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Attorney general Letitia James brings lawsuit against Genesis Global and parent DCG and Gemini

Guardian staff and agencies

Thu 19 Oct 2023 13.21 EDT

The New York attorney general, Letitia James, on Thursday sued the cryptocurrency firms Genesis Global, and its parent company Digital Currency Group (DCG), and the Winklevoss twins Gemini for allegedly defrauding investors of more than $1bn.

At the heart of the lawsuit is a program Gemini ran in partnership with Genesis. Dubbed Gemini Earn, the program let customers lend crypto assets such as bitcoin to Genesis. Gemini had billed the program as a low-risk investment even when its internal analyses had found Genesis was on risky financial footing, James alleged.

Gemini is run by the billionaire twins Cameron and Tyler Winklevoss, crypto bulls who sued Mark Zuckerberg for allegedly stealing the idea for Facebook from them nearly two decades ago. Customers have levelled heavy criticism at the pair and sued them for making a secret $282m on 9 August 2022, according to the New York Post. The company called it a a wise and prudent decision. Gemini froze $900m in Gemini Earn customer assets in November 2022. The SEC sued Gemini in January 2023 for allegedly offering unregistered securities.

The development underscores the challenges the crypto industry continues to face almost a year after the bankruptcy of Sam Bankman-Frieds exchange FTX, which had led to an industry meltdown.

The turmoil eventually hit Genesis, which in January filed for bankruptcy. Genesis has clashed with Gemini, its largest creditor, several times over the past few months.

Gemini knew Genesiss loans were under-secured and at one point highly concentrated with one entity, Bankman-Frieds crypto hedge fund Alameda that later went belly up, James said.

It did not reveal any of this information to the investors of Gemini Earn, she added.

Genesis and its former CEO Soichiro Moro as well as DCG and its chief, Barry Silbert, have also been charged with trying to conceal more than $1.1bn in losses.

DCG and Gemini did not immediately respond to Reuters requests for comment.

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Cryptocurrency firms sued over $1bn investor fraud by New York state - The Guardian

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In 2023, the crypto terrain pulsates with fervor, thanks to a confluence of established juggernauts and vibrant entrants. ApeMax, a recent addition, is at an interesting juncture, encapsulating the allure of meme coins, innovative tokenomics, and a noteworthy presale. While stalwarts like Bitcoin and Ethereum persist in being pivotal, the emergence of tokens such as ApeMax suggests a diversifying crypto panorama. Lets journey through these intriguing cryptocurrencies, their trajectories, and the narratives they weave.

Bitcoin: Pioneering the decentralized cryptocurrency space, Bitcoins legacy remains unparalleled. As of November 2021, Bitcoin reached an impressive all-time high of $68,789.

ApeMax: A synthesis of meme coin charm and novel tokenomics, its Boost-to-Earn system, coupled with a rapidly expanding presale, positions ApeMax in a unique spotlight.

Ethereum: Anchoring decentralized applications, Ethereums influence in blockchain is undiminished. Between its inception in August 2015 and its pinnacle, Ethereum surged by over 1700x.

Dogecoin: From its meme origins, Dogecoin has evolved into a significant cryptocurrency, highlighting the sectors unpredictability. Its market cap has soared beyond $8.4 billion.

Shiba Inu: Amplifying the meme coin narrative post-Dogecoin, its strategic initiatives and community fervor maintain its relevance. Shiba Inu witnessed an astounding 8,300,000% growth from August 2020 to its zenith in October 2021.

Ripple: Aiming to revolutionize cross-border transactions and buoyed by strategic alliances with financial powerhouses, Ripples significance in the crypto story remains in flux.

Pepe Coin: A fresh face in the crypto arena, Pepe Coins trajectory is impressive, achieving a $1 billion market cap shortly post-launch.

ApeMax is more than meme aesthetics. Its unique attributes and systems present a fresh perspective in the meme coin domain. Beyond traditional staking, ApeMax empowers its holders to boost entities they like, melding potential rewards with decentralized engagement.

>> Visit the ApeMax website to Learn More <<

ApeMaxs presale captures the attention of eligible early birds seeking out new coins. Presales herald new tokens, granting eligible individuals an opportunity to obtain tokens before broader accessibility. ApeMaxs is doubly distinctive, with both early token acquisition and the introduction of an innovative crypto coin.

ApeMaxs differentiators earmark it as a significant contender:

Innovative Staking: Its Boost-to-Earn transcends conventional staking paradigms. It lets stakers boost entities they like, forging a decentralized engagement landscape with potential staking rewards.

Transparent Tokenomics: In a realm yearning for transparency, ApeMaxs lucid tokenomics engender trust and curiosity.

Presale Momentum: The accelerated traction of ApeMaxs presale accentuates its burgeoning stature in the young crypto and top new presale domain.

While Bitcoin and Ethereums ascents are legendary, meme coins like Dogecoin and Shiba Inu underscore that significant growth can emerge from unanticipated avenues. Pepe Coins swift rise and the ongoing intrigue around new token presales, such as ApeMaxs, highlight the enduring enthusiasm and innovation in the crypto sphere.

