{"id":550429,"date":"2023-02-10T23:30:00","date_gmt":"2023-02-10T20:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/crypto-biz-ftx-clawbacks-genesis-silver-lining\/"},"modified":"2023-02-10T23:30:00","modified_gmt":"2023-02-10T20:30:00","slug":"crypto-biz-ftx-clawbacks-genesis-silver-lining","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-clawbacks-genesis-silver-lining\/","title":{"rendered":"# Crypto Biz: FTX clawbacks, Genesis silver lining?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2d8a2e830d4\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2d8a2e830d4\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-clawbacks-genesis-silver-lining\/#%E2%80%9D_Crypto_Biz_FTX_clawbacks_Genesis_silver_lining_%E2%80%9C\" >&#8221; Crypto Biz: FTX clawbacks, Genesis silver lining?  &#8220;<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-clawbacks-genesis-silver-lining\/#FTX_seeks_to_claw_back_political_donations_by_the_end_of_February\" >FTX seeks to claw back political donations by the end of February<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-clawbacks-genesis-silver-lining\/#DCG_offloads_Grayscale_shares_to_raise_capital_Report\" >DCG offloads Grayscale shares to raise capital: Report<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-clawbacks-genesis-silver-lining\/#Genesis_creditors_to_expect_80_recovery_under_proposed_restructuring_plan\" >Genesis creditors to expect 80% recovery under proposed restructuring plan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/crypto-biz-ftx-clawbacks-genesis-silver-lining\/#Crypto_ad_deals_for_Super_Bowl_LVII_fell_apart_after_FTX_collapse_Report\" >Crypto ad deals for Super Bowl LVII fell apart after FTX collapse: Report<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Crypto_Biz_FTX_clawbacks_Genesis_silver_lining_%E2%80%9C\"><\/span>&#8221; Crypto Biz: FTX clawbacks, Genesis silver lining?  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjMtMDIvMDg0Y2Y0ZGUtMjM4Yy00Mjk5LTg5ZDYtYTlmZDU3NTY2Y2QxLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-4bbf85c5>Remember when Sam Bankman-Fried admitted to being a significant donor to the Democratic and Republican parties? Well, the recipients of the tainted money have been formally requested to return the funds to FTX\u2019s creditors. So far, we know of three prominent Democratic groups \u2014 the DNC, the Democratic Senatorial Campaign Committee and the Democratic Congressional Campaign Committee \u2014 that have returned SBF-linked donations in December 2022. Will the rest follow?\u00a0<\/p>\n<p>As FTX seeks clawbacks, the Digital Currency Group and its bankrupt subsidiary, Genesis Global Trading, have agreed to a restructuring plan. The good <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> is that Genesis account holders will get most of their money back if the deal is finalized. <\/p>\n<p>This week\u2019s Crypto Biz revisits familiar stories surrounding FTX and the Digital Currency Group and breaks down crypto\u2019s failure to win public trust. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"FTX_seeks_to_claw_back_political_donations_by_the_end_of_February\"><\/span>FTX seeks to claw back political donations by the end of February<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The rise and fall of Sam Bankman-Fried was shrouded in extreme controversy after we learned the FTX founder was a massive donor to the Democratic and Republican parties. Now that the bankrupt FTX is recovering cash and liquid cryptocurrencies, the company\u2019s new management wants to recover all political donations from SBF and his cronies. \u201cFTX Debtors are sending confidential messages to political figures, political action funds, and other recipients of contributions or other payments that were made by or at the direction of the FTX Debtors, Samuel Bankman-Fried or other officers or principals of the FTX Debtors,\u201d wrote FTX attorney Andy Dietderich. \u201cThese recipients are requested to return such funds to the FTX Debtors by February 28, 2023.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Research suggests that the price of Bitcoin was more closely linked to FTX developments than macro events throughout the final quarter of 2022. https:\/\/t.co\/X2NZnbMUsU<\/p>\n<p>\u2014 Cointelegraph (@Cointelegraph) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Cointelegraph\/status\/1623910390844522497?ref_src=twsrc%5Etfw\">February 10, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"DCG_offloads_Grayscale_shares_to_raise_capital_Report\"><\/span>DCG offloads Grayscale shares to raise capital: Report<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Grayscale products were a hot commodity during the 2021 bull market. Now, even Grayscale\u2019s owner is offloading shares to preserve capital and liquidity amid the bear market. Citing United States securities filings, the Financial Times reported on Feb. 7 that Digital Currency Group (DCG) was selling shares of several Grayscale products, including the Ether investment trust, possibly to avoid a deeper liquidity crunch at the holding company. Digital Currency Group confirmed the sale but attributed it to \u201congoing portfolio rebalancing.