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Tag: Genesis

  • Street Lines: 2026 Genesis GV70 3.5T Sport Prestige AWD 

    I have been impressed with what Genesis has produced over the past few years, and the 2026 Genesis GV70 3.5T Sport Prestige provided the perfect opportunity to see what the brand’s future brings. Ultimately, I will say it is very bright. The GV70 is an upgraded package of performance, luxury, and advanced technology which promises to be a true standout in the competitive compact luxury SUV sector. 

    The review car’s exterior introduced Genesis’ signature Ceres Blue exterior, a color inspired by the planet Ceres with a steadily changing tone of blue, gray, and some violet tones depending on how the light hits it; if I was a prospective buyer, I’d strongly consider it. Complemented with 21-inch alloy wheels, a bolder grille, panoramic sunroof, and custom two rows of LED lights, this GV70’s styling delivers a visual presence that’s modern, sophisticated, and with the Ceres paint, electric.

    Under the hood, the GV70’s 3.5-liter turbocharged V6 heart is paired with a smooth-shifting eight-speed automatic transmission, resulting in a punchy 375 horsepower and 391 pound-feet of torque. The standard AWD system and multiple drive modes—I used Sport+ whenever I had the chance—ensured optimal traction in various road conditions and made virtually any driving challenge worry free.

    Inside, the Sport Prestige trim is pampering. Carbon fiber trim accents, suede headliner, and adjustable interior ambient lighting create a tranquil, driver-focused environment with all the right luxurious appointments. Heated and ventilated front seats and heated second-row seats layered in eccentric Ultramarine-hued leather made the interior pop, while the tri-zone climate control allowed each passenger to personalize their riding experience. 

    On the tech side, the GV70’s technology suite is equally impressive. The 27-inch OLED panoramic instrument cluster with multiple panels, swipe screens, and surround view monitor creates an awesome cockpit experience. Keeping things incident free, the rear cross-traffic collision avoidance-assist, smart cruise control, head-up display and intelligent speed limit notification are certainly appreciated. Regarding convenience, the Genesis Digital Key 2 allowed entry without a traditional key fob, power hands-free smart liftgate, a repositioned wireless charger, and manual rear side sunshades elevated GV70’s practicality and convenience. With entertainment, the Apple CarPlay/Android Auto combo comes standard, and the theateresque Bang & Olufsen premium sound system is unmatched.

    More perks come with Genesis’ generous 5-year/60,000-mile new vehicle warranty and three-year/36,000-mile complimentary maintenance, along with connected services and routine map updates.

    The 2026 Genesis GV70 comes in six trims starting at $48,985, while the reviewed top-of-the-line 3.5T Sport Prestige AWD is around $71K. Ultimately, its masterful blend of style, athleticism, and cutting-edge technology with a value-focused approach makes this a contender to be the best compact luxury SUV pound for pound in the industry.
    Fuel Economy: 18 city/25 highway/21 combined. 

    Price: $71,095 is the starting price for this particular trim.

    For more information, visit Genesis.com.

    Photos courtesy of Genesis.

    Dennis Malcolm Byron aka Ale Sharpton

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  • ‘Car held hostage:’ Woman left without car for months as dealership ghosts her

    ‘Car held hostage:’ Woman left without car for months as dealership ghosts her

    HOUSTON – Have you ever had your car in the repair shop, and it just seems like it’s taking forever?

    For one Houston woman, it actually has taken forever.

    Helen Schilling has been without her wheels for nearly nine weeks.

    “It’s been almost a nine-week saga,” she said.

    Back in February, her Genesis sedan was giving her trouble. It turned out the battery, which she says was just replaced in November, had died.

    She had the car towed to Steele South Loop Hyundai, where she also needed some other recall work done.

    “I have two recall issues and there’s something wrong. The battery’s dead, and there’s something wrong with the electrical system,” Schilling said. “And they said, no problem.”

    Weeks went by with zero communication from the dealership. That’s when she started picking up the phone and calling the dealership.

    “It’s a virtual fortress, and you cannot speak to anyone. It’s only voicemail and texting,” Schilling said.

    Helen had enough. She called the Genesis corporate office, which is owned by Hyundai. There a claims representative told her they would gladly tow her car to the Genesis dealer in town.

    All they had to do was call and arrange it.

    “The case manager assigned to me said the problem was communication, and they were very difficult to communicate with. And I told her I certainly understood that,” Schilling said.

    STATEMENT FROM GENESIS:

    “At Genesis, the customer is at the center of every decision we make, and we aim to deliver a seamless and elevated experience at every touchpoint. In this case, Ms. Schilling’s experience fell short of our high standards for customer care, and we are working with our retail partners to continually improve and exceed customer expectations. While this matter is still ongoing, it has now been escalated to our national consumer affairs team and we aim to deliver a satisfactory resolution as swiftly as possible.”

    That’s when she asked KPRC 2 for help. We picked her up to take her down to the dealership for answers.

    There we met General Manager Bert Brocker.

    “I completely understand the frustration of you trying to call in,” he said. “You can’t get a hold of somebody that’s no good for nobody. So I do sincerely apologize for that.”

    Brocker agreed to an interview after his service team agreed to foot the bill for the tow truck which was on its way.

    It’s then we learned why Helen was having such a tough time getting answers.

    “I think the big thing is we took over, first of March,” Brocker said. “We have been having phone issues. I don’t deny that we’re working on it. This is not how we do business. This is not how I want to continue. We absolutely have blame. I’m not running from it. I accept full responsibility and will work on the parts I can correct.”

    He admits there are other cars, like Helen’s, that have been sitting on the lot for a while.

    But at least now, there’s one less car here and one more going to get fixed.

    To Helen, that’s a win worth smiling about.

    If you find yourself stuck between a rock and a hard place with your vehicle and a repair shop, there are some things you can do.

    The Texas Department of Motor Vehicles says you should always:

    • Check your warranty

    • Do your homework before you choose a mechanic or repair facility

    • Get everything in writing, and always keep a copy

    • Watch for scams

    • Know your rights

    It’s important to note: There is no license or test required for a mechanic to open up a shop or work on cars. That’s why you should ask if your mechanic is ASE certified. The National Institute of Automotive Service Excellence helps weed out good mechanics from bad ones.