The crypto tapestry is intricate, interweaving established luminaries like Bitcoin and Ethereum with vibrant novelties like ApeMax. As ApeMaxs presale garners traction, its distinctive features and presale dynamics underscore that the crypto narrative remains in flux. Engaging with crypto necessitates well-informed discernment, caution, and a comprehensive grasp of its inherent risks and volatilities. Note: this article does not proffer financial guidance. The volatile nature of cryptocurrencies implies potential risks, and its essential not to overspend. Crypto engagement may not resonate with everyone. Acquiring ApeMax tokens is subject to territorial restrictions. Exclusions encompass the USA, Canada, among others. Always reference the official ApeMax site for a full list of restricted nations and prerequisites before proceeding.

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New 100x Crypto Coins | Fastest Growing Cryptocurrency and New Tokens, Including Shiba Inu, Dogecoin, Bitcoin ... - Analytics Insight

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Philanthropy plays a vital role enriching lives and strengthening communities globally. But outdated charitable models constrain the potential for compassionate giving. Cryptocurrencies like Bitcoin now offer hope of revolutionizing philanthropy through enhanced transparency, efficiency, and empowerment.

This guide explores the transformation of charitable initiatives underway thanks to blockchain innovation:

Thoughtfully embracing blockchain technology promises to unlock unprecedented generosity, precision, and accountability across the social sector. Lets examine the dawn of a new golden age in global philanthropy thanks to the unique capabilities of cryptocurrency.

Legacy charity models have constrained the impact of giving in key ways:

Intermediary Inefficiencies

Organizations like United Way take cuts for fundraising and operational overhead before funds reach recipients. Blockchains disintermediate.

Intransparent Spending

Donors lack visibility into how charities utilize funds once transferred with little obligation for impact disclosure.

Geographic Barriers

International money transfers are slow and expensive using banks, limiting aid globally. Cryptocurrencies enable instant low-cost cross-border giving.

Administrative Burdens

Tracking donor identities for compliance, managing refunds, and reporting results requires substantial administrative resources.

Limited Recipient Power

Those receiving aid have minimal influence over how much they get or how it gets spent by large NGOs. Cryptocurrencies decentralize control through direct giving.

Unpredictable Cash Flow

Volatile donation swings and unreliable grant cycles impair charity budgeting and continuity. Crypto offers steady automated flows.

By reinventing fundraising, transparency, and disbursement, cryptocurrencies offer solutions to these entrenched issues.

Several key cryptocurrency attributes align with philanthropic goals:

Freedom From Intermediaries

Donors can directly fund individual recipients rather than relying on non-profits as middlemen imposing overhead and limits.

Enhanced Transparency

Public blockchain ledgers bring full transparency to giving campaigns, organizational budgets, and spending.

Granular Accountability

Transactions get immutably recorded permanently, providing indisputable evidence of how donations flow over time.

Global Participation

Sending cryptocurrency donations worldwide sidesteps geographic barriers, no longer limiting aid based on legacy financial access.

Anonymized Giving

Donors can pseudonymously contribute crypto and exercise discretion without public reputation biases influencing their decisions.

Automated Disbursements

Smart contracts enable nuanced periodic aid release rules responsive to changing recipient conditions rather than rigid manual schedules.

Cryptocurrencies reinvent philanthropic models by broadening access, precision, and provable results.

Cryptocurrencies expand peer-to-peer philanthropic models:

Financial Aid Direct to Students

Rather than grants filtered through colleges, donors fund individuals to pay tuition via targeted cryptocurrency transfers.

Universal Basic Income

Direct regular crypto aid payments avoid organizational inefficiencies and provide financial freedom to recipients.

Targeted Relief

Donors discover and fund specific individuals facing hardship through social networks rather than non-profits.

Accountable Aid Distribution

Recipients receive and spend stablecoin aid transparently, preventing misdirection and verifying impact.

Circumventing Corruption

Public ledgers verify individuals receive intended aid, bypassing organizations and governments prone to misappropriation.

Micropayments

Cryptocurrencies enable philanthropy through tiny fractional donations unfeasible through traditional financial rails.

Cryptocurrencies fundamentally reinvent aid by connecting donors directly with recipients worldwide in a disruptive shift.

Non-profits stand to optimize internal functions using cryptocurrency:

Overhead Cost Reduction

Automated disbursement, compliance, and accounting shrinks back-office headcount needs.

Unbreakable Record Keeping

Permanent tamper-proof ledgers simplify audits and regulatory reporting.

Precise Impact Measurement

Blockchain chronicling of aid flows improves quantification of organizational initiatives.

Data-Driven Decision Making

Analyzing transaction histories informs strategic optimization around recipient targeting, geographic expansion etc.

Expanded Donor Bases

Accepting crypto and NFTs lowers barriers for wealth created in web3 economies to engage philanthropically.

New Fundraising Models

NFT charity galas, crypto gaming partnerships, and blockchain-based lotteries expand community aligned fundraising.

Thoughtfully harnessing blockchain workflows promises to maximize program spending rather than organizational costs.

