Genesis Ordered to Comply With Terra Subpoena Within 5 Days
The crypto lender and trading firm failed to comply with requests made as part of a probe into Do Kwon's collapsed stablecoin, a New York judge said
Genesis, a crypto lender and trading company, has been ordered by a New York court to comply with a subpoena within five days after apparently failing to respond by a previous Oct. 9 deadline relating to the 2022 collapse of the terraUSD stablecoin.
The dramatic failure of terraUSD, a cryptocurrency supposedly tied to the value of the U.S. dollar, sent shockwaves through crypto markets, and the Securities and Exchange Commission subsequently sued Terraform Labs, the company behind the token, and co-founder Do Kwon for misleading investors.
“As of today, the Genesis Entities have failed to produce any documents in response to the subpoenas,” Judge Jed Rakoff said in a court order dated Friday referring to legal requests for information sent by the defendants to Genesis Global Capital, Genesis Global Holdco and Genesis Global Trading on Sept. 12. Genesis shares a parent company with CoinDesk, Digital Currency Group.
The information sought isn’t detailed in the court order. The company made billions in loans to now-defunct hedge fund Three Arrows Capital, which was exposed to the stablecoin. Three Genesis entities filed for bankruptcy in January 2023 and the trading arm shuttered its U.S. spot market business in September.
Rakoff is also grappling with how to extract information from Kwon in connection with the case. Kwon’s lawyers have argued he can’t come to the U.S. as he is serving a jail sentence in Montenegro for possession of a fake passport, but “the laws of physics do not make it impossible for him” to be deposed, Rakoff said in a September order, warning that Kwon wouldn’t be allowed to make any declaration in the case without having been available for cross-questioning.
A spokesperson for Genesis did not immediately respond to a request for comment.
Sizin için daha fazlası
Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
Sizin için daha fazlası
CFTC Gives No-Action Leeway to Polymarket, Gemini, PredictIt, LedgerX Over Data Rules
The CFTC granted the operators of Polymarket, PredictIt, Gemini and LedgerX permission to skip certain recordkeeping requirements.
Bilinmesi gerekenler:
- The Commodity Futures Trading Commission granted several prediction-market firms certain regulatory leeway in meeting derivatives rules, suggesting they won't get into enforcement trouble if they do business as intended.
- The no-action letters went to Polymarket, PredictIt, Gemini and LedgerX/MIAX.