    “Accordingly, it’s most important that the consumer chooses the right repair shop, understands the process, and recognizes when things are not going right,” TX DMV warns drivers.

    When it comes to picking the right repair shop, the Motorist Assurance Program has a list of verified, tried and tested shops that you can rely on.

    If you do feel like you’re being scammed or being taken advantage of, get in touch with the Texas Attorney General’s Office to File a Consumer Complaint.

    Copyright 2024 by KPRC Click2Houston – All rights reserved.

    Gage Goulding

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  • Gemini, Genesis motions to dismiss SEC Earn complaint denied

    Gemini, Genesis motions to dismiss SEC Earn complaint denied

    A U.S. judge found a lawsuit alleging securities violation by crypto companies Gemini and Genesis plausible. 

    District Judge Edgardo Ramos denied motions to dismiss filed by Gemini crypto exchange and crypto lender Genesis in a U.S. SEC complaint submitted over an Earn program hosted by both firms until late 2022. 

    In a March 13 court order, Judge Ramos said that the SEC provided sufficient grounds to allege that Gemini and Genesis violated U.S. securities rules. 

    The ruling issued in a Southern District of New York courthouse cited the Howey Test and Reves Test, referenced by the commission, as adequate justification for qualifying the Earn program under existing securities rules.

    At this stage, under both tests, the Court finds that the complaint plausibly alleges that Defendants offered and sold unregistered securities through the Gemini Earn program. As a result, Defendants’ motions to dismiss are denied.

    Judge Edgardo Ramos

    In the January 2023 lawsuit, SEC litigators argued that the crypto companies marketed this Earn product as an investment opportunity. Earn investors held profit expectations from the efforts of others, thus satisfying securities requirements according to the agency.

    Genesis, in particular, has previously attempted to dismiss the SEC’s complaints, claiming Gemini’s Earn program operated under a loan creation model rather than securities contracts. The Digital Currency Group subsidiary also reached a $21 million settlement with the commission in a civil lawsuit. 

    Both firms have been the subject of multiple enforcement actions launched by American regulators, including the New York Attorney General’s (NYAG) office. NYAG Letitia James sued the three firms, Gemini, Genesis, and DCG, for $1 billion in a supposed crypto fraud scheme. 


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    Naga Avan-Nomayo

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  • DCG Slams Genesis’ Bankruptcy Plan as ‘Act of Bad Faith’

    DCG Slams Genesis’ Bankruptcy Plan as ‘Act of Bad Faith’

    Digital Currency Group (DCG) has filed a motion objecting to the bankruptcy plan proposed by Genesis Global Capital, its subsidiary, citing violations of the Bankruptcy Code.

    The objection – lodged on February 5th – asserts that Genesis’ plan exceeds the legal entitlements of its customers, potentially favoring a select group of creditors while stripping DCG of its rights. Instead of adhering to US bankruptcy laws, the venture capital firm said that Genesis has suggested offering its customers extra payouts to compensate for the increasing value of cryptocurrencies.

    “Epitome of Bad Faith”

    In the official filing, DCG argued that while it would support a plan to pay creditors their full claims, Genesis’ proposal falls short of this standard. DCG maintained that Genesis should compensate its clientele and creditors no more than the assessed value of the crypto assets at the point of итс bankruptcy declaration in January 2023.

    The objection highlighted the disproportionate benefits granted to unsecured creditors, potentially violating fundamental principles of bankruptcy law.

    According to DCG, the proposed plan fails to comply with Section 502(b) of the Bankruptcy Code, which requires claims valuation in US dollars as of the petition date. By allowing certain claims to inflate based on asset appreciation post-petition, the plan allegedly facilitates an unlawful diversion of assets to favored creditors.

    “On top of all of this, a small group of particularly powerful creditors have also inserted favorable setoff provisions that allow them to minimize their obligations to the Debtors while maximizing their recoveries. Put simply, the influential creditors controlling the UCC and Ad Hoc Group have sought to enrich themselves by literally taking value from other stakeholders, and the Debtors caved to their demands in violation of their fiduciary duties.”

    The latest development comes exactly a month following DCG’s announcement that all short-term loans from Genesis have been successfully paid off. As reported earlier, DCG settled over $1 billion in debts to numerous creditors within the last twelve months, allocating close to $700 million to its bankrupt subsidiary.

    Genesis: The Bankruptcy Proceedings So Far

    Genesis filed for bankruptcy in January 2023 after suspending withdrawals amidst a liquidity crisis in mid-November 2022.

    Fast forward to 2024, Genesis and its subsidiaries disclosed settling with the United States Securities and Exchange Commission (SEC) in a lawsuit associated with its Gemini Earn lending program for $21 million.

    More recently, it petitioned the United States Bankruptcy Court for authorization to sell shares in the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG), totaling approximately $1.6 billion. The lending entity stated that the objective is to maximize the funds available for distribution to creditors.

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    Chayanika Deka

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  • Bankrupt Genesis Global Resolves SEC’s Earn Lawsuit

    Bankrupt Genesis Global Resolves SEC’s Earn Lawsuit

    Crypto lender Genesis Global has settled with the U.S. Securities and Exchange Commission (SEC) in a lawsuit related to its bankrupt Gemini Earn lending program.

    As part of the deal, Genesis has agreed to pay a $21 million civil penalty, contingent upon the full repayment of customers during its ongoing bankruptcy proceedings.

    Genesis Agrees to $21 Million Settlement

    The agreement, filed in U.S. Bankruptcy Court in Manhattan on Wednesday evening, allows Genesis to evade the expenses and uncertainties associated with defending itself against the SEC’s allegations of illegally selling securities.

    While Genesis did not admit or deny wrongdoing in the settlement, the resolution will enable the company to focus on repaying customers and other creditors during its bankruptcy proceedings. The deal stipulates that the $21 million fine will only be enforced if Genesis successfully fulfills its financial obligations to creditors.

    To expedite the resolution and streamline the bankruptcy process, Genesis is pushing forward with a liquidation plan that aims to repay customers in cash or cryptocurrency, depending on the types of currency deposited in the Earn program. The company will seek court approval of its bankruptcy plan on February 14.

