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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...

The Monetary Authority of Singapore (MAS) announced on Monday new rules for Crypto service providers which will require them to hold customer funds in a separate trust before the end of the year, as well as restrict lending and staking of retail customers’ tokens. In a press release, MAS said that the proposed crypto rules follow a public consultation from October 2022 that showed “broad support” for these regulations. Under the draft legislation, crypto firms will be required to reconcile customer assets daily, maintain proper records, and ensure constant access and operational controls to customers’ tokens. While crypto firms won’t be allowed to offer lending and staking of customer tokens, the practice will still be allowed for institutional and accredited investors. These new rules are intended to minimize the risk of misuse or loss of customer funds and make recovery easier in case of insolvency — problems that have become top of mind in Singapore following the collap...