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{"actor":"system:backfill","investigation_id":"7a152e7a-3111-4653-870b-424830103bfe","kind":"publish","page_slug":"genesis-global-trading","published_at":"2026-05-30T13:00:48.045Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"Genesis Global Trading","sections":[{"content":"Genesis Global Trading, Inc. was founded in 2013 and claims to have been the first over-the-counter (OTC) Bitcoin trading desk. It operated as a subsidiary of Digital Currency Group (DCG), the crypto conglomerate founded by Barry Silbert. The Genesis corporate umbrella included Genesis Global Trading (spot and derivatives trading), Genesis Global Capital, LLC (institutional lending), Genesis Asia Pacific Pte. Ltd. (Asia lending), GGC International Limited, and Genesis Custody Limited. At its peak, Genesis was among the largest institutional crypto lenders, reporting $2.8 billion in total active loans as of the end of Q3 2022. DCG, as parent, also owned Grayscale Investments — operator of the Grayscale Bitcoin Trust (GBTC) — and CoinDesk, giving the corporate group significant vertical integration across the crypto industry. Michael Moro served as CEO of Genesis Global Trading until his departure in August 2022; Derar Islim subsequently held the CEO role during the bankruptcy period.","heading":"Background and Corporate Structure","severity":"medium","sources":[{"credibility":2,"name":"Genesis (cryptocurrency company) - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Genesis_(cryptocurrency_company)"},{"credibility":2,"name":"Behind the Market Structure: Michael Moro, CEO, Genesis Global Trading — Coalition Greenwich","type":"other","url":"https://www.greenwich.com/market-structure-technology/behind-market-structure-michael-moro-ceo-genesis-global-trading"},{"credibility":2,"name":"Digital Currency Group - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Digital_Currency_Group"}]},{"content":"Genesis Asia Pacific Pte. Ltd. lent approximately $2.36 billion to Singapore-based crypto hedge fund Three Arrows Capital (3AC). The loans were partly undercollateralized, backed by shares in the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust, AVAX, and NEAR tokens. When 3AC collapsed in June 2022 and failed to meet margin calls, Genesis was left with significant unrecovered losses. Genesis confirmed its 3AC exposure in July 2022 and filed a $1.2 billion claim against 3AC in AAA arbitration. To ostensibly address the resulting gap, DCG issued a ten-year promissory note to Genesis in the amount of approximately $1.1 billion at a 1% interest rate. According to the New York Attorney General's subsequent lawsuit, the promissory note did not provide Genesis with immediate liquidity, effectively obscuring rather than remedying the balance-sheet shortfall. The NYAG alleged that Genesis's CFO directed employees not to disclose the existence of the promissory note to Gemini, and that public statements by DCG and Barry Silbert misrepresented the financial health of Genesis during this period.","heading":"Three Arrows Capital Exposure and DCG Promissory Note","severity":"critical","sources":[{"credibility":2,"name":"Crypto lender Genesis lent $2.36 billion to Three Arrows Capital — The Block","type":"news_article","url":"https://www.theblock.co/post/158167/crypto-lender-genesis-lent-2-36-billion-to-three-arrows-capital"},{"credibility":2,"name":"Genesis Files $1.2B Claim Against Three Arrows Capital — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/07/18/genesis-global-issued-236b-in-undercollateralized-loans-to-three-arrows-capital"},{"credibility":2,"name":"NYAG files complaint against Gemini, Genesis, DCG, Michael Moro and Barry Silbert — The Block","type":"news_article","url":"https://www.theblock.co/post/258365/nyag-files-complaint-against-gemini-genesis-dcg-michael-moro-and-barry-silbert-over-earn-product-and-covering-up-1-billion-hole"},{"credibility":1,"name":"Digital Currency Group Sues Genesis to Nix $1.1 Billion Note — Bloomberg Law","type":"news_article","url":"https://news.bloomberglaw.com/bankruptcy-law/digital-currency-group-sues-genesis-to-nix-1-1-billion-note"}]},{"content":"On November 16, 2022, Genesis Global Capital announced the suspension of customer withdrawals and new loan originations. The