    The settlement agreement is pending approval by a bankruptcy judge and, if successful, will mark a significant step in resolving the legal challenges surrounding the Gemini Earn program.

    Genesis Faces Potential Industry Ban

    The SEC lawsuit against Genesis was initiated just before Genesis sought bankruptcy protection in January 2023. The legal dispute revolved around Genesis and Gemini Trust, jointly overseeing the Gemini Earn program.

    Launched in December 2020, the program allowed Gemini customers to lend their crypto assets to Genesis, earning interest and amassing billions in crypto assets from investors.

    Allegations from the SEC accused both companies of illegally selling securities to hundreds of thousands of investors through the program. The collaboration stopped during a crypto market downturn in November 2023, leading to legal proceedings between Genesis, Gemini, and Genesis’s parent company, Digital Currency Group (DCG).

    Meanwhile, Genesis, Gemini, and DCG are facing a parallel enforcement action initiated by New York Attorney General Letitia James. The Attorney General seeks to ban these companies from the financial investment industry in New York while obtaining restitution for affected investors and securing the disgorgement of ill-gotten gains.

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    Wayne Jones

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  • DCG Announces Successful Repayment of Genesis' Loans, Clears $1B Debt

    DCG Announces Successful Repayment of Genesis' Loans, Clears $1B Debt

    The Digital Currency Group (DCG) has announced completing a payoff of all short-term loans from its bankrupt subsidiary Genesis, according to its official announcement on January 6th.

    Over the past year, DCG has paid off more than $1 billion of debt to various creditors. The venture capital giant directed nearly $700 million towards Genesis, thereby fulfilling all its current obligations.

    DCG Completes $700 Million Payoff

    Confirming the development, Barry Silbert the founder and CEO of Digital Currency Group (DCG) stated,

    “I’m happy to share that @DCGco completed a full pay down of the money borrowed from Genesis. We have now repaid over $1 bn of debt, including this ~$700 mm, despite the headwinds faced by the industry. I’m excited about the industry’s next chapter and DCG’s leadership role in it.”

    After ceasing withdrawals in November 2022, Genesis officially filed for bankruptcy in January 2023. In the following September, Genesis initiated legal action against its parent company to recover an overdue loan amount exceeding $610 million, which was set to mature in May 2023. Court documents revealed that DCG had a total debt exceeding $1.7 billion owed to the lender and other creditors.

    In a complaint filed in the same month, Genesis also aimed to reclaim 4,550 BTC, valued at approximately $199 million. However, in November, Genesis and DCG struck a repayment deal, wherein the parent company committed to paying $200 million.

    Meanwhile, the outstanding loan amount must be settled with Genesis by April 2024, according to the terms outlined in the plan approved by the federal bankruptcy court.

    DCG to Retain Stake Until Bankruptcy Resolved

    The DCG is set to maintain its current ownership structure until the conclusion of Genesis’ bankruptcy proceedings. The venture capital firm’s ownership stake in Genesis is required to remain above 80% until the lender’s Chapter 11 plan receives approval or undergoes conversion into a Chapter 7 proceeding.

    This decision enables Genesis to maintain its safeguard within DCG’s tax consolidated group, preserving the potential value of federal net operating loss carryforwards (NOLs). This tax advantage allows Genesis to offset losses against future profits, potentially preserving benefits on $700 million in NOLs.

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    Chayanika Deka

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  • Unidentified wallet sends $1.2m BTC to Satoshi Nakamoto

    Unidentified wallet sends $1.2m BTC to Satoshi Nakamoto

    An unidentified individual initiated a transaction on Jan. 5, depositing 26.9 BTC, valued at approximately $1.19 million, into the Genesis wallet — the first wallet ever created on the Bitcoin (BTC) network by the pseudonymous entity known as Satoshi Nakamoto.

    This transaction occurred at 1.52 AM ET, two days after Bitcoin celebrated its 15th anniversary, and was noteworthy because it was impossible to retrieve. 

    On-chain analytics platform Arkham Intelligence reported that before depositing the Bitcoins into the Genesis wallet, the mysterious wallet’s owner funded it through intricate transactions involving diverse addresses.

    Source: Arkham Intelligence

    Arkham Intelligence also revealed that it had traced most of the funds back to a wallet that Binance is believed to own. 

    Just before the transfer to the Satoshi Nakamoto wallet, the mysterious sender withdrew nearly 27 BTC from the Binance exchange, with the wallet’s activity log only recording these two transactions.

    Given that the law requires crypto exchanges such as Binance to have stringent KYC procedures, some believe the identity of the individual behind the transfer to Nakamoto’s wallet is potentially known to the Binance compliance team.

    Reacting to the news, a Coinbase director, Conor Grogan humorously commented, “Either Satoshi woke up, bought 27 Bitcoins from Binance, and deposited them into their wallet, or someone just burned a million dollars.”

    The Genesis wallet, known to be the brainchild of the pseudonymous inventor of Bitcoin, Satoshi Nakamoto, has primarily amassed trivial dust transactions since its inception on Jan. 3, 2009. 

    While it’s theoretically possible that Nakamoto still possesses the private keys to these wallets and could transfer the funds, the prevailing belief is that it’s highly improbable. 

    Evidence supporting this belief is that funds from Nakamoto-associated wallets, including the Genesis block’s funds, have not budged since the Bitcoin inventor’s disappearance in December 2010.

    Initially, when Nakamoto vanished, the Genesis wallet held 50 BTC. However, over the years, the wallet has witnessed an inflow of funds, reaching 72 BTC by the end of 2023. This latest transaction has increased the wallet’s balance to approximately 99.68 BTC, translating to around $4.3 million at current rates.

    In the wake of this unexpected transaction, crypto enthusiasts have put forth several theories about it. 

    Some believe it to be a tribute to the creator of Bitcoin, considering it occurred two days after Bitcoin’s 15th anniversary. Others speculate it could be a massive financial blunder or a costly publicity stunt. 

    At the same time, some perceive it as an attempt to stir euphoria ahead of the anticipated approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC).


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    Julius Mutunkei

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  • CEHV partner suggests uncertain times ahead amid Genesis shutdown 

    CEHV partner suggests uncertain times ahead amid Genesis shutdown 

    With many analysts speculating the outcomes of the Spot Bitcoin ETF race, partner at CEHV, Adam Cochran, shares his perspective in a Nov. 8 post on X.

