Value can be transferred on the bitcoin network peer to peer in a trustless manner with no counterparty risk (first time ever this is available in human history) You can hold your own keys and have no counterparty risk at all. If you go to an exchange to buy bitcoin and keep your bitcoin there then you have the counterparty risk of said exchange. This really isn’t that hard to wrap your mind around.
I have no idea if the bitcoin bottom is in and I am not calling it but objectively isn’t the fact that bitcoin isn’t moving down on this genesis news bullish?
Bitcoin isn't going down today because the average boomer only now just read that the Ethereum Merge event was a complete success. So... crypto goes up!!! Give it 6 more months, and then the news of this bankruptcy with Genesis will finally go around the boomer generation, and they will withdraw in a panic.
You are subscribed to Criminal Division Employment for U.S. Department of Justice. This information has recently been updated, and is now available. Trial Attorney (Digital Currency) 01/20/2023 01:31 PM EST Criminal Division (CRM) Money Laundering and Asset Recovery Section Washington, District of Columbia Announcement #: 23-CRM-MLARS-020 Application Deadline: February 10, 2023 As an Trial Attorney, and in partnership with other members of the Digital Currency Initiative, the incumbent: Serves as a subject matter expert on digital currency and blockchain technologies for the Criminal Division. Identifies unexploited opportunities to target for criminal prosecution the professional money launderers, money transmitters, gatekeepers and financial institutions that utilize digital currency and works with investigators and MLARS' litigating units to pursue these opportunities. On a strategic basis, prosecutes criminal and civil matters of national significance involving offenders who utilize digital currency. Coordinates national and international money laundering and forfeiture actions related to digital currency with and through law enforcement agencies and other Department of Justice components. Works closely with U.S. Attorney's Offices, Department components, and investigative agencies involved in digital currency investigations to develop a comprehensive, nationwide strategy in which information and evidence is exchanged, investigative actions are coordinated, and the indictments, arrests, forfeiture actions, and prosecutions are planned and coordinated. Provides advice and expertise to MLARS' Policy Unit on legislative and regulatory matters and works with the Policy and Program Management Units to propose and develop guidance and policy relating to digital currency prosecutions and forfeitures, as needed. Advises and instructs federal agents and prosecutors on complex questions of law related to digital currency to inform litigation decisions and prosecutorial strategies and to maximize asset recovery, including but not limited to reviewing search and seizure warrants, restraining orders, criminal forfeiture allegations, indictments, and other pleadings. Develops and maintains relationships with partners at the U.S. Attorney's Offices, other litigating components and offices, and federal, state, and local law enforcement agencies that investigate and prosecute digital currency cases, as well as with partners at regulatory agencies, the intelligence community, and private industry. Develops and executes training and educational materials relating to digital currency for the Department and law enforcement agencies. There will be more law enforcement positions than there are cockroaches. Justice hiring ahead of regulatory hiring.
Gemini Earn/Genesis users got screwed. This won't bring down Gemini, but will hurt them for sure. Gemini has poor liquidity, so not the best choice for US customers anyway.
FTX bankruptcy estate seeks to claw back $3.9B from Genesis The proposed clawback comes less than a month after the FTX estate extracted $460 million from Bahamas-based Modulo Capital. https://ambcrypto.com/ftx-bankruptcy-estate-seeks-to-clawback-3-9b-from-genesis/ The FTX bankruptcy estate is seeking to claw back $3.9 billion from bankrupt crypto lender Genesis Global Capital. The estate will reportedly use the funds to repay its creditors and millions of stranded customers. The FTX bankruptcy estate wants nearly $4 billion back from Genesis Global Capital, the bankrupt crypto lending unit of the Digital Currency Group. This marks the latest attempt by the defunct crypto exchange to claw back a series of investments and loans made to businesses around the globe. Last month the estate clawed back $460 million from Bahamas-based Modulo Capital. FTX says Genesis received avoidable transfers According to a filing in the U.S. Bankruptcy Court for the Southern District of New York, FTX’s new management is seeking $3.9 billion from bankrupt digital asset lender Genesis Global Capital, in order to repay its creditors and stranded customers. The clawback amount pertains to various loan repayments and collaterals pledged by the crypto exchange to the bankrupt DCG subsidiary. In the 90-day period prior to FTX’s bankruptcy filing last year, its sister firm Alameda Research repaid loans worth approximately $1.8 billion to Genesis Global. The quantitative trading firm also pledged collateral in the aggregate amount of approximately $273 million to Genesis during the same period. The bankruptcy estate argued in the filing that these payments to Genesis were “avoidable transfers.” The avoidable transfer also includes $1.6 billion worth of crypto assets that Genesis withdrew from FTX.com in the days leading up to its Chapter 11 bankruptcy filing. Furthermore, an associated entity of Genesis, GGC International, also withdrew approximately $213 million worth of assets from the crypto exchange during the same period. According to the FTX bankruptcy estate, “They seek to claw back funds received by Genesis and non-debtor affiliates so that these funds can be shared with all other creditors of the FTX Debtors in the FTX Chapter 11 Cases.” These creditors include millions of customers that were owed more than $11 billion at the time of the exchange’s bankruptcy filing in November last year.