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Crypto broker Genesis files for Chapter 11 bankruptcy

Just weeks before crypto lender Genesis filed for bankruptcy, three former employees of the company had secured millions of dollars for a new crypto hedge fund, according to correspondence viewed by CNBC.

Matt Ballensweig, who left Genesis in September after more than five years at the firm, sent a message to a prospective investor in mid-December, regarding a fund he was starting called Hunting Hill Digital. Ballensweig said he’d already secured $2.5 million from Bessemer Venture Partners at a $30 million post-money valuation, and wrote in the message that he and his partners were in the process of raising another $5 million.

The fund’s “flagship product” would go live in the first quarter of 2023, the message said.

Other partners in the fund would include Martin Garcia, who spent more than six years at Genesis, and Reed Werbitt, Genesis’ former head of trading, the message said. Werbitt, Garcia, and Ballensweig all left Genesis around the same time in 2022.

Genesis, which is owned by Barry Silbert’s Digital Currency Group, filed for bankruptcy protection on Thursday, the latest casualty in the industry contagion caused by the collapse of crypto exchange FTX in November. In its bankruptcy filing, Genesis listed over 100,000 creditors, with aggregate liabilities ranging from $1.2 billion to $11 billion dollars.

Ballensweig was named in legal filings surrounding the implosion of Genesis’ lending book. Gemini, a crypto exchange and major Genesis client, accused Ballensweig of falsely reassuring Gemini in July that Genesis was financially stable. Gemini claimed that Ballensweig told its representatives that Genesis had “capital to operate… for the long term,” according to court filings.

Ballensweig did not respond to a request for comment on the allegations made against him by Gemini or on his recent capital raise.

Ballensweig spent his final nine months at Genesis as managing director and co-head of trading and lending.

The ex-Genesis employees teamed up with Adam Guren from hedge fund Hunting Hill, Ballensweig said. Hunting Hill is a $718 million hedge fund, which launched in 2010 and moved into digital asset investing in 2020 with a crypto opportunities fund.

Neither Hunting Hill nor Bessemer immediately responded to a request for comment.

Ballensweig pitched the flagship product as an “alpha multistrat (delta neutral),” or a fund specializing in multi-strategy, low-risk, high-return investments. He added that the trio would also launch two other beta products including a “Top 25 Index” and a “DeFi beta.”

“Think you’d be a valuable early partner,” Ballensweig said in his pitch.

Ballensweig isn’t the only Genesis alum seeking to launch a fund. Roshun Patel, a former vice president at Genesis who left the company in March after almost four years, was raising cash for a new fund in mid-2022. CNBC reached out to Garcia, Werbitt and Patel for comment on their raises but did not immediately hear back.

WATCH: Crypto lender Genesis files for bankruptcy

Crypto lender Genesis files for bankruptcy, and bitcoin reclaims $21,000 level: CNBC Crypto World

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Heybike Mars 2.0 e-bike with extra battery at $1,199, Exclusive $2,900 off Mango 3,500Wh station, Aiper IrriSense system at new $500 low, more

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August 20, 2025

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Heybike Mars 2.0 e-bike with extra battery at ,199, Exclusive ,900 off Mango 3,500Wh station, Aiper IrriSense system at new 0 low, more

Leading today’s Green Deals is Heybike’s Labor Day Sale, which is taking up to $600 off its e-bike lineup while offering a special first-time bundle on the Mars 2.0 Folding Fat-Tire e-bike with an extra battery for a 90-mile range at $1,199. Right behind it is an exclusive $2,900 discount on the Mango Power E 3,500Wh CATL Power Station back at its $899 low, as well as Aiper’s latest IrriSense Smart Irrigation System hitting a new $500 low. From there, we have compact Bluetti power station deals, a second-ever Aventon e-bike discount, a one-day-only Greenworks pressure washer sale, and more waiting for you below. Plus, all the hangover savings are at the bottom of the page, like yesterday’s new low price on the Navee GT3 Max smart e-scooter, Tenways’ $907 savings on the AGO X mid-drive e-bike bundle, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Heybike has launched its Labor Day Sale that is taking up to $600 off its e-bike lineup in what looks to be segmented periods with fresh deals every handful of days. With the brand having just released its new Ranger Pro 3.0 and Mars 3.0 e-bikes two weeks ago, we’re seeing the predecessor models getting some significant savings, with the Mars 2.0 Folding Fat-Tire e-bike seeing a first-time bundle that gives it an extra battery at $1,199 shipped. This bundle would normally run you $1,848 with everything at full price, giving you a first-ever $649 savings bundle that doubles your commuting range, though if you don’t care about the battery, you can pick up the usual package at $999 shipped. Don’t dawdle on decisions, though, as there is a timer counting down until this deal ends in a few days.

