Genesis came under pressure following Three Arrows Capital’s bankruptcy and exchange FTX’s withdrawal halt, and is also embroiled in a legal dispute with the Winklevoss twins over $900 Million of investor assets deposited into Gemini Earn.
Genesis announced it has secured $150 million to support its restructuring efforts and has reached an agreement in principle with creditors to unite all its entities under one holding company.
Genesis is a multi broker trading platform
Genesis Digital Asset Markets provides trading, lending and custody services. Genesis debuted its over-the-counter bitcoin trading desk in 2013 as well as being a single point of access for global institutions.
Vo1t, a crypto custodian and wallet, was recently purchased in order to become a prime broker. Their platform will feature an intelligent order routing engine and lending API designed to assist exchanges and firms seeking yield on crypto deposits.
Their platform supports trades in multiple pairs and features high liquidity. Trading assets include cryptocurrencies and derivatives. Furthermore, there is a suite of tools to assist traders such as GV Follow and portfolio management tools.
Genesis requires users to provide supporting documentation in order to verify their identity and accreditation, which may take up to seven days to complete. This ensures only accredited investors can trade on its platform, while also offering 24/7 customer support as well as an in-depth Help Center.
Genesis Markets is a Crypto broker
National Crime Agency (NCA) agents have successfully dismantled one of the world’s largest marketplaces for stolen credentials – Genesis Market – an invaluable tool used by cybercriminals worldwide. Domains were seized on Tuesday and now feature logos representing European police forces and cybersecurity firm Qintel.
Criminals using stolen credentials often combine them into “bots.” A bot is a software program that infiltrates computers to harvest account login details and package them into malicious applications known as malware, with which criminals can then gain access to funds or personal data that has been stolen from accounts.
Genesis Market stands out from other underground markets for stolen credentials by being accessible on the open internet and offering one-stop-shopping to hackers. Due to its user-friendliness, hackers gangs often frequent this illicit marketplace – which Netacea’s Threat Research team recently investigated with some disturbing results.
Genesis Trust is a Crypto lending platform
Genesis is one of the world’s largest crypto lending desks, providing funds and market makers access to dollars or virtual currencies they need for leveraged trades. Furthermore, they also offer trading, custody, derivatives services. Their team works 24/7 across markets worldwide in support of clients.
Genesis and Gemini were sued by the SEC as part of the fallout from cryptocurrency markets’ meltdown last year, which caused numerous digital assets companies to declare bankruptcy and collapse, including Three Arrows Capital run by Sam Bankman-Fried and exchange FTX which both faced what can only be described as crypto bank runs and eventually collapsed altogether.
Genesis has large exposure to both 3AC and Alameda Research, another hedge fund started by Bankman-Fried and closely associated with his FTX exchange, so the Winklevoss twins may not be best placed to fight for their investors’ best interests. Tyler Winklevoss, however, believes there may be ways Earn customers may be made whole.
Genesis Trust is a Crypto exchange
Genesis Trust was created by the Winklevoss twins and boasts one of only a few exchanges that is officially supported by a government, providing numerous trading options and cryptocurrency lending capabilities that enable customers to generate returns by lending out their assets. Recently, Tyler Skelton was hired as its new Head of Finance.
The Securities Exchange Commission has filed a suit against Genesis Global Capital and Gemini for selling unregistered securities. According to the SEC’s allegation, these companies violated securities laws through Gemini’s Earn program which enabled users to generate yield by lending out crypto assets for profit.
Digital Currency Group, Genesis’ parent company, has come under increasing financial strain since FTX’s collapse last year led to numerous exchanges, hedge funds and lending platforms filing bankruptcy. DCG had been engaged in confidential negotiations with creditors led by law firms Kirkland & Ellis and Proskauer Rose but these discussions appear to have reached an impasse, according to people familiar with the matter.