Silver Golub & Teitell LLP Files Class Action Lawsuit Against Digital Currency Group and Barry Silbert

Silver Golub & Teitell LLP has filed a securities class action lawsuit against Digital Currency Group (DCG) and its founder and CEO, Barry Silbert. The plaintiffs’ law firm filed the lawsuit in the United States District Court for the District of Connecticut on the grounds of allegations of violations of the federal securities law.

The lawsuit has been filed on the behalf of individuals and entities who had loaned digital assets to DCG’s Genesis Global Capital.

Read more: Shiba Inu: 108M SHIB Burned by a Single Wallet, Burn Rate Spikes by 300%

Source: The Block

Complaint against Digital Currency Group alleges securities fraud

Cryptocurrency lender Genesis officially filed for Chapter 11 bankruptcy on January 20, 2023. The crypto lender also halted redemption requests on November 16, 2022, citing liquidity issues. The complaint filed alleges that Genesis was engaged in an unregistered securities offering, which is in violation of Section 5 of the Securities Act. The complaint also alleges that the cryptocurrency lender committed securities fraud by making false and misleading statements that misrepresented the financial condition of the company.

Read more: European Lawmakers Lay Down Crypto Tax Proposal to Fund European Union

According to the latest court document filings, the Internal Revenue Service and the Securities and Exchange Commission of the Southern District of New York are also on the list of creditors in the Genesis bankruptcy filing. During the time of its Chapter 11 filing, the cryptocurrency lender also stated that it holds more than $150 million in liquid capital, which can aid in its restructuring process.

  • Barry Silbert
  • Digital Currency Group
  • Genesis
  • Silver Golub & Teitell LLP

Comments

Post a Comment

Popular posts from this blog

Immutable and MetaStudio Announce Partnership to Enhance the Gaming Metaverse

Image
Braga, Portugal, May 22nd, 2023, Chainwire MetaStudio , a renowned Portuguese game studio, has announced a new partnership with Immutable , a leading Ethereum Layer 2 scaling solution provider, aimed at transforming the gaming metaverse. MetaStudio has been recognized for its innovative games and games-as-a-service offerings, along with their unique non-fungible token (NFT), Rune Realms , which offers holders a chance to partake in a 10% revenue share in the studio's earnings. By integrating with Immutable's Layer 2 blockchain infrastructure, MetaStudio can provide players with a dynamic gaming experience and unique benefits such as zero gas fees for peer-to-peer trading and secure ownership of in-game assets. Immutable is an ideal partner for us," said Carlos Domingues, CEO of MetaStudio. "Their Ethereum Layer 2 solution enables us to offer our players genuine ownership of their in-game assets and the ability to profit from their gameplay. And their upcoming passport...
Read more

Bitcoin $30K bets greet FOMC as analyst warns over long liquidations

Image
Bitcoin may celebrate no matter what the Fed decides on interest rates, but the extent of longs that would be liquidated below $20,000 has one analyst worried. Bitcoin (BTC) may “take out shorts” to crack $30,000 during the day’s key United States macroeconomic policy updates, analysis says. As bets pile up over how BTC price will react to the Federal Reserve’s decision on interest rates, $30,000 is in sight — but a drop to below $20,000 is not off the table. Trader plans $30,000 profit-taking Bitcoin is hours away from what popular trader Crypto Tony calls “one of the most anticipated” Fed meetings ever. The Federal Open Market Committee (FOMC) will decide on how to tweak baseline Interest Rates on March 22, amid suspicions that the ongoing U.S. banking crisis has disrupted policy. From ongoing rate hikes forecast just last month, Markets are now considering the chances that the Fed will pause the cycle, data from CME Group’s FedWatch Tool shows. Fed target rate probabilities chart. ...
Read more

Bitcoin payments exec shares adoption challenges in the Philippines

Image
Pouch founder Ethan Rose said that they've managed to convince 400 businesses to accept Bitcoin in the Philippines. As many developments within the space show how far the Bitcoin (BTC) community has come, an executive from a BTC payment provider shared how in other parts of the world, adoption may still be in its early stages.  At the BTC Prague event, Cointelegraph reporter Joseph Hall interviewed Ethan Rose, the founder of Pouch, a wallet service that supports the Bitcoin Lightning Network in the Philippines. The duo spoke about the state of adoption in the country and how the Pouch team is trying to introduce Bitcoin to merchants on the island of Boracay, a popular tourist hotspot in the country.  According to Rose, their team has already managed to onboard around 250 businesses within the island and 400 businesses in the country. Their team is working to promote Bitcoin adoption in the country by offering merchants another way to attract customers. “They're not really...
Read more