The New York City-based crypto firm, whose parent company is crypto mogul Barry Silbert’s Digital Currency Group, filed for Chapter 11 protection in court documents dated Friday. The company owes its 50 largest creditors about US$3.4 billion. (The Logic)
Skip to content
The New York City-based crypto firm, whose parent company is crypto mogul Barry Silbert’s Digital Currency Group, filed for Chapter 11 protection in court documents dated Friday. The company owes its 50 largest creditors about US$3.4 billion. (The Logic)
Talking point: At No. 1 with a bullet on Genesis’s list of its largest creditors is Gemini, the Winklevoss twins’ crypto firm, which holds hundreds of millions of dollars’ worth of crypto investments for Canadian companies including Wealthsimple, Ninepoint and Purpose Investments. Genesis owes Gemini about US$766 million, according to the filing. Toronto-based Tokens.com issued a release saying it has posted collateral with Genesis worth about US$611,000 of the net collateral value, representing about 3.1 per cent of its total assets—not enough to have a material impact, the company said. Early Friday morning, Gemini co-founder Cameron Winklevoss said the company is preparing legal action against Silbert and DCG. The U.S. Securities and Exchange Commission charged Genesis and Gemini with selling unregistered securities through Gemini’s Earn program last week.
Loading...
Thanks for sharing!
You have shared 5 articles this month and reached the maximum amount of shares available.
CloseThis account has reached its share limit.
If you would like to purchase a sharing license please contact The Logic support at [email protected].
CloseGift the full article!
You have gifted 0 article(s) this month and have 5 remaining.
Recipients will be able to read the full text of the article after submitting their email address. They will not have access to other articles or subscriber benefits.
Most Popular This Week
In-depth, agenda-setting reporting
Great journalism delivered straight to your inbox.
News
An obscure data standard is the latest open banking holdup—and an unlikely political hot potato
Briefing
Cohere says it caught an Alibaba model trying to send data to a server in China
Feds and First Nations to work on sharing resource revenue, with a sovereign wealth fund one option
Zafin buys U.S. fintech Naehas in nine-figure deal
Best business newsletter in Canada
Get up to speed in minutes with insights and analysis on the most important stories of the day, every weekday.
Exclusive events
See the bigger picture with reporters and industry experts in subscriber-exclusive events.
Membership in The Logic Council
Membership provides access to our popular Slack channel, participation in subscriber surveys and invitations to exclusive events with our journalists and special guests.
