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GGTIu.FI

Genesis Global Case

D. Connecticut
Court
3:23-cv-82 (SRU)
Case number
02 Feb 2021
Class period Start
16 Nov 2022
Class period End
On November 22, 2022, Crypto Broker/Exchange Genesis warned about Bankruptcy without funding.

"Our goal is to resolve the current situation consensually without the need for any bankruptcy filing," a Genesis spokesperson previously said in an emailed statement to Reuters, adding it continues to have conversations with creditors.

  • Ealier, The Wall Street Journal reported, citing sources, that Genesis had approached Binance seeking an investment but the crypto exchange decided against it, fearing a conflict of interest. Genesis also approached private equity firm Apollo Global Management for capital assistance, the WSJ said.
  • On November 16, 2022, Genesis suspended withdrawals within its lending unit and blamed the recent collapse of exchange FTX for spurring a spike in withdrawal requests that exacerbated the lender’s liquidity.
Despite the general negative market conditions for crypto assets after the FTX collapse, Investors and Genesis' Clients have every reason to suspect that the financial institution has not done everything possible, as required by law and regulations, to fulfill its fiduciary duties to stakeholders.
Alleged Offence
Mismanagement
Misleading Statements
Financial Misrepresentation
Fraud
Failure to Disclose
Malpractice
Negligence
Breach of Fiduciary duty
Omissions
Suspected Party
Directors
Management
Shareholder
Service Provider
Hedge Fund
Security Type
Crypto Asset
Trade Direction
Long
Shock Event Date
22 November 2022
Filing date
23 January 2023
Judge
Hon. Stefan R. Underhill
Created by Stan Vick, Scout

Genesis Global Trading, Inc

The premier institutional digital asset financial services firm.

    Ticker
    GGTIu.FI
    CIK
    0001336973
    Sector
    Financial
    Industry
    Financial Services
    Country
    US
    Address
    250 PARK AVENUE SOUTH, 5TH FL, 12TH FLOOR NEW YORK NY 10003