\u201d DCG\u2019s financial problems are well known at this point. Much stems from its subsidiary Genesis, which filed for bankruptcy on Jan. 19, allegedly owing $3 billion to creditors. <\/p>\n<h3><span class=\"ez-toc-section\" id=\"Genesis_creditors_to_expect_80_recovery_under_proposed_restructuring_plan\"><\/span>Genesis creditors to expect 80% recovery under proposed restructuring plan<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Speaking of Genesis, creditors can expect to get 80% of their money back \u2014 but only if a newly proposed restructuring plan goes smoothly. On Feb. 6, Genesis announced that it reached an \u201cagreement in principle\u201d with DCG and its creditors, which would eventually pave the way for customers to get back most of their deposits. Under the proposed agreement, DCG will exchange a $1.1 billion promissory note due in 2023 for convertible preferred stock and refinance existing loans to free up $526 million. The Winklevoss twins\u2019 Gemini exchange will also contribute $100 million to Gemini Earn users whose funds are frozen with Genesis. Even if all goes according to plan, the relationship between Gemini and DCG seems irrevocably broken.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">What&#8217;s waiting for Genesis&#8217; creditors after its bankruptcy? https:\/\/t.co\/NuEqD1CBJN<\/p>\n<p>\u2014 Cointelegraph (@Cointelegraph) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Cointelegraph\/status\/1623577571895001090?ref_src=twsrc%5Etfw\">February 9, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Crypto_ad_deals_for_Super_Bowl_LVII_fell_apart_after_FTX_collapse_Report\"><\/span>Crypto ad deals for Super Bowl LVII fell apart after FTX collapse: Report<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Don\u2019t expect a crypto Hail Mary during the Super Bowl this weekend, as the NFL has reportedly scr<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ed any plans to advertise the industry on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/game\/\" data-internallinksmanager029f6b8e52c=\"7\" title=\"Game\" target=\"_blank\" rel=\"noopener\">game<\/a> day. According to a report from the Associated Press, the league was considering running four crypto-focused commercials during the Super Bowl. Crypto will now get \u201czero representation\u201d during the big game because of all the bad press surrounding the industry. It seems like a million years ago, but Super Bowl LVI in 2022 featured commercials from FTX, eToro, Crypto.com and Coinbase. Even co<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>n Larry David got suckered in to advertise for FTX. He\u2019s now facing a class-action lawsuit for allegedly pumping the crypto exchange without due diligence. <\/p>\n<p><iframe loading=\"lazy\" title=\"FTX Super Bowl  Don&#039;t miss out  with Larry David\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/hWMnbJJpeZc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p><em>Crypto Biz is your weekly pulse of the business behind blockchain and crypto, delivered directly to your inbox every Thursday.<\/em><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/crypto-biz-ftx-clawbacks-genesis-silver-lining\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Crypto Biz: FTX clawbacks, Genesis silver lining? &#8220; Remember when Sam Bankman-Fried admitted to being a significant donor to the Democratic and Republican parties? Well, the recipients of the tainted money have been formally requested to return the funds to FTX\u2019s creditors. So far, we know of three prominent Democratic groups \u2014 the DNC,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":550430,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2023-02\/084cf4de-238c-4299-89d6-a9fd57566cd1.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[90192,135234,89897,4978,117],"class_list":["post-550429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-digital-currency-group","tag-ftx","tag-sam-bankman-fried","tag-bankruptcy","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/550429","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=550429"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/550429\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/550430"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=550429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=550429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=550429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}