The post FTX Trust sues Genesis Digital over $1.15B transfers appeared on BitcoinEthereumNews.com. The FTX Recovery Trust has filed a lawsuit against Bitcoin mining company Genesis Digital Assets Ltd. and its co-founders, seeking to claw back $1.15 billion that it alleges was misappropriated from customer deposits. The complaint, lodged on Sept 22 in the US Bankruptcy Court for the District of Delaware, was assigned as Adversary Case No. 25-52358 under Judge Karen B. Owens, according to the official case docket. According to the filing, Alameda transferred more than $1.15 billion, with over half routed directly to co-founders Rashit Makhat and Marco Krohn. The trust argues that the money originated from FTX.com customer deposits and was moved through Alameda’s credit lines and bank accounts, including the now-notorious North Dimension subsidiary. Internal communications cited in the lawsuit describe the valuations paid as “insane and off-market,” while contemporaneous risks such as energy shortages in Kazakhstan and unbuilt US data centers raised questions about the miner’s true prospects. The trust is pursuing claims under both federal bankruptcy law and Delaware’s Uniform Fraudulent Transfer Act, alleging actual and constructive fraud.  The lawsuit adds to the complex web of litigation following FTX’s downfall, including a $175 million settlement earlier this year with Genesis Global, the lending arm of Digital Currency Group. This is a developing story. This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication. Get the news in your inbox. Explore Blockworks newsletters: Source: https://blockworks.co/news/ftx-trust-sues-genesis-digitalThe post FTX Trust sues Genesis Digital over $1.15B transfers appeared on BitcoinEthereumNews.com. The FTX Recovery Trust has filed a lawsuit against Bitcoin mining company Genesis Digital Assets Ltd. and its co-founders, seeking to claw back $1.15 billion that it alleges was misappropriated from customer deposits. The complaint, lodged on Sept 22 in the US Bankruptcy Court for the District of Delaware, was assigned as Adversary Case No. 25-52358 under Judge Karen B. Owens, according to the official case docket. According to the filing, Alameda transferred more than $1.15 billion, with over half routed directly to co-founders Rashit Makhat and Marco Krohn. The trust argues that the money originated from FTX.com customer deposits and was moved through Alameda’s credit lines and bank accounts, including the now-notorious North Dimension subsidiary. Internal communications cited in the lawsuit describe the valuations paid as “insane and off-market,” while contemporaneous risks such as energy shortages in Kazakhstan and unbuilt US data centers raised questions about the miner’s true prospects. The trust is pursuing claims under both federal bankruptcy law and Delaware’s Uniform Fraudulent Transfer Act, alleging actual and constructive fraud.  The lawsuit adds to the complex web of litigation following FTX’s downfall, including a $175 million settlement earlier this year with Genesis Global, the lending arm of Digital Currency Group. This is a developing story. This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication. Get the news in your inbox. Explore Blockworks newsletters: Source: https://blockworks.co/news/ftx-trust-sues-genesis-digital

                                                                               BitGo’s move creates further competition in a burgeoning European crypto market that is expected to generate $26 billion revenue this year, according to one estimate.                     BitGo, a digital asset infrastructure company with more than $100 billion in assets under custody, has received an extension of its license from Germany’s Federal Financial Supervisory Authority (BaFin), enabling it to offer crypto services to European investors. The company said its local subsidiary, BitGo Europe, can now provide custody, staking, transfer, and trading services. Institutional clients will also have access to an over-the-counter (OTC) trading desk and multiple liquidity venues.The extension builds on BitGo’s previous Markets-in-Crypto-Assets (MiCA) license, also issued by BaFIN, and adds trading to the existing custody, transfer and staking services. BitGo acquired its initial MiCA license in May 2025, which allowed it to offer certain services to traditional institutions and crypto native companies in the European Union.Read more