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Genesis hires a bankruptcy avoidance specialist

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Recent reports say that Genesis Global Capital has hired a restructuring counsel to look into all of the possible outcomes, including but not limited to the possibility of filing for bankruptcy.

According to a report that was published by the New York Times on November 22, it is known that the company has recruited the investment banking firm Moelis & Company to investigate potential courses of action. However, people who are familiar with the situation have emphasized that no financial decisions have been made and that it is still possible for the company to avoid filing for bankruptcy.
It’s interesting to note that Moelis & Company was also one of the companies hired by Voyager Digital after the company temporarily halted withdrawals and deposits on July 1 in order to investigate “alternatives in terms of strategy.”
A few days later, Voyager Digital filed for bankruptcy under Chapter 11 with the Southern District of New York. This was part of a plan to restructure the company so that clients would get their money back.
But a Genesis spokeswoman said not too long ago that the company had no “imminent” plans to file for bankruptcy, even though a November 21 story from Bloomberg said otherwise.

“Genesis maintains a positive and productive dialogue with its creditors,”  the representative said.
People say that Genesis is trying to get anywhere from $500 million to $1 billion from investors to fill a gap caused by “unprecedented market turmoil” and the failure of the cryptocurrency exchange FTX.
According to a report that was published by Bloomberg on November 22, the financially troubled lending company has outstanding loans totaling $2.8 billion on its balance sheet. Approximately thirty percent of the company’s lending has been done to “related parties,” which includes both its parent company, Digital Currency Group, and its affiliate and lending unit, Genesis Global Trading.
In a letter that has been going around lately, the CEO of Digital Currency Group, Barry Silbert, claims that the company owes Genesis Global Capital $575 million, and that payment is due in May 2023.
Since FTX’s exchange was shut down on November 11, all attention has been focused on Genesis, Grayscale Investments, and their parent business, Digital Currency Group. People are afraid that these companies could be the next exchanges to fail because of the spread.
Over the last week, all three corporations have made efforts to allay the concerns of their investors.
In a tweet sent out on November 17, Grayscale Investments aimed to reassure investors by stating that “the safety and security of the holdings underlying Grayscale digital asset products are unaffected.” The tweet was in reference to the withdrawal halt implemented by Genesis Global Trading, and it added that the company’s products are still functioning normally.
In the meantime, Digital Currency Group CEO Barry Silbert’s most recent letter to investors eased investors’ worries by telling them that the company is on track to make $800 million in sales in 2022. 

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WAHED Projects Donates 5 Million WAHED Coins to Fund Autism Research and Therapy

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Cranfield, England, 3rd December, 2022, Chainwire

Investment and philanthropy platform WAHED has donated 5 million of its utility token WAHED Coin to Fondazione Europea Alessandro Cenci (FEAC) at a private event in Rome. FEAC is an Italian non-profit organization focused on awareness, education and research to improve the care given to children and adolescents on the autism spectrum. 

In attendance at the Rome event were leadership figures from the WAHED and FEAC organizations. WAHED Chairman Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa and FEAC President Eros Cenci were joined by prominent members of their teams. 

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  • Sergio Torromino, former Italian Member of Parliament and current WAHED Board Member 
  • Dr. Salvatore Alberto Turiano, staff vascular surgeon at the University Hospital Policlinico-San Marco in Catania, Italy
  • Dr. Luigi Lidonnici, FEAC member and owner of an autism therapy center in Calabria
  • Giuseppe Scuderi from the Scientific and Technological Park of Sicily

Following a locked-in vesting period, 5% of the donated WAHED Coin will be released after 1 year. All appreciation in the token value during this time will stand to benefit FEAC, and the limited unlocking will ensure limited volatility in token price. 

This donation to FEAC aligns with the WAHED vision of supporting companies and organizations that are improving the quality of life around the world. The ease of transacting cryptocurrency globally makes it a perfect vehicle for charitable and philanthropic activities, and sets the stage for a future where everyone can contribute to causes that they believe in. 


 

About FEAC
Despite rapid advancement in medical technology improving the quality of life all over the world, there is plenty of work still to be done. Questions about the causes, prevention and management of many diseases still remain, and autism, despite affecting millions around the world, is still misunderstood. The FEAC provides researchers and medical professionals with the funds they need to help improve both the lives of individuals on the autism spectrum and their care circles. 

The first major project in FEAC’s vision is a therapeutic clinic in Calabria in collaboration with the Lidonnici family. The 1200 square-meter space will bring education and awareness of the realities and challenges of daily life faced by individuals with autism. The clinic will also provide access to therapy, providing aid and guidance to ensure quality care when managing the condition. Making expert care available to all who need it is a vital part of the FEAC vision, and the center in Calabria is the first of many. 