    From Cochran’s perspective, while odds are good for other ETFs, the Digital Currency Group (DCG) and more specifically the asset management unit Grayscale, may be have a tough road ahead.

    Effects of Genesis’ downfall

    Cochran suggests that DCG CEO Barry Silbert’s situation comes as a result of the Genesis shutdown, the absence of updates regarding GBTC conversion following a court case, the lack of price arbitrage opportunities on smaller trusts, ongoing discussions surrounding a potential fraud investigation, and the ongoing legal case with Gemini, all contributing to an atmosphere of uncertainty and concern.

    In a follow-up post in his thread, Cochran goes on to share that although there remains the possibility of obtaining a GBTC conversion, the likelihood of GBTC gaining approval does not necessarily insulate Silbert and Grayscale from broader challenges. 

    Cochran ends the thread questioning whether the 10% discount offered is worth the decision to refrain from holding direct BTC while awaiting BlackRock’s potential approval.

    Continuing the race

    Days earlier, Co-founder of Valkyrie Investments Steven McClurg shared that the SEC is in a position to grant approval to several spot Bitcoin ETF applications in November 2023.

    In the evaluation, McClurg notes that companies have effectively addressed the concerns related to market manipulation that had been raised by the regulator. Therefore, while the SEC may issue another round of comments to the entities that submitted ETF applications in the coming one to three weeks, an approval of 19b-4 rule changes is likely shortly after.


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    Sarah Jansen

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  • BTC above $35K, SBF testifies, Gemini, Elon Musk | Recap 

    BTC above $35K, SBF testifies, Gemini, Elon Musk | Recap 

    This week saw Bitcoin (BTC) hit a new yearly high; Sam Bankman-Fried testifies; Gemini sues Genesis Global, Elon Musk has crypto plans and regulatory efforts resurface.

    Bankman-Fried testifies

    FTX founder Sam Bankman-Fried took the stand on day 13 of his trial to deliver testimony, leveraging a remarkable “I don’t recall” approach in his speech to the judges.

    Bankman-Fried claimed that FTX refrained from utilizing auto-deletion mechanisms for their decision-making channels and leaned heavily on Signal for security measures. Furthermore, he deflected accountability onto his legal counsel, underscoring his lack of knowledge regarding specific aspects.

    The 14th day of the trial also saw Bankman-Fried on the stand. He attributed Alameda’s management turmoil to his former partner, Caroline Ellison, and candidly admitted to utilizing customer funds for political contributions. 

    Key highlights from his testimony involved vehemently refuting any allegations of fraud, asserting that he sourced funds from various channels for Alameda, and expressing dissent toward his colleagues’ moniker for the company. 

    He claimed their extensive global travels as a pursuit of a more ‘adaptable’ regulatory landscape and emphasized how FTX’s assertive promotional endeavors were underpinned by loans from Alameda.

    Despite his proposing a $2 billion safety buffer, Alameda didn’t adhere to a hedge against its bets. Subsequently, in the autumn of 2022, he contemplated the closure of Alameda and told Adam Yedidia that FTX doesn’t possess an impervious shield against a collapse.

    Turkey and Taiwan step up

    Turkey reemerged in the crypto arena with a strategic agenda. They resolved to address cryptocurrency taxation and related regulatory measures as integral components of their 2024 Presidential Annual Program. In a departure from prior deliberations, tangible progress is now evident in the implementation of these regulations.

    Taiwan decided to take a serious stance on cryptocurrencies, exemplified by the introduction of the Virtual Asset Management Bill in their legislative body, the Legislative Yuan. 

    The bill is all about bringing some order to the local crypto industry, with a 30-page document that defines virtual assets, sets rules for asset operators, tightens consumer protection, and insists on industry cooperation and regulatory approvals as a prerequisite for operation.

    Regulatory uncertainty

    Meanwhile, the regulatory atmosphere in the US remained uncertain, with complaints from industry leaders piling up each day. This week, SEC commissioner Hester Peirce lent her voice against the agency’s crackdown on the crypto industry.

    Peirce expressed her dissatisfaction with the SEC’s approach to cryptocurrency enforcement, with a particular focus on their recent dispute with LBRY. She highlighted that LBRY had a functional blockchain with practical utility, and she attributed the SEC’s actions as a contributing factor to its demise. 

    Peirce raised questions regarding the overall benefit to investors and the market resulting from these actions. She characterized the SEC’s strategy in the crypto scene as “misguided” and posits that a more constructive path would involve developing clear regulatory frameworks instead of engaging in blame-oriented discourses.

    Kraken has reluctantly decided to start the sharing of user information with the IRS, effective from next month. This decision stemmed from a court mandate received in June, leaving the exchange with limited alternatives. 

    The IRS and Kraken had been embroiled in a protracted legal dispute since May 2021, with the tax authority’s primary aim being the identification of tax evaders. Despite Kraken’s persistent resistance, the Federal Court ultimately adjudicated in favor of sharing user data to facilitate tax compliance verification.

    Binance woes

    As Binance’s regulatory woes mounted, the company witnessed another departure this week. Binance’s Chief of Compliance for the UK, Jonathan Farnell, made a notable departure from the company. He had relinquished his senior position at Binance Europe in June and finalized his departure from Binance Markets Limited at the close of September. 

    Meanwhile, U.S. legislators Cynthia Lummis and French Hill believe a comprehensive examination of Binance is long overdue. They have written a letter to the Department of Justice, recommending a thorough investigation of Binance and Tether. 

    Apparently, apprehensions have surfaced regarding the potential use of cryptocurrencies for less-savory purposes. Senator Lummis is urging a closer scrutiny of this matter, with the letter co-signed by Rep. French Hill.

    This is in addition to existing legal issues Binance has with the U.S. SEC and the CFTC, and the recent staff departures. Amid these concerns, reports from this week suggested that Binance CEO Changpeng Zhao had seen his net worth drop by $11.9 billion to a current value of $17.3 billion.

    DCG, Genesis and Gemini take the spotlight 

    Notably, Digital Currency Group (DCG) and its bankrupt subsidiary Genesis Global took the spotlight this week along with Gemini, as the trio look to navigate their financial woes. DCG revealed a 23% surge in revenue to $188 million in its third-quarter revenue report. 

