DeFI News by Thebittimes.Com

Genesis Global is suing its parent company, Digital Currency Group (DCG), to recover $620 million in unpaid loans amid ongoing bankruptcy proceedings and settlement talks. The lawsuit was filed in a New York bankruptcy court on Wednesday, Sep. 6. Genesis’ lawsuit centers on loans they claim matured in May. This debt includes a $500 million loan to DCG and another to DCG International Investments Ltd., worth roughly 4,550 Bitcoin (BTC). The lawsuit also aims to recover accrued interest and late fees. “The action to freeze the turnover has been mutually deferred so that a formal agreement, agreed upon in principle among Genesis, the UCC [Unsecured Creditors Committee], and DCG, can be thoroughly documented.” DCG representative told Bloomberg The loans will be repaid once a formal standstill agreement is legally prepared and presented to the bankruptcy court. Genesis Global filed for Chapter 11 bankruptcy protection earlier this year, joining a string of crypt...

Cumberland – an institutionally focused crypto asset trading company – claims Genesis published misleading information about its unsecured claims against the lending giant in its bankruptcy filing on Thursday.  Clearing the Air on Creditor’s Claims “Genesis’ bankruptcy filing today reflects misleading and incorrect information, and as part of our commitment to transparency, we are providing more details,” said Cumberland over Twitter on Friday.  The filing , which provided a list of 50 creditors with the largest unsecured claims, listed Cumberland as number 37, citing an “unliquidated” claim of 18,720,061. Cumberland, however, said it notified Genesis that it would liquidate its $18 million loan on November 16, surrendering its cash collateral and closing out the loan. The loan was fully collateralized.  KYC & Audit Solutions! SolidProof “This left an outstanding balance due to us of approximately $46,064.34 consistent with our November tweet,” the compan...

The cryptoverse has seen a lot of chaos recently. For many, the past few months have been a nightmare. Investors are afraid due to bankrupt companies and missing founders.  Due to the significant exposure caused by FTX’s demise, Genesis Global Trading decided to stop accepting withdrawal requests. According to recent reports, the platform was likely to file for bankruptcy. It should be noted that the demise of Three Arrows Capital had an impact on Genesis as well. It was revealed in July that Genesis had loaned approximately $2.36 billion to 3AC. In one of the recent updates, it was also revealed that Genesis sought investment from Binance. However, CZ’s exchange decided not to move forward with the request. In one of the recent reports from Bloomberg, it was revealed that Genesis has $2.8 billion in outstanding loans. JUST IN: Genesis has $2.8 billion in outstanding loans, Bloomberg reports. — Watcher.Guru (@WatcherGuru) November 22, 2022 ...