company attributed the decision to 'extreme market dislocation and loss of industry confidence' following FTX's collapse. Genesis disclosed that its derivatives unit had approximately $175 million in funds locked inside FTX trading accounts. The lending arm had also extended credit to Alameda Research, FTX's affiliated trading firm, and had accepted FTT tokens as collateral. The withdrawal freeze trapped roughly $900 million in crypto assets belonging to approximately 340,000 retail investors who participated in the Gemini Earn program. DCG responded with an equity infusion of $140 million to support Genesis's balance sheet, but this proved insufficient to restore client confidence or liquidity. The halt on withdrawals triggered widespread alarm among institutional and retail creditors and set the stage for a formal bankruptcy filing.","heading":"FTX Contagion and Withdrawal Suspension","severity":"critical","sources":[{"credibility":2,"name":"Genesis' Crypto-Lending Unit Is Halting Customer Withdrawals in Wake of FTX Collapse — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/11/16/genesis-crypto-lending-unit-is-halting-customer-withdrawals-in-wake-of-ftx-collapse"},{"credibility":1,"name":"Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads — CNBC","type":"news_article","url":"https://www.cnbc.com/2022/11/16/genesis-lending-unit-halts-withdrawals-in-aftermath-of-ftx-collapse.html"},{"credibility":2,"name":"Court approves Genesis settlement of $175M to FTX, expunges billions in claims — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/ftx-settlement-genesis-175-million-approved"}]},{"content":"Beginning in February 2021, Genesis and Gemini Trust Company jointly offered the Gemini Earn program to retail investors. Under the arrangement, Gemini customers loaned their crypto assets to Genesis through Gemini acting as agent, and Genesis paid interest in return. At the time withdrawals were suspended in November 2022, Genesis held approximately $900 million in assets from approximately 340,000 Gemini Earn investors. On January 12, 2023, the SEC charged both Genesis and Gemini under Sections 5(a) and 5(c) of the Securities Act of 1933, alleging that the Gemini Earn program constituted an unregistered offering of securities. The SEC alleged that billions of dollars' worth of crypto assets had been raised from hundreds of thousands of investors without the required registration. In October 2023, the New York Attorney General filed a civil fraud lawsuit against Genesis, Gemini, DCG, Barry Silbert, and former Genesis CEO Michael Moro, alleging that the defendants collectively concealed $1.1 billion in losses from investors. In May 2024, Genesis agreed to pay a $21 million civil penalty to settle the SEC charges, and in a separate action, the NYAG secured a $2 billion settlement with Genesis to establish a victims fund for defrauded investors, including at least 29,000 New Yorkers. Gemini separately settled with the NYAG for approximately $50 million and agreed to cooperate with ongoing litigation against DCG.","heading":"Gemini Earn Program and Retail Investor Exposure","severity":"critical","sources":[{"credibility":1,"name":"SEC Charges Genesis and Gemini for the Unregistered Offer and Sale of Crypto Asset Securities — SEC.gov","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2023-7"},{"credibility":1,"name":"Genesis Agrees to Pay $21 Million Penalty to Settle SEC Charges — SEC.gov","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2024-37"},{"credibility":1,"name":"Attorney General James Sues Cryptocurrency Companies Gemini, Genesis, and DCG for Defrauding Investors — NY AG","type":"regulatory","url":"https://ag.ny.gov/press-release/2023/attorney-general-james-sues-cryptocurrency-companies-gemini-genesis-and-dcg"},{"credibility":1,"name":"Attorney General James Secures Settlement Worth $2 Billion from Crypto Firm Genesis Global Capital — NY AG","type":"regulatory","url":"https://ag.ny.gov/press-release/2024/attorney-general-james-secures-settlement-worth-2-billion-crypto-firm-genesis"},{"credibility":1,"name":"Letitia James Recovers $50 Million from Gemini — NY AG","type":"regulatory","url":"https://ag.ny.gov/press-release/2024/attorney-general-james-recovers-50-million-crypto-firm-gemini-defrauded"},{"credibility":2,"name":"SEC