    Simultaneously, the company remains committed to resolving the financial obligations associated with its crypto-lending platform, Genesis. The financial boost is attributed to the crypto market’s recent resurgence, marking a rebound from the challenges of the previous year.

    However, DCG is still embroiled in legal troubles with Letitia James, the New York State Attorney General. Alongside Gemini and Genesis, DCG faces a lawsuit alleging involvement in a $1 billion investor-unfriendly scheme relating to Gemini’s Earn program.

    This week, Gemini and Genesis officially entered into a legal tussle over $1.6 billion worth of Grayscale Bitcoin Trust (GBTC) shares. Gemini filed a legal motion, aiming to nullify Genesis’ claim to these shares, stemming from their previous partnership in the Earn program.

    Gemini views these GBTC shares as a potential solution to assist stranded Earn Users who have been unable to access their funds since Genesis halted withdrawals. This conflict occurs within the context of Genesis’ ongoing bankruptcy, and Gemini suggests that Genesis may access funds intended for Earn customers. 

    Bitcoin hits new yearly high above $35K

    The chaos in the crypto scene did little to hamper Bitcoin’s growth. The asset continued to register more gains after its impressive performance last week. Amid the sustained bullish run, reports confirmed that Michael Saylor’s MicroStrategy was now seeing a $54.27 million profit in its bag as BTC traded at $29,925.

    Bitcoin continued the upsurge, eventually rallying to a high of $35,280 on Oct. 24, its highest value this year and since May 2022. The BTC rally reverberated across the crypto ecosystem, triggering an increase in crypto-related shares such as Coinbase’s COIN and Grayscale’s GBTC. As these shares increased, Ark Invest sold $5.8 million worth.

    In the wake of the renewed optimism, several industry leaders and crypto-focused firms began projecting higher price levels, especially in the context of a spot ETF approval. Grayscale predicted a 74% increase in Bitcoin’s value a year after the approval of a spot ETF.

    On Oct. 26, veteran market analyst Peter Brandt asserted that Bitcoin has already witnessed its bottom. The trader projected a sudden surge to new highs, in a journey characterized by rocky price movements. 

    Bitcoin eventually dropped from the $35,000 price threshold but has held up well above $34,000, sustaining the positive sentiments. However, not all pundits are bullish. Glauber Contessoto advised caution amid the price surge, warning it could be a bull trap.

    Overall, this week was generally bullish for Bitcoin, as the asset recorded five winning days out of seven. Bitcoin’s intraday losses only came up on Oct. 26 and 27, when the asset dropped by a mere 1.76% in both days. In all, BTC saw a 14.8% increase this week.

    Elon Musk’s big plans for crypto: analyst

    Elon Musk will likely incorporate Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE) and potentially other major cryptocurrencies into X’s services. The so-called “everything app” could also potentially utilize Lightning Network for instant transfers and have a built-in crypto wallet and exchange.

    If Musk executes these ambitions, it would be a huge catalyst for crypto adoption, according to analyst CryptosRUs. Combined with other potential developments like spot Bitcoin ETF approvals and new regulations in 2024, the analyst predicts it will be a breakout year for the crypto market.

    Also, in an all-hands call on Oct. 26, Musk reportedly shared his vision for X becoming a central hub for financial matters. With previous reports of quiet Dogecoin development and the CEO’s history of sparking price rallies, new 2024 features of X remain of interest to the cryptocurrency industry.


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    Wahid Pessarlay

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  • SBF takes the stand, ‘buy Bitcoin’ searches soar and other news: Hodler’s Digest, Oct. 22-28

    SBF takes the stand, ‘buy Bitcoin’ searches soar and other news: Hodler’s Digest, Oct. 22-28

    Top Stories This Week

    Sam Bankman-Fried takes the stand on FTX’s collapse

    Sam “SBF” Bankman-Fried testified this week in his ongoing criminal trial in the Southern District of New York, denying any wrongdoing between FTX and Alameda Research while acknowledging making “big mistakes” during the companies’ explosive growth. Highlights of his testimony include denying directing his inner circle to make significant political donations in 2021, as well as claims that FTX’s terms of use covered transactions between Alameda and the crypto exchange. Additionally, Bankman-Fried testified that he requested additional hedging strategies for Alameda in 2021 and 2022, but they were never implemented. The trial is expected to conclude within the next few days.

    ‘Buy Bitcoin’ search queries on Google surge 826% in the UK

    Google searches for “buy Bitcoin” have surged worldwide amid a major crypto rally, with searches in the United Kingdom growing by more than 800% in the last week. According to research from Cryptogambling.tv, the search term “buy Bitcoin” spiked a staggering 826% in the U.K. over the course of seven days. In the United States, data from Google Trends shows that searches for “should I buy Bitcoin now?” increased by more than 250%, while more niche searches, including “can I buy Bitcoin on Fidelity?” increased by over 3,100% in the last week. Zooming out further, the search term “is it a good time to buy Bitcoin?” saw a 110% gain worldwide over the last week.

    US court issues mandate for Grayscale ruling, paving way for SEC to review spot Bitcoin ETF

    The United States Court of Appeals has issued a mandate following a decision requiring Grayscale Investments’ application for a spot Bitcoin exchange-traded fund (ETF) to be reviewed by the Securities and Exchange Commission (SEC). In an Oct. 23 filing, the “formal mandate” of the court took effect, paving the way for the SEC to review its decision on Grayscale’s spot Bitcoin ETF. The mandate followed the court’s initial ruling on Aug. 29 and the SEC’s failure to present an appeal by Oct. 13. To date, the SEC has yet to approve a single spot crypto ETF for listing on U.S. exchanges but has given the green light to investment vehicles linked to Bitcoin and Ether futures.



    Coinbase disputes SEC’s crypto authority in final bid to toss regulator’s suit

    The U.S. Securities and Exchange Commission overstepped its authority when it classified Coinbase-listed cryptocurrencies as securities, the exchange has argued in its final bid to dismiss a lawsuit by the securities regulator. In an Oct. 24 filing in a New York District Court, Coinbase chastised the SEC, claiming its definition for what qualifies as a security was too wide, and contested that the cryptocurrencies the exchange lists are not under the regulator’s purview. The SEC sued Coinbase on June 6, claiming the exchange violated U.S. securities laws by listing several tokens it considers securities and not registering with the regulator.

