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August 3, 2024 Tóth Balázs

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Genesis Begins Repayments

Crypto lender Genesis Global and its affiliated entities have announced the completion of their restructuring process under bankruptcy proceedings and will begin distributing $4 billion worth of digital assets among the remaining creditors. On average, Genesis victims will recover about 64% of their crypto assets, though the exact percentage varies depending on the specific coin.

CFTC Cracks Down on BitBoy

The U.S. Commodity Futures Trading Commission (CFTC) has issued a subpoena to Ben “BitBoy” Armstrong’s company, Hit Network, as part of an investigation into fraudulent crypto activities. The CFTC has demanded that Armstrong provide all information related to activities involving 15 tokens promoted in his YouTube videos, including the BEN memecoin associated with him. This investigation is part of a broader effort to crack down on individuals involved in crypto-related fraud and related illegal conduct.

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