Crypto bank Juno has announced that it is restarting its core crypto services after pausing it earlier last month. Cryptocurrency-friendly bank Signature Bank is facing a putative class action lawsuit for interfering with FTX’s operations. Gemini co-founder Cameron Winklevoss confirmed that Earn clients have taken a ‘critical step forward’. Keep reading us for details…
Juno resumes its services after pausing
Crypto bank Juno said on Monday that it has relaunched its core crypto service offerings after pausing earlier last month. The resumption of the service comes three weeks after Juno started working with the new cryptocurrency chief Zero Hash. Juno was forced to pause its services in early January as former crypto protector Wyre was crushed by the weight of the market downturn.
Juno CEO and co-founder Varun Deshpande said in a press release that the new partnership will provide users with a more secure experience on the platform. “Given the events of 2022, we are committed to creating a safe and compliant on-ramp and off-ramp product for the long-term growth of the industry,” Deshpande said.
In addition to maintaining its crypto services, the bank has also launched a few new features. These include support for more than 35 additional cryptocurrencies such as SOL, ADA, SHIB, and DOGE, and reducing spreads on new and existing token offerings. The platform also offers zero transaction fee incentives and rewards program for non-stablecoins transactions. Although Juno has relaunched most services, the platform team is still working on reinstating crypto paycheck services and tier 2 withdrawals and deposits.
Signature Bank sued for failing cryptocurrency exchange FTX
According to a court filing, Signature “knew and allowed FTX client funds to be consolidated within its own proprietary, Blockchain-based payment network, Signet.” Crypto-friendly bank Signature Bank (SBNY) is facing a putative class action lawsuit for interfering with the operations of now-failed cryptocurrency exchange FTX.
Statistica Capital and Statistica Ltd., an algorithmic trading firm, claims that the bank “has real knowledge of FTX scams and significantly facilitates this scam,” according to a February 6 filing in the US District Court for the Southern District of New York. Statistica said it notified Signature that the funds were for FTX, but the bank allowed it to be transferred to accounts controlled by Alameda Research, the trading company owned by FTX founder Sam Bankman-Fried.
Gemini reaches deal with Genesis!
cryptocoin.comAs you follow, Gemini has made several strong claims against Genesis on behalf of Gemini Earn customers, alleging that Genesis owes customers over $1 billion. It was feared that investors risked losing $485 million due to Genesis’ bankruptcy procedures.
However, Cameron Winklevoss confirmed in court that an agreement had been reached on ‘a plan that provides a way for Earn users to get their assets back’. Winklevoss also announced that Gemini will contribute $100 million as part of the plan. In this context, Winklevoss noted:
This plan is a critical step towards significant asset recovery for all Genesis creditors. Gemini will contribute up to $100 million more to Earn users as part of the plan. This demonstrates Gemini’s continued commitment to helping Earn users fully recover.
The Gemini Co-Founder said he was confident the issue was moving in the right direction, although there was “still a lot of work to be done”. “We are confident now that we have a framework to implement,” he said. However, no information has yet been released as to whether Earn customers will receive the funds at a 1:1 or discounted rate. However, Reuters confirmed that “Digital Currency Group has agreed in principle with a group of creditors on a restructuring plan,” citing DCG subsidiary CoinDesk. Therefore, Cameron’s announcement is in line with the news published by DCG.
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