Risk-off Sentiment Incoming, but Crypto Investment Products Aren’t Listening

Digital Currency Group (DCG) and its bankrupt Genesis subsidiaries reached an in principle agreement on terms of a restructuring plan with a group of the firm’s main creditors, according to a person familiar with the situation. The agreement, which begins to resolve some of the major issues that sent Genesis into Chapter 11 bankruptcy protection, entails winding down the Genesis loan book as well as the sale of the bankrupt Genesis entities, the person said. The term sheet also involves refinancing the outstanding loans where DCG borrowed $500 million in cash and about $100 million worth of bitcoin (BTC) from Genesis, the person said. Included is “an equitization of the infamous 10-year promissory note that DCG gave Genesis in return for failed hedge fund 3AC claims,” the person said, without providing details of the process. 3AC refers to Three Arrows Capital, a tweet at 12:47pm: The agreement entails Winding down the Genesis loan book as well as the sale of the bankrupt Genesis entities Refinancing the outstanding loans to DCG “Equitization of the infamous 10-year promissory note that DCG gave Genesis in return for failed hedge fund 3AC claims,” https://t.co/r3FvxXV5wa

Crypto exchange Binance is temporarily suspending U.S. dollar bank transfers starting on Wednesday, the company confirmed to CoinDesk on Monday. "We are temporarily suspending USD ...