A growing roster of organizations now accept crypto donations:

The Giving Block

Enables over 1,000 nonprofits to accept and manage cryptocurrency donations through a simple portal and APIs.

Save the Children

Among the largest charities, they take donations in Bitcoin, Ethereum, Ripple, and Bitcoin Cash to advance child welfare globally.

Greenpeace

The leading environmental activist organization uses BitPay to accept Bitcoin donations toward climate and sustainability programs.

United Way

A worldwide NGO combating local issues now utilizes crypto donations to fund community-specific aid through their innovation arm.

Rainforest Foundation

Cryptocurrency protects forests by enabling transparent tracing of sustainability aid flows using blockchain ledgers.

UNICEF

Among pioneers in the non-profit space, UNICEF has accepted Bitcoin and Ether since 2019 for humanitarian relief.

These examples showcase growing enthusiasm for crypto-denominated donations among major philanthropic players.

However, blockchain philanthropy also faces hurdles:

Cryptocurrency Volatility

The extreme ups and downs of crypto valuations can impair budget reliability for organizations underwriting programs if not carefully managed.

Cybersecurity Threats

Transparent public ledgers require thoughtful key management to prevent internal misuse. Phishing remains a risk.

Unclear Tax Treatment

Varying policies around crypto gifts as deductions creates uncertainty that could limit giving until resolved.

Difficult Reversibility

The immutable finality of blockchain transactions prevents undoing fraudulent or mistaken events, requiring added safeguards.

Limited Mainstream Understanding

Crypto remains little understood by many donors and non-profit employees. Usability and education efforts needed.

Inadequate Regulation

A lack of clear standards around blockchain accounting, organizational policies, and aid transparency risks organizational compliance.

Thoughtfully addressing these risks helps sustainably grow philanthropy without compromising program goals.

DAOs allow donor coordination:

Pooling Donations

Donors collectively fund joint treasuries governed by smart contracts rather than centralized non-profits.

Community-Directed Initiatives

DAOs choose grantees and causes via participatory votes based on shared values rather than top-down agendas.

Transparent Fund Allocation

Donors directly shape how treasuries get utilized to help recipients through transparent proposals and decisions.

Flexible Participation

Donors join at their desired level without multi-year commitments or obligations.

Lowered Barriers to Entry

DAOs allow grassroots participants to coordinate giving toward niche causes or approaches on customized terms.

Built-In Accountability

Proposal and spending data immutably recorded on-chain deters misuse while enabling impact quantification.

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Cryptocurrency and the Future of Philanthropy | by Blockchain ... - Medium

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Cryptocurrencies

Platforms that hold over $1,500 of an individuals assets or $5m in aggregate will be subject to existing Australian financial services laws

Australian Associated Press

Sun 15 Oct 2023 20.09 EDT

Australias crypto crackdown is starting to take shape with the government revealing the next steps in its bid to regulate the digital currency.

The treasurer, Jim Chalmers, unveiled his proposal to make crypto exchanges and digital asset platforms subject to existing Australian financial services laws.

The government is also proposing to make platform operators obtain an Australian financial services licence.

Platforms that hold over $1,500 of an individuals assets or $5m in aggregate will be covered by the changes.

Minimum standards for digital assets such as tokens are also being reviewed.

About a quarter of Australians own some sort of crypto.

Online platforms hold billions of dollars in assets and expose Australians to significant risks, the proposal paper says.

Collapses of digital asset platforms, both locally and globally, have seen Australians lose their assets or be forced to wait their turn amongst long lines of creditors, it says.

These reforms seek to reduce the risk of these collapses happening, by lifting the standard of their operations and increasing their oversight.

Chalmers said the government was moving decisively and methodically to ensure that consumers are adequately protected and innovation can flourish.

Feedback on the proposal paper closes 1 December and consultation for draft legislation will continue next year.

Separately, Brad Jones, an assistant governor of the Reserve Bank has outlined the central banks evolving views of a tokenised future including digital currencies for Australia.

Jones said the RBA remains open-minded as to the functional forms of digital money and supporting infrastructure that could best support the Australian economy in the future.

The bank, though, is only at the early stages of planning for a new project to assess how tokenised asset markets might trade in Australia. The RBA and Treasury will also publish a stocktake on their research into a central bank digital currency by around the middle of 2024 and then set out a roadmap for future work.

Jones said there is potentially billions of dollars a year in savings in terms of the instant information and accountability of at least some forms of digital currency.

He said cited the example of pricing in the $750bn market for bank term deposits or about 15% of Australian bank funding was still largely conducted over the phone, in branches, by email, and on spreadsheets, much like 25 years ago.

Is this the best we can do? Jones asked.

However, challenges include ongoing regulatory uncertainty and compliance obligations. [If] a smart contract on a programmable ledger goes awry, cross-border and anti-money laundering responsibilities do not disappear, but who is accountable? Jones said.

[W]e should be wide-eyed to these challenges, he said. Its very possible they can be overcome, but more work by policymakers and industry is needed.

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Treasurer unveils cryptocurrency reforms to protect Australians who own digital assets - The Guardian

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