A New York judge warned cryptocurrency lender Genesis for not complying with court demands. Accordingly, the judge gave Genesis 5 days to fulfill these demands. The case involving Genesis is part of an investigation into Do Kwon’s collapsed stablecoin.
The court warned the cryptocurrency company: Do it within 5 days!
Genesis, a cryptocurrency lender and trading company, received a warning from a New York court. The court ordered Terra USD (UST) stablecoin to comply with a subpoena within five days after failing to respond by an Oct. 9 deadline regarding its 2022 collapse. TerraUSD, a cryptocurrency supposedly pegged to the value of the US dollar, has suffered a dramatic crash. cryptokoin.comAs you can see from , its failure sent shockwaves through the crypto markets. Following this, the US Securities and Exchange Commission (SEC) filed a lawsuit against Terraform Labs, the company behind the token, and co-founder Do Kwon for misleading investors.
“As of today, Genesis Entities have not filed any documents in response to the subpoenas,” Judge Jed Rakoff wrote in a Friday court decision that cited legal requests for information sent by defendants to Genesis Global Capital, Genesis Global Holdco and Genesis Global Trading on Sept. 12. said. Genesis, meanwhile, is part of a parent company called Digital Currency Group (DCG).
The judge insistently wants to take Do Kwon’s statement
The court decision in question did not include the requested information in detail. The company lent billions to hedge fund Three Arrows Capital, which has exposure to the stablecoin. This company is also now defunct. Three Genesis cryptocurrency entities filed for bankruptcy in January 2023. Additionally, the trading arm closed its US spot market business in September.
Jed Rakoff is also struggling with how to get information from Do Kwon in connection with the case. Do Kwon received a prison sentence in Montenegro for possessing a fake passport. The cryptocurrency world is following this event closely. For this reason, Do Kwon’s lawyers claim that he cannot come to the USA. However, Rakoff issued an interesting order in September. Rakoff wants Kwon to be absolutely available for cross-examination. Therefore, he warned that he would not allow him to make any statement in the case without being present. In this regard, “According to the laws of physics, it is not impossible to take his statement!” said. Regarding the issue, Genesis officials have not made any statement or comment so far.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!