About WAHED
WAHED is an investment and philanthropy hub that is powered by WAHED Coin. Serving as the blockchain partner for several ambitious projects around the world, WAHED aims to use technology to scale operations and enrich more lives. 

Established in the United Kingdom, WAHED is led by Shaikh Abdulla Bin Ahmed Bin Salman AlKhalifa, former Undersecretary to the Ministry of Housing in Bahrain. Bringing decades of experience in industries ranging from oil, banking and commodities, the WAHED founding team has identified the array of advantages that blockchains can bring to traditional systems. WAHED Coin provides access to innovative ideas to retail investors and cryptocurrency enthusiasts from all over the world.

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WAHED Coin will be available for trading on LBANK exchange from the 5th of December 2022.
To learn more about the WAHED Ecosystem, visit the WAHED website.
Become part of the global WAHED community on DiscordFacebookInstagram and Twitter.

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Wahed Projects Team
[email protected]





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Central Bank Executive Says Hong Kong Working On Investor Protection Measures

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The chief executive officer of the central bank in Hong Kong seemed to have an optimistic perspective on the future of decentralized technology in the wake of the current crypto pandemic; nevertheless, the governor of the central bank in Korea had his worries about the subject.

At this very moment, the governors of central banks from all over the globe are assembling in Thailand in order to discuss the function of central banks in this day and age of fast advancing financial technology.

The Bank of Thailand (BOT) and the Bank for International Settlements will both act in the capacity of co-hosts while they are present at the conference (BIS).

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A panel discussion on digitalized monetary systems was attended by Eddie Yue, chief executive of the Hong Kong Monetary Authority; Changyong Rhee, governor of the Bank of Korea; Adrian Orr, governor of the Reserve Bank of New Zealand; and Cecilia Skingsley, from the Bank for International Settlements. The panelists examined the growing popularity of digital assets and central bank digital currency (CBDC), in addition to the dangers that are linked with the recently established technology.

The chairman of the Hong Kong Monetary Authority highlighted the innovations and benefits brought about by blockchain technology, as well as the potential implications that it would have on central banks. He also underlined the conceivable effects that blockchain technology would have on monetary policy.

According to Yue, CBDCs and stablecoins may eventually be able to offer a way of transaction that is not only more efficient but also more cost-effective in the long run.

He did make the point, though, that every new piece of technology has its own unique set of hazards, whether they be innovation risks or operational risks, and that these risks are unavoidable.

Yue pointed out that blockchain is, by its very nature, a decentralized technology; as a result, it is far more difficult to mitigate the risks that are associated with on-chain activities.

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The governor of the Bank of Korea, Changyong Rhee, has voiced some skepticism regarding the possible uses of blockchain technology in the future, especially in the financial sector. This is in light of the recent crypto outbreaks.



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Binance employs Trump audit company to check crypto reserves

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The United States branch of Mazars served as the corporation of former United States President Donald Trump’s accounting firm for a significant amount of time.

In order to carry out the proof-of-reserve (PoR) audits that were prompted by the decline of FTX, the cryptocurrency exchange Binance is collaborating with the accounting firm Mazars.

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According to a report published by the Wall Street Journal on November 30, Mazars, an accounting firm that previously worked for the company of the former President of the United States Donald Trump, has been appointed as an official auditor to carry out a “third party financial verification” as part of Binance’s PoR updates. Mazars will be conducting the audit.

A spokeswoman for Binance is quoted as saying that the accounting firm is allegedly already analyzing all of the publicly disclosed information on Bitcoin PoR and will also be confirming any future upgrades or tokens. The individual went on to say that the first verification upgrade for BTC will be finished by the end of this week.

Mazars is a global accounting business with its headquarters in the French capital of Paris.

Since 2019, its United States branch, Mazars USA, has been embroiled in a dispute with a request from the House Oversight and Reform Committee for some of President Trump’s financial documents. Mazars USA has been serving as Trump’s longstanding accounting company.

It was alleged that the company severed all relations with Trump and his family in the year 2022.

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The announcement comes as Binance is now conducting PoR audits, which require it to move massive sums of money.

On November 28, Binance sent 127,351 bitcoins, which is equivalent to around $2 billion, to an unknown wallet. Subsequently, CEO Changpeng “CZ” Zhao said that the transaction was a part of the current PoR process.

The measure has caused some anxiety within the community since CZ has previously indicated that it is undesirable for cryptocurrency exchanges to be required to transfer significant sums of cryptocurrency in order to verify their wallet address.

As was previously reported, in reaction to the fall and subsequent bankruptcy of the FTX cryptocurrency exchange, Binance initiated a Proof of Reputation (PoR) procedure and mechanism.

In addition, the company announced the publication of a Merkle Tree-backed proof of funds for Bitcoin on November 25. This action was just one of several that Binance took to demonstrate its transparency.



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