Tag Genesis

Gemini and Genesis Seek Dismissal of SEC Lawsuit on Earn Product

Gemini and Genesis have requested a judge throw out an SEC complaint involving their Earn product.

DCG failed to make a $630 million payment owed to Gemini.

As its bankruptcy proceedings approach the four-month mark, Genesis begins a 30-day meditation with its significant creditors.

Genesis creditors were anticipated to collect 80% of the money they had lost as a result of the bankruptcy under the initial repayment agreement

The brothers reportedly provided the loan to Gemini after failing to get outside investment for the exchange.

Genesis and Gemini had also reached a $100 Million agreement over the Earn program

The Genesis subsidiary GGC International has given Roger Ver 20 days to respond to the summons before payment is due automatically.

The parent business of Silvergate Bank, Silvergate Capital, declared minor exposure to Genesis Global Capital.

Genesis Global Capital had over 100,000 creditors and liabilities ranging between $1 billion and $10 billion.

A prepackaged bankruptcy deal for Genesis is being negotiated with creditors