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Genesis Buys 32,041 Bitcoins for Creditor Settlement

Genesis Buys 32,041 Bitcoins for Creditor Settlement

Genesis Global Capital has successfully sold its Grayscale Bitcoin Trust shares and converted them into 32,041 Bitcoins. These Bitcoins will be used to repay customers and creditors. 

Genesis’s legal team has officially confirmed the liquidation of around 36 million GBTC shares in a recent court filing. 

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Genesis plans to distribute the acquired Bitcoin to its Gemini Earn creditors after reaching a $21 million SEC settlement regarding allegations of unregistered securities. 

Genesis Global Capital announced a successful sale of its Grayscale Bitcoin Trust (GBTC) shares. The insolvent cryptocurrency lending company used the funds to acquire 32,041 Bitcoins. This gesture aims to provide compensation to the company’s customers and creditors. Approximately 36 million GBTC shares were involved in the liquidation process. Genesis’s legal team has officially confirmed the completion of this process in a recent court filing. 

Genesis had received approval from the New York bankruptcy court to sell its Grayscale shares, including a significant amount of GBTC and other investments in Grayscale Ethereum trusts. After applying, the estate’s lawyers assessed the property’s value in Grayscale stocks at approximately $1.6 billion. The Bitcoin obtained from this sale is valued at nearly $2.2 billion. 

Genesis resolves the SEC dispute by making a payment of $21 million

Bitcoin Genesis has unveiled its inaugural strategy for its substantial portfolio. The main objective is to distribute the tokens to its Gemini Earn debtors. Genesis’s $21 million settlement with the SEC led to the implementation of this refund plan. The accusation against Genesis was that it offered and sold unregistered securities through the Gemini Earn program. Settlement involves resolving the company’s regulatory concerns and securing repayment from creditors. 

The revenue generated from the sales of GBTC shares reflects Genesis’s commitment to fulfilling its financial responsibilities. The current value of the purchased Bitcoin indicates the potential for creditor reimbursement. This effort is one of Geneis’s strategies to navigate the company’s bankruptcy proceedings and fulfill its customer obligations. 

DCG Requests Dismissal of Lawsuit Filed by New York AG 

In an attempt to have a lawsuit dismissed, Digital Currency Group (DCG) made a move last month against New York Attorney General Letitia James. The lawsuit claims that DCG and its CEO, Barry Silbert, engaged in investor fraud and mismanagement. The allegations concern Genesis’s conduct and connection to the Gemini crypto exchange company. The ongoing legal battle highlights the continuing scrutiny of the digital asset industry and the importance of clear regulations. 

The DCG’s motion to the New York Supreme Court aims to counter the allegations of fraud. The lawsuit, filed in October, alleges that DGC and Silbert were responsible for investor losses exceeding $1 billion. The discontinuation of the Gemini Earn program in 2022 and the overall downturn in the cryptocurrency market significantly contributed to these losses. The legal challenge by DCG contributes to the ongoing conversation about regulating digital assets and market stability.

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