10,000 level isn’t just about Mark ZuckerbergThe cryptocurrency’s recent jump marks the return of a speculative dream.
Crypto's open secret: Its multibillion dollar volume is suspectMarket participants say quantifying the scale of suspected volume exaggeration is difficult.
These sets of twins share more than DNA.
Bitcoin's blazing gains just the start, it will rise as much as 20-fold: Billionaire Winklevoss“We think that bitcoin is a gold disruptor,” Winklevoss said in an interview on Friday.
Winklevoss twins develop a new app that monitors Bitcoin prices in real timeLast week, the brothers launched an app, WinkDex, that helps users monitor the average price of a bitcoin in real time. Users can also calculate Bitcoins to USD instantly.
Facebook enemy Divya Narendra sets new 'mark' as IPO loomsIf the social networking site gets a valuation of $100 billion in its upcoming initial public offer, Narendra will be richer by about $20 million.
Winklevoss twins, Indian-American back to court over FacebookThe Winklevoss twins are not giving up yet on their legal battle over Facebook against its founder Mark Zuckerberg, with the trio now pursuing a case in US court alleging he suppressed evidence.
Winklevoss twins decide not to appeal Facebook settlementWednesday's filing clears the way for Facebook to seek the dismissal of a related lawsuit filed in Boston federal court.
Winklevoss twins give up Facebook claimFacebook founder Mark Zuckerberg's former Harvard classmates Cameron and Tyler Winklevoss have decided not to pursue their legal battle over the site.
Winklevosses taking Facebook case to US Supreme courtSC is the final legal option open to Winklevoss twins, who allege that Zuckerberg stole their idea for the social networking site.
Facebook founder wins case against Winklevoss twinsFacebook founder Mark Zuckerberg has won a case against two of his classmates who were trying to get more money from the social networking website chief by claiming he had stolen the idea of the project from them.
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