    Gemini sues Genesis over GBTC shares used as Earn collateral, now worth $1.6B

    Cryptocurrency exchange Gemini filed a lawsuit against bankrupt crypto lender Genesis on Oct. 27. At issue is the fate of 62,086,586 shares of Grayscale Bitcoin Trust. They were used as collateral to secure loans made by 232,000 Gemini users to Genesis through the Gemini Earn Program. That collateral is currently worth close to $1.6 billion. According to the suit, Gemini has received $284.3 million from foreclosing on the collateral for the benefit of Earn users, but Genesis has disputed the action, preventing Gemini from distributing the proceeds. Genesis filed for bankruptcy in January. It had suspended withdrawals in November 2022, which impacted the Gemini Earn program.

    Winners and Losers

    At the end of the week, Bitcoin (BTC) is at $34,143, Ether (ETH) at $1,789 and XRP at $0.54. The total market cap is at $1.26 trillion, according to CoinMarketCap.

    Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are Pepe (PEPE) at 72.08%, Mina (MINA) at 55.47% and FLOKI (FLOKI) at 53.33%. 

    The top three altcoin losers of the week are Bitcoin SV (BSV) at -10.27%, Toncoin (TON) -3.14% and Trust Wallet Token (TWT) at -0.82%.

    For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

    Read also


    Features

    Soulbound Tokens: Social credit system or spark for global adoption?


    Features

    Ethereum restaking: Blockchain innovation or dangerous house of cards?

    Most Memorable Quotations

    “The witness [Sam Bankman-Fried] has an interesting way of responding to questions.”

    Lewis Kaplan, senior judge of the U.S. District Court for the Southern District of New York

    “When it comes to illicit finance, crypto is not the enemy – bad actors are.”

    Cynthia Lummis, U.S. senator

    “I should say, I am not a lawyer, I am just trying to answer based on my recollection. […] At the time [at] FTX, certain customers thought accounts would be sent to Alameda.”

    Sam Bankman-Fried, former CEO of FTX

    “Without prejudging any one asset, the vast majority of crypto assets likely meet the investment contract test, making them subject to the securities laws.”

    Gary Gensler, chair of U.S. Securities and Exchange Commission

    “I do not believe there has been a single serious conversation regarding a settlement between Ripple […] and the SEC. The SEC is pissed and embarrassed and wants $770M worth of flesh.”

    John Deaton, attorney

    “He [Sam Bankman-Fried] thought he was going to take that money, and […] he would out-trade the market and put the money back and end up as a half-a-trillionaire, but it never works like that.”

    Anthony Scaramucci, founder of SkyBridge Capital

    Prediction of the Week 

    Bitcoin beats S&P 500 in October as $40K BTC price predictions flow in

    Bitcoin surfed $34,000 at the end of the week as attention turned to BTC price performance against macro assets. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD holding steady, preserving its early-week gains.

    The largest cryptocurrency avoided significant volatility as the weekly and monthly closes — a key moment for the October uptrend — drew ever nearer.

    “I think Bitcoin will hang around this range for some time,” popular pseudonymous trader Daan Crypto Trades told X subscribers in one of several posts on Oct. 27. “Roughly $33-35K is what I’m looking at as a range. Eyes on potential sweeps of any of these levels for a quick trade,” he wrote.

    FUD of the Week 

    UK passes bill to enable authorities to seize Bitcoin used for crime

    Lawmakers in the United Kingdom have passed legislation allowing authorities to seize and freeze cryptocurrencies like Bitcoin if used for illicit purposes. Introduced in September 2022, the passed legislation aims to expand authorities’ ability to crack down on the use of cryptocurrency in crimes like cybercrime, scams and drug trafficking. One of the provisions of the bill permits the recovery of crypto assets used in crimes without conviction, as some individuals may avoid conviction by remaining remote.

    Scammers create Blockworks clone site to drain crypto wallets

    Phishing scammers have cloned the websites of crypto media outlet Blockworks and Ethereum blockchain scanner Etherscan to trick unsuspecting readers into connecting their wallets to a crypto drainer. A fake Blockworks site displayed a fake “BREAKING” news report of a supposed multimillion-dollar “approvals exploit” on the decentralized exchange Uniswap and encouraged users to visit a fake Etherscan website to rescind approvals. The fake Uniswap news article was posted on Reddit across several popular subreddits.

    Kraken to suspend trading for USDT, DAI, WBTC, WETH and WAXL in Canada

    Kraken will suspend all transactions related to Tether, Dai, Wrapped Bitcoin, Wrapped Ether and Wrapped Axelar in Canada in November and December. The suspensions may not surprise many Canadian cryptocurrency users, as they come on the heels of several other notable exchanges taking similar actions throughout 2023. OKX ceased operations in Canada in June after Binance announced its intention to do so in May.

    5,050 Bitcoin for $5 in 2009: Helsinki’s claim to crypto fame

    Helsinki has a long and fascinating history with cryptocurrency, including the first exchange of Bitcoin for United States dollars.

    Australia’s $145M exchange scandal, Bitget claims 4th, China lifts NFT ban: Asia Express

    Australian police bust $145 million money laundering scam, Bitget gains market share in Q3, China unblocks NFTs, and more.

    How blockchain games fared in Q3, Upland token on ETH: Web 3 Gamer

    $2.3B tipped into Web3 games so far this year, ex-GTA devs’ studio teams up with Immutable, Brawlers to launch on Epic Games Store, and more.

    Editorial Staff

    Cointelegraph Magazine writers and reporters contributed to this article.

    Cointelegraph By Editorial Staff

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  • Entrepreneur | The Highest-Paid Entertainer of 2022 Is Not Who You Think

    Entrepreneur | The Highest-Paid Entertainer of 2022 Is Not Who You Think

    Forbes just released its annual list of “The World’s 10 Highest-Paid Entertainers in 2002” — and they’re not all who you’d think.

    Classic English rock band Genesis took the top spot, earning $230 million in a single year. Genesis, which released its first album in 1969, launched the careers of both Peter Gabriel and Phil Collins, releasing such hit songs as “Invisible Touch” and “That’s All.”