Alleges Gemini, Genesis Sold Unregistered Securities — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2023/01/12/sec-alleges-gemini-genesis-sold-unregistered-securities"}]},{"content":"On January 19, 2023, Genesis Global Holdco, LLC, Genesis Global Capital, LLC, and Genesis Asia Pacific Pte. Ltd. filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the Southern District of New York, before the Honorable Sean H. Lane, jointly administered under Case No. 23-10063. Genesis Global Trading, Inc. (the spot and derivatives trading entity) was not included in the bankruptcy filing and continued operations during the proceedings. At filing, the debtors listed over 100,000 creditors with aggregate liabilities estimated between $1.2 billion and $11 billion. Genesis had retained over $150 million in cash for operational continuity. The filing came approximately one week after the SEC charged Genesis and Gemini, and approximately two months after Genesis had suspended customer withdrawals. In August 2023, DCG reached an in-principle agreement with Genesis creditors, with projected recoveries of 70–90% in USD-equivalent terms. The bankruptcy court formally confirmed the Chapter 11 restructuring plan on May 21, 2024. The plan became effective on August 2, 2024, at which point Genesis commenced distributions of approximately $4 billion in digital assets and U.S. dollars to creditors. Bitcoin creditors received approximately 51.28% recovery on an in-kind basis; Ethereum creditors received approximately 65.87%. Dollar-denominated creditors received 100% of their loan balances.","heading":"Chapter 11 Bankruptcy Filing and Proceedings","severity":"critical","sources":[{"credibility":1,"name":"DCG's crypto-lending subsidiary Genesis files for Chapter 11 bankruptcy — TechCrunch","type":"news_article","url":"https://techcrunch.com/2023/01/19/dcgs-crypto-lending-subsidiary-genesis-files-for-chapter-11-bankruptcy/"},{"credibility":1,"name":"Crypto lender Genesis files for bankruptcy in latest blow to Barry Silbert's DCG empire — CNBC","type":"news_article","url":"https://www.cnbc.com/2023/01/20/crypto-lender-genesis-trading-files-for-bankruptcy-barry-silbert-digital-currency-group.html"},{"credibility":2,"name":"Bankruptcy Judge OKs Genesis Global Plan to Refund $3B to Creditors — Claims Journal","type":"news_article","url":"https://www.claimsjournal.com/news/national/2024/05/23/323816.htm"},{"credibility":2,"name":"Genesis Completes Restructuring and Commences Distributions to Creditors — Business Wire","type":"official","url":"https://www.businesswire.com/news/home/20240802215732/en/Genesis-Completes-Restructuring-and-Commences-Distributions-to-Creditors"},{"credibility":2,"name":"DCG Reaches In-Principle Deal With Genesis Creditors — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2023/08/29/dcg-reaches-in-principle-deal-with-genesis-creditors-estimates-recoveries-of-70-90"}]},{"content":"Following the completion of the restructuring, the Genesis Liquidating Operating Committee (LOC) filed two major lawsuits against DCG, Barry Silbert, and a network of insiders in May 2025. The first complaint, filed in the U.S. Bankruptcy Court for the Southern District of New York, seeks to recover over $1.2 billion in alleged fraudulent transfers, including nearly $450 million sent to DCG in eight separate transfers, over $297 million in Bitcoin, Ether and other crypto sent to DCG International (a DCG subsidiary), and approximately $34 million in allegedly improper tax-related payments. The second complaint, filed in Delaware, alleges breach of fiduciary duty, fraud, and unjust enrichment against Silbert and other DCG and Genesis executives, asserting that Silbert operated an insolvent Genesis as DCG's treasury, extending loans to DCG at below-market terms to benefit DCG's profitable Grayscale operations. The Delaware complaint further alleges that Silbert and other insiders withdrew their own assets from Genesis in the period preceding the bankruptcy filing. The total sought across both lawsuits is approximately $3.3 billion. DCG and Silbert have separately countersued Genesis, seeking to invalidate the $1.1 billion promissory note on the grounds that recoveries from 3AC satisfied the underlying obligation. In April 2025, a New York state court