Genesis Global Capital Bankruptcy: FTX Owes $226 Million Unsecured Claim

• Genesis Global Capital is FTX’s largest unsecured creditor, with an unliquidated claim against FTX worth $226 million.
• FTX’s bankruptcy filing has revealed the names of creditors to whom it owes more than $100 million.
• Genesis was appointed to the Official Committee of Unsecured Creditors by the U.S. Trustee in the case.

Genesis Global Capital, one of the top crypto lending units, recently filed for bankruptcy on Thursday. The firm also happens to be FTX’s largest unsecured creditor, with an unliquidated claim against FTX worth $226 million. FTX’s bankruptcy filing revealed the names of customers to whom it owes more than $100 million each. Among those customers, Genesis was listed as the top unsecured creditor, and was subsequently appointed to the Official Committee of Unsecured Creditors by the U.S. Trustee in the case.

The news of Genesis’ bankruptcy filing came as a shock to the crypto community, as the firm had been in operation since 2018 and had gained a reputation as one of the most reliable and trusted crypto lenders. The firm had been providing flexible loans to crypto businesses and individual investors, allowing them to leverage their digital assets and unlock liquidity.

FTX is one of the leading crypto exchanges in the world, and its bankruptcy filing has many implications for the crypto industry. The exchange has been known for its innovative products and services, and has gained a strong customer base in a relatively short amount of time. The news of their filing has caused some concern, as it suggests that the platform may have been struggling financially.

The news of FTX’s bankruptcy and the fact that Genesis is its largest unsecured creditor has caused some disruption in the crypto industry. It is unclear how this will affect the future of the exchange and its customers, but it is likely that there will be some repercussions. It is also unclear how the bankruptcy filing will affect Genesis and its customers.

At this time, it is too soon to say what the full implications of this news will be. However, it is clear that the news of Genesis’ bankruptcy filing and its claims against FTX have caused some disruption in the crypto industry. As the situation develops, it will be important to keep an eye on how this news will affect the future of both Genesis and FTX.

Cryptosat & DoraHacks Make History: Successfully Complete Cryptographic Trusted Setup in Space

• Cryptosat and DoraHacks completed the first-ever cryptographic trusted setup for zero-knowledge in space, on the International Space Station (ISS).
• This experiment involved taking a set of pre-uploaded open source programs to the ISS and outputting a file containing the Common Reference String.
• This Common Reference String is used in DoraHacks‘ ZK-proof driven voting program, which helps protect the privacy of users‘ data.

Cryptosat, a California-based crypto-satellite developer, and DoraHacks, a global hackathon organizer, recently completed a historic experiment in space. The two platforms collaborated in initiating a proof-of-concept of cryptographic primitives on the International Space Station (ISS).

The experiment involved taking a set of pre-uploaded open source programs to the ISS, and then outputting a file that contains the Common Reference String. This Common Reference String is used in DoraHacks‘ ZK-proof driven voting program, which helps to protect the privacy of users‘ data.

The revolutionary experiment required an immense amount of preparation and coordination between the two platforms. Cryptosat had to develop a custom protocol that could be executed on the ISS, while DoraHacks had to ensure that all cryptographic technologies used in the experiment were up to the highest standards of security.

Cryptosat CEO, John Wartman, expressed his excitement over the successful completion of the experiment: “We are thrilled to have completed this historic experiment and to be the first to prove the feasibility of cryptographic primitives in space. This was a complex task that required extensive preparation, coordination and execution. We are extremely proud of our team’s hard work in making this project a success.”

The two platforms have opened up the possibility of more advanced cryptographic technologies being developed and used in space. These technologies could be used to secure communications, data storage, and other operations in space.

In the future, Cryptosat and DoraHacks plan to continue pushing the boundaries of cryptography and explore the possibilities of using cryptography in space. With more advanced cryptographic technologies being developed, it is only a matter of time before we see the full potential of cryptography being realized in space.

Victims of BitConnect Ponzi Scheme to Receive $17M in Restitution

• Victims of the Ponzi scheme BitConnect may receive over $17 million in restitution.
• The United States District Court for the Southern District of California ordered this restitution to be distributed to nearly 800 victims from over 40 different countries.
• The US Department of Justice stated that BitConnect operated a „textbook Ponzi scheme.“

Victims of the notorious Ponzi scheme BitConnect may finally receive some reprieve in the form of over $17 million in restitution. The United States District Court for the Southern District of California has ordered restitution to be distributed to nearly 800 victims from over 40 different countries who lost money investing in the fraudulent project.

The US Department of Justice (DOJ) stated that BitConnect operated a „textbook Ponzi scheme“ in which earlier investors were paid with money from later investors. The scheme defrauded thousands of investors across the world, leading to significant losses for many.

The court-appointed receiver for this case, David Weber, stated that he was “pleased to have achieved this important milestone on behalf of the BitConnect victims.” He also added that he was “committed to the process of recovering additional assets to the extent possible so that those funds can be distributed to the victims.”

Weber has worked over the years to track down the money that was lost in this scam. He has been able to collect $7.8 million from the US-based defendants and $1.2 million from the UK-based defendants. He is also in the process of recovering additional funds from several other companies and individuals that were involved in the scam.

The court has also ordered that a claims process be established for the victims to submit their claims for reimbursement. The claims process is expected to begin in the coming weeks and will be overseen by an experienced claims administrator.

Despite these measures, the chances of the victims recovering all of their lost funds are slim. Nevertheless, this restitution should be seen as a step in the right direction for the victims. Hopefully, this will serve as a warning to those considering investing in questionable projects in the future.