    But those songs dropped way back in the 1980s, so how did Genesis make so much money last year? One word: Publishing.

    According to Forbes, Genesis sold the rights to their music catalog to Concord Music Group in September for $300 million. The deal also included some of Phil Collins’ solo work, including his hit song “In The Air Tonight.”

    Genesis weren’t the only greying rockers to kill it in 2022.

    Sting was the second highest-paid entertainer. The former Police frontman and solo star of the 80s sold his entire songwriting catalog, including his work with the Police (“Every Breath You Take”) and his solo hits (“If You Love Somebody Set Them Free”), to Universal Music Group for $210 million.

    Genesis and Sting were the latest benefactors of major music conglomerates and companies, like JP Morgan and BlackRock, investing in artists’ music catalogs, which they believe are undervalued in the age of streaming.

    Related: Elon Musk Isn’t the World’s Richest Person Anymore — Here’s Who Stole His Title

    Who else made the list?

    Not all the big earners last year were in their 70s. Other highly-paid entertainers include Taylor Swift (#9), who earned $92 million from her record sales, streaming, digital downloads, and licensing.

    And that was last year.

    “Crashing Ticketmaster with insane demand for her Midnights tour in November suggests an even bigger 2023 for her,” wrote Forbes.

    Latin rapper Bad Bunny was the 10th highest-paid entertainer of 2022, earning $88 million, thanks to his two tours and endorsements from Corona, Cheetos, and Adidas.

    Here is the entire list:

    1. Genesis ($230 million)

    2. Sting ($210 million)

    3. Tyler Perry ($175 million)

    4. Trey Parker and Matt Stone ($160 million)

    5. James L. Brooks and Matt Groening ($105 million)

    6. Brad Pitt ($100 million)

    7. The Rolling Stones ($98 million)

    8. James Cameron ($95 million)

    9. Taylor Swift ($92 million)

    10. Bad Bunny ($88 million)

    Jonathan Small

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  • Top Smash Ultimate Player Throws Controller At Tournament, Sparks ‘Privilege’ Discourse

    Top Smash Ultimate Player Throws Controller At Tournament, Sparks ‘Privilege’ Discourse

    Genesis 9, a major fighting game tournament, took place over the weekend. There were stellar combos and massive upsets as the supermajor event for Super Smash Bros. Melee and Ultimate concluded on January 22. Unfortunately, while the tournament was underway, one of Canada’s top Kazuya players, Michael “Riddles” Kim, sparked some heated discourse in Ultimate’s community around “top player privilege” and “ego problems” when he threw his controller after losing a match.

    Considered one of the best Kazuya and Terry mains in Canada, Riddles is ranked ninth in all of North America. A member of the esports organization Team Liquid, Riddles has placed in the top 10 at just about every tournament he’s competed in, with his last first-place win being at the November 2022 Path to Glory tournament in Saskatchewan where he took home approximately $11,000 alongside the top spot. In short, the Super Smash Bros. community sees Riddles as goated. So, knowing he was entering Genesis 9, a California tournament stacked to the brim with top-tier talents such as Steve player acola and Marth main MKLeo, his ardent fans and interested onlookers were expecting him to perform. He did, but not to the level he, or the game’s community, might’ve hoped for.

    Riddles found himself in the losers’ bracket after losing a close set against Palutena player Chase. Riddles would win the next two matches in that bracket, only to wind up facing off against France’s Lucina main, Nassim “Leon” Laib. The bout started heavily in Riddles’ favor. However, Leon had Riddles’ number on speed dial, as Leon switched to Chrom and gave Riddles little room to breathe.

    It all came to a head when, in the last bout, Leon absolutely bodied Riddles in spectacular fashion. Riddles lost that match. After sitting in his chair for a while, the frustration clearly visible on his face and his opponent no longer on screen, Riddles threw his controller down hard before leaving the arena.

    Folks were perplexed by the upset as Riddles was a top seed, meaning he was expected to place pretty high. Leon, however, is ranked 77th. The odds were ever in Riddles’ favor, as evidenced on the faces of those around the two players. Aside from congratulating Leon on his victory, most people were stunned by what happened. There were a few taking pictures of Riddles sulking in his chair, but most of everyone else in the immediate vicinity was shooketh.

    ScreenKO

    It’s this brief moment that has ignited the Super Smash Bros. community into discoursing about popping off in a professional setting.

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    “You throw the controller,” one tweeter said to Riddles in all caps. “Do you know how much you make people suffer? You lost [and] got outplayed by a neutral character. You just cheese people at 0 so [fuck] off.”

    “It’s called holding people accountable,” another tweeter said. “Something this community needs more of actually.”

    “It doesn’t matter if he is humble, he still had that moment,” a third tweeter said. “If you give him a pass now, 9 times outta 10, it’ll happen again. Just stop fam lmao. Everyone has those moments, we get it, but shrugging it off like this just shows why top player privilege is a thing.”

    The comments on the above YouTube video aren’t much better, with some agreeing Riddles “has no right to be salty or rage” and that he’s “a little baby” who needs to “man up.” Others laughed at the incident, while a few folks memed his name, calling him “Shittles” instead. One person even said Riddles has “insane ego problems” for reacting this way. Sheesh.

    This is because Riddles mains Kazuya Mishima, one of Tekken’s protagonists, the 81st combatant part of Super Smash Bros. Ultimate’s Fighters Pass Vol. 2, and a notorious character in the game’s scene. Kazuya is a combo-heavy fighter in Ultimate, primarily relying on his electric wind god fist to stun his opponents and rack up some heavy damage. Kazuya, and this stun move especially, have been thorns in the community’s side, with Ultimate players regularly asking for Kazuya (as well as Steve from Minecraft) to get banned from tournament use. In short, Riddles receives a lot of hate because of the character he plays, and his loss to Leon and the resulting explosion on camera, was an excuse to pile on—to the point that Riddles ended up deactivating his Twitter account.

    Kotaku reached out to Riddles for comment.

