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Genesis Global Capital has petitioned the U.S. Bankruptcy Court for the Southern District of New York for permission to conduct a massive sale of its assets. The company, a subsidiary of the embattled Genesis Global Holdco, is targeting the liquidation of approximately $1.4 billion worth of Grayscale Bitcoin Trust (GBTC) shares. Genesis Global Capital filed a new motion with the U.S. Bankruptcy Court for the Southern District of New York seeking authorization to sell approximately $1.6 billion in trust assets, including Grayscale GBTC valued at approximately $1.4 billion and Grayscale Ethereum Fund… — Wu Blockchain (@WuBlockchain) February 4, 2024 According to a Feb. 2 court filing, Genesis and its debtor affiliates have declared that disposing of the shares is a critical step in maximizing estate value and efficiently managing its assets. The development comes as the overall cryptocurrency market undergoes severe fluctuations. The ability to swiftly convert these investm...

Bankrupt crypto lender Genesis has slapped long-time enemy Gemini with a new lawsuit, alleging the exchange received “unfair preferential transfers” to the tune of nearly $700 million right before Genesis went bankrupt. The document filed yesterday has asked for $689.3 million that Gemini transferred to be returned, which allegedly gave the exchange an unfair advantage over other creditors. During the 90 day period before Genesis filed for bankruptcy, Gemini “withdrew an aggregate gross amount of no less than approximately $689,302,000” from Gemini, the filing read. “As a result of these withdrawals, [Gemini] benefitted at the expense of [Genesis’] other creditors, and continue to benefit to this day through their retention of the property Plaintiff seeks to avoid and recover here.” Genesis is asking the court to “correct this unfairness.” Long live the Genesis v Gemini spat This lawsuit follows a lengthy battle between the tw...