Gemini co-founder threatens lawsuit against DCG, Barry Silbert – Btcminingvolt

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Gemini co-founder threatens lawsuit against DCG, Barry Silbert Oluwapelumi Adejumo · 2 hours ago · 1 min read Cameron Winklevoss argued that Genesis’ bankruptcy does not insulate Barry Silbert or DCG from accountability.1 min read Updated: January 20, 2023 at 8:41 am Cover art/illustration via CryptoSlate Gemini co-founder Cameron Winklevoss threatened a lawsuit against crypto…

Gemini co-founder threatens lawsuit against DCG, Barry Silbert Oluwapelumi Adejumo · 2 hours ago · 1 min read Cameron Winklevoss argued that Genesis’ bankruptcy does not insulate Barry Silbert or DCG from accountability.1 min read Updated: January 20, 2023 at 8:41 am Cover art/illustration via CryptoSlate Gemini co-founder Cameron Winklevoss threatened a lawsuit against crypto conglomerate Digital Currency Group (DCG) and its CEO Barry Silbert if they failed to make a “fair offer” to creditors like Gemini Earn users.Gemini is prepared to take “direct legal action against Barry, DCG, and others who share responsibility for the fraud that has caused harm to the 340,000+ Earn users and others duped by Genesis and its accomplices,” according to Winklevoss’ Jan.20 Twitter thread.Genesis’ bankruptcy, a crucial step Winklevoss said Genesis’ bankruptcy was crucial to recovering Earn users’ assets.He added that the bankruptcy would subject the firm to a judicial oversight that would force it to reveal “machinations that brought us to this point.” However, he argued that Genesis’ bankruptcy does not insulate Silbert or DCG.Winklevoss added: “We also believe that — in addition to owing creditors all of their money back — Genesis, DCG, and Barry owes them an explanation.

Bankruptcy court provides a much-needed forum for that to happen.Sunlight is the best disinfectant.” Winklevoss and Silbert have been engaged in a public dispute over the $900 million owed by Genesis to Gemini Earn.The exchange co-founder accused Silbert of employing “bad faith stall tactics” and called for Silbert to be sacked.

Meanwhile, Genesis disputed the claim that it owes Gemini customers $900 million — court filing showing that the debt to Gemini Earn customers stands at $765.9 million.The U.S.

Securities and Exchange Commission (SEC) charged both firms with selling unregistered securities offerings on Jan.12.Alameda Research FTX Debtors’ List Of Assets Omits Mention Of Large Stash Of NFTs And ENS Names Owned By Alameda This week, FTX debtors issued a press release and a 20-page document noting that bankruptcy administrators had located $5.5 billion in liquid assets.The document details that investigators discovered fiat currencies, crypto assets, and securities as part of FTX’s and Alameda Research’s cache.However, the disclosure to unsecured creditors does not mention the extremely large stash of non-fungible tokens the company had accrued over the years.FTX and Alameda’s Liquidated Assets Include Thousands of NFTs and ENS Names FTX’s inner circle and the quantitative trading company Alameda Research were heavily involved in the non-fungible token (NFT) hype that began in 2021.

In fact, after FTX and Alameda filed for bankruptcy protection, our news desk parsed through a large number of Alameda/FTX-associated wallets and discovered thousands of NFTs and Ethereum Name Service (ENS) names.The discoveries were derived from wallets labeled by Block researcher Larry Cermak and parsed data from the crypto monitoring application Arkham Intelligence and dappradar.com‘s portfolio viewer.For example, the Alameda-linked address “0x116” holds around $100,000 in crypto tokens, but it also holds 107 ENS names.

It’s possible that Alameda thought it could flip ENS names in the future, as the firm obtained a great number of common names.Alameda and now the liquidators own ENS names such as “tickets.eth,” “payment.eth,” “network.eth,” “dungeon.eth,” “packager.eth,” “nootropic.eth,” “breakfast.eth,” and many more.Most are not worth very much, but some of the specific ENS names like “payment.eth” and “network.eth,” have sold for close to $9,000 per name.

Alameda’s ENS name collection is not mentioned in the 20-page presentation shown to FTX’s unsecured creditors.Last year in January, there were a lot of controversies when a few mirrored non-fungible token (NFT) collections appeared on the scene, copying the artwork of Cryptopunks and Bored Ape Yacht Club (BAYC) NFTs.Interestingly, Alameda’s ETH address “0x0f4” holds a massive quantity of unofficial “flipped” Cryptopunks and “mirrored” BAYC NFTs.The “0x0f4” address holds 2,447 NFTs in the wallet from 629 different NFT collections.Alameda’s “0x0f4” collected NFTs from compilations such as Time Frog, Party-Animals, Metawarden, Shrouded Playground, and many more from dozens of relatively unknown NFT collections.Alameda collected blue-chip non-fungible tokens (NFTs) as well, and records show the firm obtained 11 legitimate Cryptopunks, which are collectively worth an estimated $784,000.The trading platform purchased seven different Art Blocks Curated, which have an estimated value of around $1.47 million on Jan.20, 2023.

Alameda and now the liquidators own 81 land NFTs from The Sandbox, which are collectively worth an estimated $155,000.Alameda obtained two Otherdeeds as well, which are now worth around $25,000, and 12 different Meebits, which are valued at an estimated $88,000 today.A great deal of blue-chip NFTs can be found in the ETH address “0xca4.” That specific wallet holds some of Alameda’s most valuable NFTs, including the Otherdeed land titles and two Mutant Ape Yacht Club (MAYC) NFTs worth roughly $50,000 in combined value.

