The popular fintech bank Silvergate Bank lost five crypto partners on March 2, owing to a slew of investigations and lawsuits against it. Coinbase, Paxos, Gemini, BitStamp and Galaxy Digital were some of the most notable crypto firms that were using Silvergate as their banking partner. However, the termination of service by Coinbase has also forced a crypto hedge fund to look for an alternate banking partner. Today Silvergate has lost Coinbase Circle Paxos Galaxy CBOE RIP https://t.co/XlexB5u2wD — db (@tier10k) March 2, 2023 On March 3, a crypto hedge fund called Digital Asset Capital Management (DACM) with assets worth …

An investor with nearly $2 million worth of funds frozen in bankrupt cryptocurrency lender BlockFi has filed a class action complaint against its founders, two directors and crypto exchange Gemini. In a Feb. 28 complaint filed in the U.S. District Court for the District of New Jersey, investor Trey Greene accused the defendants of numerous wrongdoings, including violating the consumer fraud and exchange acts, breaching its fiduciary duties, as well as offering and selling unregistered securities. “The unregistered securities sold by the BFI [BlockFi] Defendants on behalf of BlockFi were marketed and sold via a steady stream of misrepresentations and …

Crypto's next bull run will start in Asia, according to Cameron Winklevoss, an American investor, and co-founder of crypto exchange Gemini. His comments have come amid an increase in enforcement action and looming crackdowns from United States regulators, including the Securities and Exchange Commission (SEC). “My working thesis atm is that the next bull run is going to start in the East,” said Winklevoss in a Twitter post on Feb. 19. "It will be a humbling reminder that crypto is a global asset class and that the West, really the US, always only ever had two options: embrace it or …

The holding company of troubled crypto lender Genesis Global Capital, Genesis Global Holdco LLC, filed for Chapter 11 bankruptcy protection in New York on Jan. 19. Genesis is the latest crypto platform to file for bankruptcy, joining Celsius, Voyager, BlockFi and FTX. The application of Chapter 11 provisions to the crypto industry raises a series of new issues for courts. Here’s a preview of what creditors can expect, and what casual observers can learn about the implications of a Chapter 11 process for an entity in the crypto industry. The Chapter 11 process is going to threaten “crypto anonymity” Preserving …

Ether (ETH) has been struggling with the $1,680 resistance since Jan. 20. Still, the ascending triangle pattern and improvements in investor sentiment in ETH derivatives provides hope that Ether price could reach $1,800 or higher by the end of February. This, of course, depends on how the Ether price behaves as it reaches the pattern deadline by mid-February. From one side, traders are relieved that Ether is trading up 33% year-to-date, but the repeated failures to break the $1,680 resistance coupled with negative newsflow might give bears the power to cancel the bullish triangle pattern. According to a Jan. 30 …

New York State’s Department of Financial Services is reportedly investigating cryptocurrency exchange Gemini over claims the firm made in regards to assets under its Earn lending program. According to a Jan. 30 report from Axios, the “New York State agency that regulates Gemini” — the Department of Financial Services handles firms falling under the states’ BitLicense regime, including the crypto exchange — was investigating following reports many users believed assets in their Earn accounts had been protected by the Federal Deposit Insurance Corporation, or FDIC. The government agency previously issued cease and desist orders to five crypto firms making similar …

Just two months after the collapse of FTX, Genesis is following suit. Against an increasingly disheartening backdrop of “Big Cryptos” going bust, Barry Silbert’s cryptocurrency lender, Genesis Global Holdco, is the latest firm to file for bankruptcy, and if things always come in three, it might not be the last. Genesis Capital’s parent company, Digital Currency Group, has denied any involvement in the bankruptcy filing, citing “a special committee of independent directors” in charge of the decision, seemingly without any input from Silbert himself. But both companies are already getting hit with fresh securities class-action lawsuits alleging violations of federal …

In a Twitter thread posted on Jan. 25, Duncan Cock Foster and Griffin Cock Foster, co-founders of nonfungible token (NFT) auction platform Nifty Gateway, announced their resignations effective immediately. In supporting the decision, Duncan said they were leaving because “Griffin and I are founders at heart, and we want to start another company.” “When @Gemini acquired NG in 2019, Griffin and I said if everything went amazing and we loved it, we would stay for 4 years before starting another company. We ended up staying the max amount of time we originally thought possible, which shows how great this experience …

It looks as if the bear cycle is going to claim another high-profile crypto company. On Jan. 19, Digital Currency Group’s (DCG’s) lending subsidiary, Genesis, filed for Chapter 11 bankruptcy. Here we have yet another industry giant with a tale of incestuous lending, little risk management to speak of and opaque reporting policies. For market participants, the gathering storm clouds at DCG represent a failure that would have been unthinkable in 2021. Founded by CEO Barry Silbert in 2015, DCG has become a mainstay in crypto’s short existence. Genesis’ filing revealed the full extent of creditors affected by its implosion, …

As the crypto lender Genesis filed for Chapter 11 bankruptcy protection in New York, members of the crypto community went on social media to express their thoughts on the matter. From believing that no one will be held accountable to labeling the entire crypto lending concept as “stupid,” members of the community gave their thoughts on the newest addition to the seemingly never-ending bankruptcy spree within the crypto space. Some members of the community believe that the winners in all of these events will be the bankruptcy lawyers in charge of the case. According to a community member who claimed …

Genesis Global, a prominent crypto lender, filed for Chapter 11 bankruptcy protection in New York on Jan. 20, becoming the latest company to declare bankruptcy in the wake of FTX's collapse. However, the focus of the crypto community has shifted towards other crypto firms that had exposure to the lending firm. One report suggested that a total of nine crypto firms had various exposures to Genesis, including the likes of Germini, Bybit, VanEck, Decentraland and a few others. Bybit CEO Ben Zhou was quick to respond to the reports and clarified that Bybit indeed had $150 million exposure to the …

Venture capital firm Digital Currency Group (DCG) has told shareholders it is halting its quarterly dividend payments until further notice as it attempts to preserve liquidity. According to the letter sent to shareholders on Jan. 17, the firm is focused on “strengthening our balance sheet by reducing operating expenses and preserving liquidity.” Its financial issues are derived from the woes of its subsidiary, crypto broker Genesis Global Trading, which reportedly owes creditors more than $3 billion and DCG is also considering selling some of the assets within its portfolio. Customers are currently unable to withdraw funds from Genesis after it …