جینیسس تمام تجارتی کارروائیوں کو بند کر دیتا ہے۔

جینیسس تمام تجارتی کارروائیوں کو بند کر دیتا ہے۔

ٹائم سٹیمپ: 14 ستمبر 2023 شام 1:57 بجے
Genesis Shuts Down All Trading Operations PlatoBlockchain Data Intelligence. Vertical Search. Ai.

In a dramatic turn of events, Genesis, the now-bankrupt
crypto lender, has brought its entire crypto trading venture to an abrupt halt.
The decision to cease all trading operations, including its international spot
and derivatives trading services, comes amid legal disputes involving FTX and
جیمنی

Genesis Global Trading,
a subsidiary of Genesis Global, is set to close its U.S.-focused spot crypto
trading operations by the end of this month, a report by Coindesk indicated.
GGT will cease its over-the-counter trading platform’s operations on September
18، 2023.

While Genesis Global
تجارت ہے۔ سمیٹ
down its U.S. operations,
GGC International Limited, another trading-focused entity affiliated with
Genesis, will reportedly continue operating GGT’s spot and derivatives trading
services. GGT was one of Genesis Global’s subsidiaries that escaped the
conglomerate’s bankruptcy.

جینیسس گلوبل کا حالیہ
troubles involved a dispute with the now-bankrupt cryptocurrency exchange, FTX,
which claimed that Genesis owed it a staggering USD $2 billion. About two weeks
پہلے، فنانس Magnates روایت ہے کہ
FTX had agreed to settle its claims dispute with Genesis by accepting a payment
of USD $175 million to Alameda Research, its affiliated crypto hedge fund.

This agreement کی پیشکش کی
the potential for substantial recoveries, ranging from 70% to 90% in USD equivalent for
unsecured creditors. Genesis faced instability following FTX’s collapse and its
حتمی دیوالیہ پن

filing earlier this year.

حل کرنے کی کوشش میں
existing liabilities, Genesis’ parent company, DCG, has devised a strategic
repayment plan. The lending platform has a substantial unsecured loan totaling
approximately USD $630 million that was due in May 2023 and an additional USD
$1.1 billion under an unsecured promissory note that matures this year.

Ongoing Legal Disputes
with Gemini

In addition, Genesis has
an ongoing legal dispute involving Gemini’s allegations of fraudulent activity.
Gemini sued Digital Currency Group (DCG) and its CEO, Barry Silbert, in July,
contending that both parties were involved in ‘encouraging and facilitating’
fraudulent activity through Genesis.

In response, DCG
dismissed these claims as baseless and defamatory, asserting that they were
orchestrated as a ‘publicity stunt’ by Gemini’s Co-Founder, Cameron Winklevoss.

Genesis found itself in
financial trouble when it دائر
for bankruptcy protection in
New York following the collapses of Three Arrows Capital (3AC) and the
cryptocurrency exchange FTX. According to the Ad Hoc Group, Genesis faced
significant exposure of $2.3 billion to 3AC, which was subsequently reduced to
$1.2 billion after the collateral was liquidated.

جینیسس گلوبل کیپٹل
primarily catered to institutional clients and boasted a substantial $2.8
billion in active loans as of the end of the third quarter of 2022. The firm
temporarily suspended customer withdrawals and new loan originations last year.

In a dramatic turn of events, Genesis, the now-bankrupt
crypto lender, has brought its entire crypto trading venture to an abrupt halt.
The decision to cease all trading operations, including its international spot
and derivatives trading services, comes amid legal disputes involving FTX and
جیمنی

Genesis Global Trading,
a subsidiary of Genesis Global, is set to close its U.S.-focused spot crypto
trading operations by the end of this month, a report by Coindesk indicated.
GGT will cease its over-the-counter trading platform’s operations on September
18، 2023.

While Genesis Global
تجارت ہے۔ سمیٹ
down its U.S. operations,
GGC International Limited, another trading-focused entity affiliated with
Genesis, will reportedly continue operating GGT’s spot and derivatives trading
services. GGT was one of Genesis Global’s subsidiaries that escaped the
conglomerate’s bankruptcy.

جینیسس گلوبل کا حالیہ
troubles involved a dispute with the now-bankrupt cryptocurrency exchange, FTX,
which claimed that Genesis owed it a staggering USD $2 billion. About two weeks
پہلے، فنانس Magnates روایت ہے کہ
FTX had agreed to settle its claims dispute with Genesis by accepting a payment
of USD $175 million to Alameda Research, its affiliated crypto hedge fund.

This agreement کی پیشکش کی
the potential for substantial recoveries, ranging from 70% to 90% in USD equivalent for
unsecured creditors. Genesis faced instability following FTX’s collapse and its
حتمی دیوالیہ پن

filing earlier this year.

حل کرنے کی کوشش میں
existing liabilities, Genesis’ parent company, DCG, has devised a strategic
repayment plan. The lending platform has a substantial unsecured loan totaling
approximately USD $630 million that was due in May 2023 and an additional USD
$1.1 billion under an unsecured promissory note that matures this year.

Ongoing Legal Disputes
with Gemini

In addition, Genesis has
an ongoing legal dispute involving Gemini’s allegations of fraudulent activity.
Gemini sued Digital Currency Group (DCG) and its CEO, Barry Silbert, in July,
contending that both parties were involved in ‘encouraging and facilitating’
fraudulent activity through Genesis.

In response, DCG
dismissed these claims as baseless and defamatory, asserting that they were
orchestrated as a ‘publicity stunt’ by Gemini’s Co-Founder, Cameron Winklevoss.

Genesis found itself in
financial trouble when it دائر
for bankruptcy protection in
New York following the collapses of Three Arrows Capital (3AC) and the
cryptocurrency exchange FTX. According to the Ad Hoc Group, Genesis faced
significant exposure of $2.3 billion to 3AC, which was subsequently reduced to
$1.2 billion after the collateral was liquidated.

جینیسس گلوبل کیپٹل
primarily catered to institutional clients and boasted a substantial $2.8
billion in active loans as of the end of the third quarter of 2022. The firm
temporarily suspended customer withdrawals and new loan originations last year.

ٹائم اسٹیمپ:

سے زیادہ فنانس Magnates