    In Twitter DMs with Kotaku, Leon said he was both afraid of and motivated by Riddles, ready to face him in the Genesis 9 competition. Leon didn’t anticipate beating Riddles, though, saying he was “very surprised and shocked” to do so with his secondary character, Chrom. He also wasn’t totally surprised by Riddles’ reaction to the upset after the fact, although he didn’t completely agree with his opponent’s behavior.

    “[Riddles’ reaction was] completely [unwarranted] in any kind of big competition. It’s easy to see that,” Leon said. “Throwing your own controller to [release] frustration isn’t the best move, but it concerns only him and himself. As long as he respects his opponents (which was the case with me), there is nothing very disgusting [about what he did]. I would be sad and frustrated to get out of the tournament that early, too.”

    Not everyone is dragging Riddles for the way he popped off at Genesis 9. Multiple top players, from former competitor Yonni to big-name player Justin Wong to Moist Esports’ Aaron Wilhite, defended Riddles’ actions. It’s kind of ironic when you think about it, as a few days before Genesis 9 kicked off, an Italian Smash player was banned from tournaments going forward after literally slapping his opponent during a livestream. Riddles, on the other hand, took his frustration out on an inanimate object and announced he would take a long break in his Discord. I’m not entirely sure what the community wants from Riddles, or top players in general, but asking that they be robots and show no emotion just ain’t it. I mean, I still occasionally throw my controllers because video games make me angry. It’s human nature, right? At least Riddles didn’t take it out on his competitor.

     

    Levi Winslow

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  • Crypto Lender Genesis Files For Chapter 11 Bankruptcy

    Crypto Lender Genesis Files For Chapter 11 Bankruptcy

    Genesis’s two lending subsidiaries, Genesis Global Capital and Genesis Asia Pacific, have filed for Chapter 11 bankruptcy.

    According to the announcement, the firm aims to enact “a global resolution to maximize value for all clients and stakeholders and strengthen its business for the future.”

    In November 2022, Genesis Global Capital halted their operations, freezing withdrawals amidst a liquidity crisis that came as a result of the implosion of the FTX cryptocurrency exchange. The lending arm was FTX’s largest unsecured lender, with claims amounting to more than $226 million.

    Bitcoin Magazine PRO described how the firm needed a liquidity injection of at least $1 billion dollars in order to save itself — but this did not happen. In January 2023, Genesis’ parent company, Digital Currency Group, was accused by Gemini President Cameron Winklevoss of using Genesis in an elaborate high-yield scheme which transferred the high-risk of these yield generating investments to Gemini’s Earn product users. Gemini Earn was earning this yield via Genesis, which, according to the statements made by Winklevoss, Gemini believed to be a reputable counterparty.

    “Genesis has proposed a roadmap to an exit including a Chapter 11 plan that calls for a framework for a global resolution of all claims through, and the creation of, a trust that will distribute assets to creditors,” the filing describes. “All aspects of the restructuring process will be overseen by an independent special committee of the company’s board of directors.”

    BtcCasey

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  • Gemini’s Winklevoss Alleges DCG, Genesis Defrauded His Exchange And 340,000 Users

    Gemini’s Winklevoss Alleges DCG, Genesis Defrauded His Exchange And 340,000 Users

    The Co-Founder of Gemini, Cameron Winklevoss, has released an extensive letter alleging that Genesis and its parent company, Digital Currency Group (DCG), defrauded Gemini and more than 340,000 Gemini Earn users. The letter also levies substantial claims of fraud against Barry Silbert and other key personnel at the companies. 

    The letter alleges that after Genesis Global Capital LLC, Genesis Trading’s $2.8 billion crypto lending arm, realized losses of at least $1.2 billion in the wake of cryptocurrency hedge fund Three Arrows Capital’s collapse, instead of taking action to restructure and protect users, the fund tried to defraud others into believing that $1.2 billion of working capital had been injected into the company.

    Instead of doing this, however, the firm allegedly marked a 10-year promissory note down as a current asset, which normally “refers to cash, cash equivalents, or other assets that can be exchanged into cash within one year,” according to the letter. However, Winklevoss writes that, “A promissory note with a principal repayment due in 10 years falls outside the definition of a ‘current asset’ by a country mile.”

    BtcCasey

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  • World’s First Car-Powered DJ Set to Be Fueled Entirely From Electric Vehicle Battery – EDM.com

    World’s First Car-Powered DJ Set to Be Fueled Entirely From Electric Vehicle Battery – EDM.com

    Luxury automaker Genesis Motor is jumpstarting the DJ booth for a night powered completely by the battery of their electric SUV, the GV60.

    Genesis is pulling up to power the global livestream set, which will be free to all viewers. The Korean automaker is teaming up with Grammy-nominated DJ and dance music producer Jayda G to soundtrack the night. She’ll be supported by Korean artist Didi Han. 

    While the idea to create a full-fledged nightlife experience powered entirely by a car battery would ordinarily seem unlikely to succeed, Genesis’ GV60 is well-equipped for the effort. The vehicle’s proprietary vehicle-to-load technology allows the car to channel its energy towards powering outside devices.

    Cameron Sunkel

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  • Crypto Lender Genesis Is On The Chopping Block As Contagion Continues

    Crypto Lender Genesis Is On The Chopping Block As Contagion Continues

    The below is an excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

    Genesis Looks For Liquidity Injection

    If you don’t know about Genesis Trading perhaps you should. They represent the backbone infrastructure of the institutional investor base in the bitcoin and broader crypto markets. For lending, trading, hedging, exchange yields and more, Genesis Trading was the brokerage to facilitate all of this activity in the space. Remember those juicy yields from the BlockFi and Gemini Earn products in the space? Genesis is the middleman between those platforms and hedge funds to generate that yield.

    Dylan LeClair And Sam Rule

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  • Genesis Global Capital Halts Bitcoin, Crypto Withdrawals

    Genesis Global Capital Halts Bitcoin, Crypto Withdrawals

    Cryptocurrency lender Genesis Global Capital has paused withdrawals and loan applications following the collapse of FTX Exchange, per a tweet from Genesis Trading.

    Genesis Global Capital boasts an institutional clientele with over $2.8 billion in active loans.

    Genesis Trading operates as the broker arm of Genesis Capital and is independently operated and capitalized from the broader lending institution, interim CEO Derar Islim said. However, Islim did state that trading operations and custody services currently remain operational.

    Shawn Amick

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