judge denied most of DCG's motion to dismiss the NYAG's civil securities fraud suit, allowing the primary fraud claims to proceed. As of May 2026, the NYAG lawsuit against DCG, Silbert, and former CEO Michael Moro remains ongoing.","heading":"DCG and Barry Silbert: Fraud Allegations and Ongoing Litigation","severity":"critical","sources":[{"credibility":2,"name":"Genesis LOC's Two Major Lawsuits Against DCG, Barry Silbert, and a Network of Insiders Now Available to the Public — Business Wire","type":"court_filing","url":"https://www.businesswire.com/news/home/20250519165640/en/Genesis-LOCs-Two-Major-Lawsuits-Against-DCG-Barry-Silbert-and-a-Network-of-Insiders-Now-Available-to-the-Public"},{"credibility":2,"name":"Genesis Files Suits Against DCG to Recover Billions Worth of Allegedly Fraudulent Transfers — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2025/05/20/genesis-files-suits-against-dcg-to-recover-billions-worth-of-allegedly-fraudulent-transfers"},{"credibility":1,"name":"Digital Currency Group Sues Genesis to Nix $1.1 Billion Note — Bloomberg Law","type":"news_article","url":"https://news.bloomberglaw.com/bankruptcy-law/digital-currency-group-sues-genesis-to-nix-1-1-billion-note"},{"credibility":2,"name":"Judge Rules Against Most of DCG's Motion to Dismiss NYAG's Civil Securities Fraud Suit — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2025/04/11/judge-rules-against-most-of-dcg-s-motion-to-dismiss-nyag-s-civil-securities-fraud-suit"},{"credibility":2,"name":"Genesis Sues DCG, Seeks Recovery of Over $3.1B in Note and Asset Transfers — Decrypt","type":"news_article","url":"https://decrypt.co/321004/genesis-sues-dcg-3-1b-note-asset-transfers"},{"credibility":2,"name":"Genesis creditors file securities lawsuit against Barry Silbert and DCG — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/genesis-creditors-file-securities-lawsuit-against-barry-silbert-and-dcg"}]},{"content":"Genesis Global Capital faced multiple concurrent regulatory actions. On January 12, 2023, the SEC filed charges against Genesis and Gemini under the Securities Act of 1933 for the unregistered offer and sale of securities through the Gemini Earn lending program. Genesis subsequently agreed to pay a $21 million civil penalty to settle the SEC action in early 2024. On October 19, 2023, the New York Attorney General filed a civil fraud complaint against Genesis, Gemini, DCG, Barry Silbert, and Michael Moro, alleging a scheme to defraud investors of over $1 billion through material misstatements and concealment of losses. Genesis settled with the NYAG for a fund valued at up to $2 billion in May 2024 as part of its bankruptcy plan confirmation. Gemini separately settled with the NYAG for $50 million in June 2024. The NYAG's case against DCG, Silbert, and Moro remained active as of May 2026, with the court denying most of DCG's motion to dismiss in April 2025. A related action by FTX's estate resulted in a court-approved $175 million settlement between Genesis and the FTX bankruptcy estate.","heading":"Regulatory Actions Summary","severity":"critical","sources":[{"credibility":1,"name":"SEC Charges Genesis and Gemini for Unregistered Offer and Sale — SEC.gov","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2023-7"},{"credibility":1,"name":"Genesis Agrees to Pay $21 Million Penalty — SEC.gov","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2024-37"},{"credibility":1,"name":"Attorney General James Sues Gemini, Genesis, and DCG for Defrauding Investors — NY AG","type":"regulatory","url":"https://ag.ny.gov/press-release/2023/attorney-general-james-sues-cryptocurrency-companies-gemini-genesis-and-dcg"},{"credibility":1,"name":"New York AG announces $2 billion settlement with crypto lender Genesis — CNBC","type":"news_article","url":"https://www.cnbc.com/2024/05/20/new-york-ag-announces-2-billion-settlement-with-crypto-lender-genesis.html"},{"credibility":2,"name":"Court approves Genesis settlement of $175M to FTX — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/ftx-settlement-genesis-175-million-approved"}]}],"sources_used":[{"credibility":2,"name":"Genesis (cryptocurrency company) - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Genesis_(cryptocurrency_company)"},{"credibility":2,"name":"Digital Currency Group - Wikipedia","type":"other","url":"https://en.wikipedia.org/wiki/Digital_Currency_Group"},{"credibility":1,"name":"SEC Charges Genesis and Gemini for the Unregistered Offer and Sale of Crypto Asset Securities — SEC.gov","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2023-7"},{"credibility":1,"name":"Genesis Agrees to Pay $21 Million Penalty to Settle SEC Charges — SEC.gov","type":"regulatory","url":"https://www.sec.gov/newsroom/press-releases/2024-37"},{"credibility":1,"name":"Attorney General James Sues Cryptocurrency Companies Gemini, Genesis, and DCG — NY AG","type":"regulatory","url":"https://ag.ny.gov/press-release/2023/attorney-general-james-sues-cryptocurrency-companies-gemini-genesis-and-dcg"},{"credibility":1,"name":"Attorney General James Secures $2 Billion Settlement from Genesis — NY AG","type":"regulatory","url":"https://ag.ny.gov/press-release/2024/attorney-general-james-secures-settlement-worth-2-billion-crypto-firm-genesis"},{"credibility":1,"name":"Letitia James Recovers $50 Million from Gemini — NY AG","type":"regulatory","url":"https://ag.ny.gov/press-release/2024/attorney-general-james-recovers-50-million-crypto-firm-gemini-defrauded"},{"credibility":2,"name":"Crypto lender Genesis lent $2.36 billion to Three Arrows Capital — The Block","type":"news_article","url":"https://www.theblock.co/post/158167/crypto-lender-genesis-lent-2-36-billion-to-three-arrows-capital"},{"credibility":2,"name":"Genesis Files $1.2B Claim Against Three Arrows Capital — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/07/18/genesis-global-issued-236b-in-undercollateralized-loans-to-three-arrows-capital"},{"credibility":2,"name":"Genesis' Crypto-Lending Unit Is Halting Customer Withdrawals — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2022/11/16/genesis-crypto-lending-unit-is-halting-customer-withdrawals-in-wake-of-ftx-collapse"},{"credibility":1,"name":"Gemini, BlockFi, Genesis announcing new restrictions as FTX contagion spreads — CNBC","type":"news_article","url":"https://www.cnbc.com/2022/11/16/genesis-lending-unit-halts-withdrawals-in-aftermath-of-ftx-collapse.html"},{"credibility":1,"name":"DCG's crypto-lending subsidiary Genesis files for Chapter 11 bankruptcy — TechCrunch","type":"news_article","url":"https://techcrunch.com/2023/01/19/dcgs-crypto-lending-subsidiary-genesis-files-for-chapter-11-bankruptcy/"},{"credibility":1,"name":"Crypto lender Genesis files for bankruptcy — CNBC","type":"news_article","url":"https://www.cnbc.com/2023/01/20/crypto-lender-genesis-trading-files-for-bankruptcy-barry-silbert-digital-currency-group.html"},{"credibility":2,"name":"Digital Currency Group Owes Subsidiary Genesis Global Over $1.65B — CoinDesk","type":"news_article","url":"https://www.coindesk.com/business/2023/01/20/digital-currency-group-owes-subsidiary-genesis-global-over-165b"},{"credibility":2,"name":"DCG Reaches In-Principle Deal With Genesis Creditors — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2023/08/29/dcg-reaches-in-principle-deal-with-genesis-creditors-estimates-recoveries-of-70-90"},{"credibility":2,"name":"NYAG files complaint against Gemini, Genesis, DCG, Michael Moro and Barry Silbert — The Block","type":"news_article","url":"https://www.theblock.co/post/258365/nyag-files-complaint-against-gemini-genesis-dcg-michael-moro-and-barry-silbert-over-earn-product-and-covering-up-1-billion-hole"},{"credibility":1,"name":"New York amends Gemini Earn lawsuit to reflect $3 billion in alleged losses — Axios","type":"news_article","url":"https://www.axios.com/2024/02/09/gemini-earn-lawsuit-new-york-dcg-genesis-3-billion"},{"credibility":1,"name":"New York AG announces $2 billion settlement with Genesis — CNBC","type":"news_article","url":"https://www.cnbc.com/2024/05/20/new-york-ag-announces-2-billion-settlement-with-crypto-lender-genesis.html"},{"credibility":1,"name":"Gemini and NY AG settle for $50 million and cooperation against DCG — Axios","type":"news_article","url":"https://www.axios.com/2024/06/14/gemini-nyag-fraud-dcg-silbert-genesiss-moro"},{"credibility":2,"name":"Bankruptcy Judge OKs Genesis Global Plan to Refund $3B — Claims Journal","type":"news_article","url":"https://www.claimsjournal.com/news/national/2024/05/23/323816.htm"},{"credibility":2,"name":"Genesis Completes Restructuring and Commences Distributions — Business Wire","type":"official","url":"https://www.businesswire.com/news/home/20240802215732/en/Genesis-Completes-Restructuring-and-Commences-Distributions-to-Creditors"},{"credibility":2,"name":"Genesis LOC's Two Major Lawsuits Against DCG, Barry Silbert — Business Wire","type":"court_filing","url":"https://www.businesswire.com/news/home/20250519165640/en/Genesis-LOCs-Two-Major-Lawsuits-Against-DCG-Barry-Silbert-and-a-Network-of-Insiders-Now-Available-to-the-Public"},{"credibility":2,"name":"Genesis Files Suits Against DCG to Recover Billions — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2025/05/20/genesis-files-suits-against-dcg-to-recover-billions-worth-of-allegedly-fraudulent-transfers"},{"credibility":1,"name":"Digital Currency Group Sues Genesis to Nix $1.1 Billion Note — Bloomberg Law","type":"news_article","url":"https://news.bloomberglaw.com/bankruptcy-law/digital-currency-group-sues-genesis-to-nix-1-1-billion-note"},{"credibility":2,"name":"Judge Rules Against Most of DCG's Motion to Dismiss NYAG Suit — CoinDesk","type":"news_article","url":"https://www.coindesk.com/policy/2025/04/11/judge-rules-against-most-of-dcg-s-motion-to-dismiss-nyag-s-civil-securities-fraud-suit"},{"credibility":2,"name":"Court approves Genesis settlement of $175M to FTX — CoinTelegraph","type":"news_article","url":"https://cointelegraph.com/news/ftx-settlement-genesis-175-million-approved"},{"credibility":2,"name":"Genesis Sues DCG, Seeks Recovery of Over $3.1B — Decrypt","type":"news_article","url":"https://decrypt.co/321004/genesis-sues-dcg-3-1b-note-asset-transfers"}],"summary":"Genesis Global Trading, Inc. and its affiliated lending entity Genesis Global Capital, LLC were major crypto OTC trading and institutional lending businesses operating as subsidiaries of Digital Currency Group (DCG), founded by Barry Silbert. Cascading losses from Three Arrows Capital's June 2022 default and further exposure to FTX's November 2022 collapse caused Genesis to suspend customer withdrawals on November 16, 2022, and to file for Chapter 11 bankruptcy on January 19, 2023. The bankruptcy involved over $3 billion in creditor claims, regulatory action by the SEC and New York Attorney General, and ongoing litigation alleging fraud by DCG and its executives.","timeline":[{"date":"2013-01-01","event":"Genesis Global Trading, Inc. founded as the first institutional OTC Bitcoin trading desk; later becomes a subsidiary of Digital Currency Group.","source":"Wikipedia / Genesis company page","source_url":"https://en.wikipedia.org/wiki/Genesis_(cryptocurrency_company)"},{"date":"2021-02-01","event":"Gemini Earn program launches; Genesis and Gemini begin offering retail investors the ability to lend crypto to Genesis in exchange for interest payments.","source":"SEC press release 2023-7","source_url":"https://www.sec.gov/newsroom/press-releases/2023-7"},{"date":"2022-06-15","event":"Genesis commences AAA arbitration against Three Arrows Capital (3AC), claiming breach of lending agreements; 3AC owed Genesis approximately $2.36 billion.","source":"The Block","source_url":"https://www.theblock.co/post/158167/crypto-lender-genesis-lent-2-36-billion-to-three-arrows-capital"},{"date":"2022-07-06","event":"Genesis publicly confirms exposure to Three Arrows Capital and receives equity support from parent DCG.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/07/06/genesis-confirms-3ac-exposure-dcg-assistance"},{"date":"2022-07-18","event":"Genesis files a $1.2 billion claim against Three Arrows Capital in bankruptcy proceedings. DCG issues a ten-year, $1.1 billion promissory note at 1% interest to address the balance-sheet gap.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/07/18/genesis-global-issued-236b-in-undercollateralized-loans-to-three-arrows-capital"},{"date":"2022-08-01","event":"Michael Moro departs as CEO of Genesis Global Trading.","source":"Wikipedia","source_url":"https://en.wikipedia.org/wiki/Genesis_(cryptocurrency_company)"},{"date":"2022-11-16","event":"Genesis Global Capital suspends all customer withdrawals and new loan originations, citing $175 million in locked FTX funds and loss of industry confidence following FTX's collapse.","source":"CoinDesk","source_url":"https://www.coindesk.com/business/2022/11/16/genesis-crypto-lending-unit-is-halting-customer-withdrawals-in-wake-of-ftx-collapse"},{"date":"2023-01-10","event":"DCG