Genesis files for bankruptcy as Gemini targets parent company DCG Cryptocurrencies
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The move comes after yesterday’s reports that Genesis was in confidential negotiations with various creditor groups and would file for bankruptcy protection if it failed to raise the necessary capital. Genesis said they have chosen Moelis & Company to act as financial advisor, Cleary Gottlieb Steen & Hamilton LLP as their legal counsel, and Alvarez & Marsal as their restructuring advisor. The firm has more than $150 million in cash on hand to support ongoing business operations and the restructuring process.
Then on Jan. 12, the U.S. Securities and Exchange Commission filed charges against both Genesis Global Capital and Gemini Trust Company for the unregistered offer and sale of securities to retail investors through the Gemini Earn crypto asset lending program. Both the SEC and federal prosecutors in New York are also investigating the transfer of funds between DCG and Genesis and reviewing what the companies told investors about the transactions.
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