This is quite an affordable long-distance bundle to score on Heybike’s Mars 2.0 e-bike, which, alongside the Ranger S e-bike, has become a popular budget-friendly option – especially with deals like this one. Each of these 600Wh batteries provides you with a 45-mile pedal-assisted range, with a throttle available that gives you pure electric mobility at a reduced mileage (although with two batteries, it’s not as much of a concern how much you rely on it). There is no option to upgrade the motor with this bundle, so you’ll be getting the standard 750W motor (1,400W peak) that carries you at up to 20 MPH speeds unless your state’s local laws allow for the unlocked 28 MPH top speed.

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Over the years I’ve come to love folding commuters more and more, especially as a New Yorker who lives in tighter apartment spaces, and you just can’t beat the compacting design in my case. There’s plenty of solid stock features on Heybike’s Mars 2.0 e-bike coming along too, like the puncture-resistant fat tires (with fenders over each) that prevent premature endings to your journey, as well as an integrated cargo rack that’s great for carrying bags, groceries, and other cargo in your day-to-day schedule. You’ll also enjoy the LED headlight and taillight combo, a 7-speed Shimano derailleur, and an LED screen for all your setting adjustment needs.

Heybike’s other Labor Day e-bike deals:

  • Hauler Single-Battery Cargo e-bike (low): $999 (Reg. $1,499)
    • 20/28 MPH for 55 miles
  • Mars 2.0 Folding Fat-Tire e-bike: $999 (Reg. $1,499)
    • 20/28 MPH for 45 miles
    • comes with free front basket and large basket
    • upgrade to 1000W model for $100 more
  • Ranger S Folding Fat-Tire e-bike: $1,099 (Reg. $1,499)
    • 20/28 MPH for 55 miles
    • comes with free front basket and large basket
  • Cityrun Urban Commuting e-bike: $1,099 (Reg. $1,599)
    • 21 MPH for up to 55 miles
    • comes with free front basket and large basket
  • Horizon Full-Suspension e-bike: $1,399 (Reg. $1,999)
    • 20/28 MPH for 55 miles
    • comes with free front basket and large basket
  • Hauler Dual-Battery Cargo e-bike: $1,399 (Reg. $1,899)
    • 20/28 MPH for 85 miles
  • Tyson Uni-Body e-bike: $1,499 (Reg. $1,799)
    • 20/28 MPH for 55 miles
    • comes with free large basket
  • ALPHA All-Terrain e-bike (low): $1,499 (Reg. $1,699)
    • 20/28 MPH for up to 60 miles
  • Hero 1,000W Carbon-Fiber All-Terrain e-bike: $2,299 (Reg. $2,599)
    • 35 MPH for 60 miles
  • Hero 750W Mid-Drive Carbon-Fiber All-Terrain e-bike: $2,599 (Reg. $3,099)
    • 35 MPH for 60 miles

And be sure to check out our launch coverage of Heybike’s two newest models, the Ranger Pro 3.0 Folding Fat-Tire e-bike and the Mars 3.0 Folding Fat-Tire e-bike, which come with the brand’s new Galaxy Perform eDrive System, as well as extended travel ranges, and tons of new features, like the NFC start-up.