CEO Barry Silbert issues a letter to shareholders acknowledging Genesis's liquidity difficulties.","source":"TechCrunch","source_url":"https://techcrunch.com/2023/01/19/dcgs-crypto-lending-subsidiary-genesis-files-for-chapter-11-bankruptcy/"},{"date":"2023-01-12","event":"SEC charges Genesis Global Capital and Gemini Trust Company with the unregistered offer and sale of securities through the Gemini Earn program, alleging violations of the Securities Act of 1933.","source":"SEC.gov","source_url":"https://www.sec.gov/newsroom/press-releases/2023-7"},{"date":"2023-01-19","event":"Genesis Global Holdco, Genesis Global Capital, and Genesis Asia Pacific file Chapter 11 bankruptcy petitions in the Southern District of New York (Case No. 23-10063), listing liabilities of $1.2–11 billion and over 100,000 creditors.","source":"TechCrunch","source_url":"https://techcrunch.com/2023/01/19/dcgs-crypto-lending-subsidiary-genesis-files-for-chapter-11-bankruptcy/"},{"date":"2023-08-29","event":"DCG reaches an in-principle agreement with Genesis creditors, projecting recoveries of 70–90% in USD equivalent.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2023/08/29/dcg-reaches-in-principle-deal-with-genesis-creditors-estimates-recoveries-of-70-90"},{"date":"2023-10-19","event":"New York Attorney General Letitia James files civil fraud lawsuit against Genesis, Gemini, DCG, Barry Silbert, and Michael Moro, alleging concealment of over $1 billion in losses from investors.","source":"NY AG press release","source_url":"https://ag.ny.gov/press-release/2023/attorney-general-james-sues-cryptocurrency-companies-gemini-genesis-and-dcg"},{"date":"2024-02-09","event":"New York Attorney General amends the Gemini Earn lawsuit to reflect approximately $3 billion in alleged total losses.","source":"Axios","source_url":"https://www.axios.com/2024/02/09/gemini-earn-lawsuit-new-york-dcg-genesis-3-billion"},{"date":"2024-03-01","event":"Genesis agrees to pay a $21 million civil penalty to settle SEC charges related to the unregistered Gemini Earn securities offering.","source":"SEC.gov","source_url":"https://www.sec.gov/newsroom/press-releases/2024-37"},{"date":"2024-05-21","event":"Bankruptcy court confirms Genesis's Chapter 11 restructuring plan, approving approximately $3 billion in repayments to creditors.","source":"Claims Journal","source_url":"https://www.claimsjournal.com/news/national/2024/05/23/323816.htm"},{"date":"2024-05-20","event":"New York Attorney General secures a $2 billion settlement with Genesis to establish a victims fund, with distributions to approximately 29,000 New York investors via the Gemini Earn program.","source":"NY AG press release","source_url":"https://ag.ny.gov/press-release/2024/attorney-general-james-secures-settlement-worth-2-billion-crypto-firm-genesis"},{"date":"2024-06-14","event":"Gemini settles with the New York Attorney General for $50 million and agrees to cooperate with ongoing litigation against DCG and Barry Silbert.","source":"Axios","source_url":"https://www.axios.com/2024/06/14/gemini-nyag-fraud-dcg-silbert-genesiss-moro"},{"date":"2024-08-02","event":"Genesis restructuring plan becomes effective; Genesis begins distributing approximately $4 billion in digital assets and cash to creditors.","source":"Business Wire","source_url":"https://www.businesswire.com/news/home/20240802215732/en/Genesis-Completes-Restructuring-and-Commences-Distributions-to-Creditors"},{"date":"2025-04-11","event":"New York state court denies most of DCG's motion to dismiss the NYAG's civil securities fraud suit; primary fraud claims against DCG and Barry Silbert proceed.","source":"CoinDesk","source_url":"https://www.coindesk.com/policy/2025/04/11/judge-rules-against-most-of-dcg-s-motion-to-dismiss-nyag-s-civil-securities-fraud-suit"},{"date":"2025-05-19","event":"Genesis Liquidating Operating Committee files two lawsuits against DCG, Barry Silbert, and affiliated insiders seeking approximately $3.3 billion, alleging fraudulent transfers and breach of fiduciary duty.","source":"Business Wire / CoinDesk","source_url":"https://www.coindesk.com/policy/2025/05/20/genesis-files-suits-against-dcg-to-recover-billions-worth-of-allegedly-fraudulent-transfers"}]},"v":1}