With investor confidence seemingly at an all-time low thanks to the recent slew of insolvencies, a new saga seems to be now unfolding in real time. This one involves crypto exchange Gemini’s Winklevoss twins and Barry Silbert, CEO of Digital Currency Group (DCG) — the parent firm behind crypto market maker and lender Genesis. On Jan. 2, Cameron Winklevoss posted an open letter to Barry Silbert reminding him of the fact that it had been “47 days since Genesis halted withdrawals” while also providing a blunt, seemingly confrontational assessment of DCG’s existing business practices: “For the past six weeks, we …

The total cryptocurrency market capitalization reached its highest level in over two months on Jan. 13 after breaking above the $900 billion mark on Jan. 12. While the 15.5% year-to-date gain sounds promising, the level is still 50% below the $1.88 trillion crypto market cap seen before the Terra-Luna ecosystem collapsed in April 2022. “Hopeful skepticism” is probably the best description of most investors' sentiment at the moment, especially after the recent struggles of recapturing a $1 trillion market capitalization in early November. That rally to $1 trillion was followed by a 27.6% correction in three days and it invalidated …

The United States Securities and Exchange Commission (SEC) on Jan. 12 charged cryptocurrency lending firm Genesis and crypto exchange Gemini with offering unregistered securities through Gemini's "Earn" program. The regulator said its investigating other securities law violations from other entities relating to the Gemini Earn program. This story is developing and more information will be added as it becomes available.

Cryptocurrency exchange Bitvavo, a major creditor of the troubled crypto company Digital Currency Group (DCG), has dismissed DCG’s proposal of partial debt repayment. Bitvavo officially announced on Jan. 11 that the firm received a counter proposal from DCG offering to repay about 70% of the outstanding amount in a term acceptable to Bitvavo. The remaining balance amount is still under negotiation with DCG as it is only ready to repay part of the debt within a term acceptable for Bitvavo, the exchange said, adding: “As creditors, we do not find the latter acceptable because DCG has sufficient resources available for …

Galaxy Digital Holdings CEO Mike Novogratz hosed down fears over the crisis facing Digital Currency Group (DCG) and Genesis saying while it’s “not good news,” it won’t “include a lot of selling.” In a Jan. 10 interview on CNBC’s Squawk Box Novogratz said he expects the current debacle facing DCG and its related companies to “play out” over the next quarter. "The outlook for #crypto is not horrible but it's not great. We've got regulatory headwinds we didn't have before. People are going to cut costs and survive this transition period," says @novogratz. "Crypto is not going away. It's a …

Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, has penned an open letter to the board of Digital Currency Group, or DCG, saying CEO Barry Silbert was “unfit” to run the company. In a Jan 10. letter, Winklevoss claimed Silbert and Genesis Global Capital — a subsidiary of DCG — had defrauded more than 340,000 users who were a part of Gemini’s Earn program. The letter followed a Jan. 2 appeal on Twitter to Silbert directly, in which the Gemini co-founder said Genesis owed Gemini $900 million, accusing the CEO of hiding “behind lawyers, investment bankers, and process.” According to …

Crypto conglomerate Digital Currency Group, or DCG, are under investigation by the United States Department of Justice's Eastern District of New York (EDNY) and the Securities and Exchange Commission (SEC), according to a Bloomberg report. The authorities are digging into internal transfers between DCG and its subsidiary crypto lending firm Genesis Global Capital, noted the report citing people familiar with the matter. Prosecutors have already requested interviews and documents from both the companies, while the SEC is running an early-stage similar inquiry. As of yet, no indictment has been brought against DCG, nor have both U.S. authorities provided any information …

Derar Islim, interim CEO of crypto market maker and lender Genesis, has sent a letter to clients updating them on the company’s efforts to prop up its finances and resume withdrawals and new lending. The letter, sent on Jan. 4, comes two days after a Twitter exchange between Barry Silbert, CEO of Genesis’ owner the Digital Currency Group, and Cameron Winklevoss, cofounder of the Gemini crypto exchange, in which Winklevoss criticized Genesis’ handling of its problems. “We believe was can arrive at a solution,” Islim wrote in the letter, according to a report in Bloomberg on Dec. 4. Nonetheless, Islim …

The Grayscale Ethereum Trust (ETHE) is trading at nearly a 60% discount to the underlying value of its assets, with shares falling 93% from its Jun. 2019 all-time high (ATH). There are many reasons behind the ongoing decline, but in recent weeks fears have grown that fallout from parent company Digital Currency Group’s debt of approximately $1.675 billion to troubled crypto lender Genesis could impact Grayscale assets. YCharts data shows a 59.39% discount at the time of writing, a level the trust has traded at since at least Dec. 28. Crypto Twitter influencer “db” tweeted an image on Jan. 4 …

Continuing with 2022’s trend, there is a lack of positive excitement in the crypto market. While Bitcoin (BTC) and altcoins have remained stagnant to start 2023, there are a few reasons why volatility could spike in January. Winklevoss Letter to DCG stirs up bankruptcy FUD On Jan. 2, Cameron Winklevoss, the co-founder of Gemini, penned an open letter to Digital Currency Group (DCG) founder, Barry Silbert demanding answers on the $900 million in locked customer funds. Gemini launched the “Earn” program in coordination with Barry Silbert and the $900 million in customer funds have been locked since Nov. 16 due …

Tyler and Cameron Winklevoss, founders of Gemini cryptocurrency exchange, are reportedly facing a new lawsuit from investors over interest-earning program Gemini Earn. Disgruntled investors have filed a lawsuit against Gemini founders, accusing the firm of fraud and violations of the securities laws, according to a report by Bloomberg. Filed on Dec. 27 in Manhattan federal court, the complaint states that Winklevoss brothers refused to “honor any further investor redemptions” after halting those due to exposure to troubled trading firm Genesis Global Capital. The plaintiffs alleged that the products have not been registered, which prevented them from receiving disclosures to better …

The bear market and the wave of bankruptcies in the crypto industry drained $116 billion from the pockets of founders and investors in the past nine months, according to recent estimates by Forbes. The loss represents the combined personal equity of 17 people in the space, with over 15 losing more than half of their fortunes since March. As a result, 10 names were removed from the crypto billionaires list. One of the major losses was attributed to Binance CEO Changpeng "CZ" Zhao. In March, his 70% stake in the crypto exchange was valued at $65 billion, but it is …