TechFlow reported on October 17 that a New York court has ordered cryptocurrency lending firm Genesis to respond within five days to a subpoena related to the TerraUSD collapse, after the company failed to respond by the previous deadline on October 9. The collapse of TerraUSD sent shockwaves through the crypto market, prompting the U.S. Securities and Exchange Commission (SEC) to sue Terraform Labs—the company behind the token—and its co-founder Do Kwon for allegedly misleading investors. In a court order issued last Friday, Judge Jed Rakoff stated: "To date, the Genesis entities have not produced any documents in response to the subpoena."
It was reported that defendants issued legal requests for information from Genesis Global Capital, Genesis Global Holdco, and Genesis Global Trading on September 12. The three Genesis entities filed for bankruptcy in January 2023, and its trading division shut down its U.S. spot market operations in September.
