Gemini

United

Grayscale Bitcoin Trust

Ethereum Classic

<ul> 
 <li>The business requested a shorter deadline in order to have the sale motion addressed.</li> 
 <li>Genesis settled the SEC’s complaint by agreeing to pay a $21M fine earlier this week.</li> 
</ul> 
Genesis Global Capital, a defunct cryptocurrency lender, has filed a fresh motion with the United States Bankruptcy Court for the Southern District of New York, requesting permission to liquidate almost $1.4 billion worth of trust assets. 
Genesis, a division of the Digital Currency Group (<a href="https://dcg.co/" target="_blank" rel="noreferrer noopener nofollow">DCG</a>), reportedly has $1.4 billion in Grayscale Bitcoin Trust, $165M in Grayscale Ethereum Trust, and $38M in Grayscale Ethereum Classic Trust shares among its holdings, as stated in the filing. 
<h3 class="wp-block-heading" id="h-shorter-deadline-requested">Shorter Deadline Requested</h3> 
Separately, the business requested a shorter deadline in order to have the sale motion addressed at the next bankruptcy court hearing on Thursday, February 8. These GBTC shares, along with others acquired during Three Arrows Capital’s (<a href="https://sg.linkedin.com/company/three-arrows-capital" target="_blank" rel="noreferrer noopener nofollow">3AC</a>) bankruptcy, were among the initial collateral Genesis sent to Gemini as part of the latter’s Gemini Earn program. 
Also, the business is attempting to get the 31,180,804 extra shares (worth about $1.2 billion) back from Gemini, which were promised but never transferred. The ownership of these shares is still up in the air in court. 
Following the recent approval of the Grayscale Bitcoin Trust (<a href="https://thenewscrypto.com/grayscales-gbtc-witnesses-significant-outflows-despite-slowing-pace/" target="_blank" rel="noreferrer noopener">GBTC</a>) as an exchange-traded fund (ETF), Gemini characterized the submission in a statement on its website as a significant step forward. 
Genesis settled the <a href="https://thenewscrypto.com/ex-sec-executive-criticizes-legal-teams-lucrative-gains-in-ftx-bankruptcy/" target="_blank" rel="noreferrer noopener">SEC’s</a> complaint against the firm over the operation of the Gemini Earn program earlier this week by agreeing to pay a $21 million fine. The fee will be paid out of any remaining funds after the bankruptcy. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/steve-christie-rejoins-binance-as-deputy-chief-compliance-officer/" target="_blank" rel="noreferrer noopener">Steve Christie Rejoins Binance as Deputy Chief Compliance Officer</a>

Genesis Seeks Court Approval for Sales of $1.4B Worth GBTC Shares

Table of Contents

TheNewsCrypto

Other articles published on Feb 5, 2024

Significant Chainlink Moves Spark Market Speculation, LINK Surges

Hacker’s $5,000 offer for Discord, Binance, and Coinbase user info

Bitcoin Price Predicted to Reach $280000 Next Year: Hedge Fund Manager

Wall Street Journal: Bitcoin halving may push prices up to $240,000

LUNC Price Jumps 700%; Binance Destroys Tokens

Sei and Jupiter Altcoins Attract Investors with Strong Growth Potential

Join our free newsletter for daily crypto updates!