Genesis Global And DCG Strike Crucial Deal With Creditors: 90% Recovery Immin...
The latest update for the financial complications faced by Genesis Global, a notable name in the crypto lending space, and its parent company, Digital Currency Group (DCG), shows that both entities seem to have navigated their way out of the murky waters, striking an agreement with their creditors. The Path To Recovery For Creditors As revealed […]
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Bankrupt crypto lender Genesis Global Capital has secured court approval to commence its $3 billion repayment plan to its creditors. The decision comes with revelations that Genesis’s parent company Digital Currency Group (DCG) will be recovering no value from the bankruptcy payout plan. Related Reading: Genesis Faces $21 Million Penalty As SEC Charges Are Settled= […]
This morning's Global Economic Outlook report focused on the emergency Euro Summit that was to hammer out a deal to avert Greece defaulting on her debts. Crisis has been averted and additional time for drafting a deal was brokered between Greece and her creditors, reports Reuters. Eurozone finance ministers accepted a cash-for-reform deal from Greece today but insist on a detailed study, that will take days, to determine whether or not the reforms can lead to an agreement and avert default. Pay Up, Get Down. The ministers will reconvene later this week, to give Greece time to negotiate....
The CEO of institutional cryptocurrency broker Genesis Global Trading, Michael Moro, has announced his resignation and that the company will lay off 20% of its staff. The decision represents additional fallout from the failure of Three Arrows Capital, a company to which Genesis had a sizable exposure. Genesis CEO To Resign As 20% Of Workforce […]
The creditors wrote that the employees are "already well-compensated" while its creditors struggle to pay their expenses. Voyager Digital Holdings’ committee of unsecured creditors has filed a motion to object to the firm's proposal to keep its employees by paying them monetary awards for staying in the company. On August 2, Voyager Digital filed a motion to the United States Bankruptcy Court in the Southern District of New York to approve the Key Employee Retention Plan (KERP) that aims to distribute $1.9 million to 38 key employees who were deemed to be very crucial to the operations of....
Canaan has also granted Genesis Digital Assets an opportunity to buy up to 180,000 additional BTC mining machines. The United States-based Bitcoin (BTC) mining company Genesis Digital Assets continues growing its cryptocurrency mining power with a fresh deal with Chinese crypto mining giant Canaan.Genesis has secured a purchase order for purchasing 20,000 Bitcoin miners from Canaan, the mining machine manufacturer announced on Aug. 31.In conjunction with the new purchase, Canaan has also granted Genesis an opportunity to buy up to 180,000 additional BTC mining machines, Canaan said.Genesis....