3 entries tagged “bankruptcy”.
A crypto lending program in which Gemini customers lent assets to Genesis for yield. After Genesis froze withdrawals in November 2022, ~340,000 Earn investors were locked out of ~$900M. The SEC charged both firms in January 2023; Genesis later went bankrupt and settled for $21M.
A U.S. crypto lender that, in February 2022, paid $100M to settle SEC and 32-state charges that its BlockFi Interest Accounts were unregistered securities — a first-of-its-kind action. It later froze withdrawals and filed for bankruptcy in November 2022 amid FTX exposure.
A U.S. crypto brokerage that froze withdrawals and filed for bankruptcy in July 2022. The FTC charged the company and former CEO Stephen Ehrlich with falsely telling customers their deposits were FDIC-insured; the company settled for a suspended $1.65B judgment.