Larry Cermak’s Alameda address list highlights approximately 29 different Ethereum addresses.Furthermore, Arkham Intelligence data indicates that there are 68 addresses tied to the quantitative trading platform Alameda Research.Out of the large swath of Alameda addresses, a decent handful of the wallets own NFTs.Most of these wallets are assumed to be controlled by the FTX bankruptcy team and liquidators.Just in tokens alone, Alameda’s 68 tethered Ethereum-based wallets indicate a net value of around $189.12 million.Tags in this story Alameda Research, Art Blocks Curated, Bankruptcy, Blockchain, Blue-Chip NFTS, controversy, crypto assets, crypto-art, cryptopunks, Digital Assets, Digital Collectibles, Digital Identity, digital ownership, digital rights, ENS, ERC1155, ERC721, Ethereum, Ethereum Name Service, ftx, Land NFTs, liquid assets, Meebits, Metaverse, NFT marketplace, NFTs, Non-fungible tokens, Otherdeeds, Ownership, quantitative trading, Scarcity, Securities, tokenization, Value, virtual goods, Virtual Worlds, Wallet What do you think about Alameda’s involvement in the NFT and ENS name markets? Let us know what you think about this subject in the comments section below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.

Redman has been an active member of the cryptocurrency community since 2011.He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial credit: Arkham Intelligence visualization, Dune Analytics, dappradar.com, Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.

Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Bankruptcy Genesis owes over $3.5B to top 50 creditors, owes $765.9M to Gemini Earn users Genesis owes over $3.5B to top 50 creditors, owes $765.9M to Gemini Earn users Monika Ghosh · 3 hours ago · 1 min read Genesis’ bankruptcy filing shows a much lower debt liability to Gemini Earn users than the $900M debt Cameron Winklevoss had claimed.1 min read Updated: January 20, 2023 at 8:09 am Cover art/illustration via CryptoSlate Genesis owes more than $3.5 billion to its top 50 creditors, according to its Chapter 11 bankruptcy filing.The filing shows that its biggest debt is $765.9 million to Gemini Earn users.However, earlier in January, Gemini co-founder Cameron Winklevoss had pegged Genesis’ total debt to over 340,000 Gemini Earn users at $900 million.Genesis files for Chapter 11 Genesis filed for bankruptcy on Jan.19 after struggling with liquidity issues since the collapse of FTX in November 2022.The names of more than half of the top 50 creditors were withheld in the bankruptcy filing.

The top 3 creditors whose names were kept confidential are owed a total of over $1 billion.Crypto fund Mirana Corp — which had reportedly sued Three Arrows Capital (3AC) over a loan agreement after it filed for bankruptcy — is the fifth largest creditor of Genesis.Genesis owes $151.5 million to Mirana.Other notable names in the Genesis creditors list include Moonalpha Financial Services — which conducts business as Babel Finance — crypto savings firm Donut, and VanEck New Finance Income Fund.

Genesis owes over $150 million, $78 million, and $53.1 million to Babel, Donut, and VanEck, respectively.Genesis also owes $18.72 million to trading firm Cumberland DRW, and $20 million to gaming firm Big Time Studios, which was founded by Decentraland co-founder Ari Meilich.Bankruptcy MakerDAO approves 85% Gemini USD holdings in DAI stablecoins MakerDAO approves 85% Gemini USD holdings in DAI stablecoins Soumen Datta · 37 mins ago · 2 min read Maker’s PSM poll showed 50.85% of participants supporting keeping the GUSD debt ceiling at $500 million, while the rest supported its removal.2 min read Updated: January 19, 2023 at 9:17 pm Cover art/illustration via CryptoSlate The MakerDAO community voted in favor of keeping Gemini USD stablecoin as part of the protocol’s DAI stablecoin reserves amid concerns about insolvency.

The MakerDAO community earlier started voting on two governance polls in an attempt to limit DAI’s exposure to Gemini due to the liquidity crisis plaguing Gemini’s Earn program.The GUSD stablecoin can be used as collateral to mint Maker’s DAI stablecoin.The poll that ended on January 19 avoided a tragedy for GUSD as 50.85% of the votes supported keeping the GUSD debt ceiling at $500 million in Maker’s Peg Stability Module (PSM), and 49.15% supported removing it completely.PSM is a mechanism that allows users to mint DAI in exchange for collateral accepted by Maker.Furthermore, it keeps DAI’s peg with the U.S.Dollar.

The outcome means that MakerDAO will continue to hold 85% of all GUSD in circulation in its PSM.Concerns about GUSD There have been concerns about MakerDAO’s exposure to Gemini, mainly with the $900 million Gemini Earn assets remaining locked up with Genesis, which has suspended withdrawals.

Gemini is also under pressure after it halted withdrawals from its yield-generating Earn program.Further, the U.S.Securities and Exchange Commission charged the exchange for alleged unregistered securities sales.A further concern for GUSD’s value is that it’s partly backed by cash held at Silvergate Capital.

The embattled crypto-friendly bank is one of the many firms that suffered from last year’s crypto-related meltdowns.However, Genesis CEO Tyler Winklevoss reassured the Maker community by stating the only exposure MakerDAO had to Gemini was through the Peg Stability Module.In addition, the CEO assured that the GUSD reserve backing DAI stablecoin would not be subject to bankruptcy proceedings.Maker currently has $489 million in GUSD collateral against its debt ceiling of $500 million, the maximum amount of DAI that can be minted with the Gemini Dollar.

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Bitcoin surpasses $22k as 20k BTC pulled off exchanges - Btcminingvolt

Got a story tip? Email [email protected] Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy...Alameda Research3 hours ago FTX Debtors’ List Of Assets Omits Mention Of Large Stash Of NFTs And ENS Names Owned By Alameda This week, FTX debtors issued a press release and a 20-page document noting…
Bitcoin surpasses $22k as 20k BTC pulled off exchanges – Btcminingvolt

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