Genesis (cryptocurrency company)

Genesis Agrees to Pay $21 Million Penalty to Settle SEC Charges

Retrieved on: 
Tuesday, March 19, 2024
Bankruptcy, District court, Genesis (cryptocurrency company), Sale, Security (finance), Judgement, United States bankruptcy court, Advertising, Cryptocurrency

“We charged Genesis with failing to register its retail crypto lending product before offering it to the public, bypassing essential disclosure requirements designed to protect investors,” said SEC Chair Gary Gensler.

Key Points: 
  • “We charged Genesis with failing to register its retail crypto lending product before offering it to the public, bypassing essential disclosure requirements designed to protect investors,” said SEC Chair Gary Gensler.
  • At the time, Genesis held approximately $900 million in crypto assets from 340,000 Gemini Earn investors.
  • Genesis and two affiliates filed voluntary Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York on January 19, 2023.
  • Investors have been unable to access or withdraw the crypto assets they invested with Genesis via Gemini Earn.

Fir Tree Provides Update on GBTC Litigation and Comments on Grayscale’s Continued Refusal to Conduct a Tender Offer

Retrieved on: 
Tuesday, July 11, 2023
Banking, Asset Management, Professional Services, Finance, Bitcoin, GBTC, Grayscale Investments, Business analyst, Suggestion, Fir Tree, Trust, Record, Delaware Court, NAV, ETF, Genesis (cryptocurrency company), Gemini, Delaware Court of Chancery, Redemption movement, DCG, Fraud, Unavailability, Book, Digital Currency Group, Cryptocurrency, Security (finance), Grayscale, Genesis

Fir Tree Partners (“Fir Tree” or “we”), a meaningful shareholder of the Grayscale Bitcoin Trust (“GBTC”), today announced it has reached an agreement with Grayscale Investments (together with GBTC, “Grayscale”) and has issued the below statements regarding Grayscale’s continued refusal to conduct a tender offer that would unlock value for GBTC shareholders.

Key Points: 
  • Fir Tree Partners (“Fir Tree” or “we”), a meaningful shareholder of the Grayscale Bitcoin Trust (“GBTC”), today announced it has reached an agreement with Grayscale Investments (together with GBTC, “Grayscale”) and has issued the below statements regarding Grayscale’s continued refusal to conduct a tender offer that would unlock value for GBTC shareholders.
  • Thereafter, Grayscale could conduct the tender offer within the statutory 20 business day tender period.
  • Upon completing the tender offer, Grayscale could continue to pursue its efforts to convert GBTC into an ETF.
  • Grayscale could even continue to pursue its efforts to convert GBTC into an ETF upon completing a tender offer.

Bronstein, Gewirtz & Grossman, LLC Notifies Shareholders of Techtronic Industries Company Limited (TTNDY) Investigation

Retrieved on: 
Wednesday, March 1, 2023
Legal, Professional Services, Techtronic Industries, Sale, Policy, News, Genesis (cryptocurrency company), Plant, Equipment

Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Techtronic Industries Company Limited (“Techtronic” or the “Company”) (OTCMKTS: TTNDY).

Key Points: 
  • Attorney Advertising-- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Techtronic Industries Company Limited (“Techtronic” or the “Company”) (OTCMKTS: TTNDY).
  • Investors who purchased Techtronic securities are encouraged to obtain additional information and assist the investigation by visiting the firm’s site: www.bgandg.com/ttndy .
  • If you are aware of any facts relating to this investigation or purchased Techtronic shares, you can assist this investigation by visiting the firm’s site: www.bgandg.com/ttndy .
  • You can also contact Peretz Bronstein or his law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.

Genesis Reaches Agreement in Principle with DCG and Key Creditors on a Global Resolution that Optimizes Outcome for Clients and Stakeholders

Retrieved on: 
Monday, February 6, 2023
Banking, Professional Services, Finance, Gemini, Chapter 11, Title 11, United States Code, Digital Currency Group, Moelis & Company, Documentation, File, Committee, United States bankruptcy court, Interim, Sale, DCG, Genesis (cryptocurrency company), GGT, United States Bankruptcy Court for the Southern District of New York, Plan, Cryptocurrency, Financial services, Online shopping, Financial adviser, Genesis

The agreement in principle lays out a framework for a global resolution that will maximize value for all Genesis clients and stakeholders.

Key Points: 
  • The agreement in principle lays out a framework for a global resolution that will maximize value for all Genesis clients and stakeholders.
  • Under the terms of the agreement, DCG would exchange its existing $1.1 billion note due in 2032 for convertible preferred stock to be issued by DCG as part of Genesis’s Chapter 11 plan.
  • As part of the transactions, DCG will also contribute its equity interest in Genesis Global Trading (“GGT”) to Genesis Global Holdco, bringing all Genesis entities under the same holding company.
  • Pending the closing of these transactions, Genesis will launch a sale process for GGT and explore other value-maximizing transactions.