Mango Power E portable power station sitting with solar panels in front of a camper in the grass

Mango’s monstrous Power E 3,500Wh CATL station gets an exclusive $2,900 price cut to returning $899 low

Our readers can now take advantage of an exclusive Wellbots deal on the Mango Power E 3,500Wh Portable Power Station at $899 shipped, after using the exclusive code 9TO5MANGOP700 at checkout. The website has already dropped it from its $3,799 price tag to $1,599, and using our exclusive code you’ll be scoring an additional $700 discount for a massive $2,900 combined savings. We’ve had this same deal to offer once before back in March, with folks getting a second chance at these massive savings today at the best price we have tracked.

If you want to learn more about this power station’s capabilities, be sure to check out our original coverage of this massive deal here.

Aiper IrriSense smart irrigation system watering lawn in front of house on sunny day

Water up to 4,800 square feet with Aiper’s latest IrriSense smart irrigation system at a new $500 low (Save $200)

Through its official Amazon storefront, Aiper is offering a lower-than-ever price on its new IrriSense Smart Irrigation System at $499.99 shipped, which matches in price directly from the brand’s website. This new release only hit the market in May with a $700 price tag that we’ve only seen drop to $600 a few times in the months since, most recently during last month’s Prime Day event. Things are dropping even lower here now, though, with a larger-than-ever $200 markdown that lands it at a new all-time low price.

If you want to learn more about this new watering solution, be sure to check out our original coverage of this deal here.

people riding down streets on Aventon Pace 4 e-bike

Aventon’s new security-packed Pace 4 smart step-through cruiser e-bike gets second-ever discount to $1,699 low

As part of its Final Summer Sale running through September 3, Aventon is offering a second chance at cash savings on its new Pace 4 Smart Step-Through Cruiser e-bike for $1,699 shipped. This newer model hit the scene back in April with a full $1,799 price tag, which only saw occasional bundle packages tacked on until the brand’s July 4th sale offered the first discount to this same rate. Now the $100 markdown is coming back around for the second time, officially solidifying this price as the lowest tracked.

If you want to learn more about this new commuting solution, be sure to check out our original coverage of this deal here.

man sitting on dune with laptop powered by Bluetti AC70P portable power station

Get 768Wh or 864Wh personal backup power with Bluetti’s AC70 or AC70P LiFePO4 stations starting from $329

By way of its official Amazon storefront, Bluetti is offering its AC70P Portable Power Station at $479 shipped, which beats out the direct pricing from the brand’s website by $170. While this model carries a $699 MSRP direct from the brand, we see it typically selling for $649 at Amazon, with discounts having kept the costs between $499 and $479 recently. The deal here gives you a 26% markdown off the going rate for $170 in savings ($220 off the MSRP) at the third-best price we have tracked, which has only been beaten by the $469 low we saw pop up during Black Friday and Cyber Monday sales and a one-time exclusive deal to $357 in December. Head below for more on this model and its cheaper counterpart that comes with bundle options.

If you want to learn more about this model or its AC70 counterpart and the bundle options there, be sure to check out our original coverage of these deals here.

man cleaning front steps to home with greenworks pro 3,000 PSI electric pressure washer

Get Greenworks’ newest pro-grade 3,000 PSI electric pressure washer at $330 for today only

As part of its Deals of the Day, Best Buy is offering the newer Greenworks Pro 3,000 PSI Electric Pressure Washer for $329.99 shipped, which beats out both Amazon and the brand’s direct website pricing, where both are sitting at their full $450 MSRP. Over at Best Buy, though, we see it starting at $400, with discounts over the year having gone as low as $285 in a previous one-day sale, dropping under the $292 Amazon low. The one-day-only deal here comes as a $70 markdown ($130 off the MSRP) that lands it at the third-lowest price we have tracked.

If you want to learn more about this pressure washer, be sure to check out our original coverage of this one-day-only deal here.

Best Summer EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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Kia just built its first EV in Europe

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2 hours ago

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August 20, 2025

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Kia just built its first EV in Europe

Kia-first-EV-Europe

The EV4 is here. Kia’s first European-made EV rolled off the line in Slovakia on Tuesday, kicking off a bigger push that includes new electric SUVs, cars, vans, and more.

The EV4 is the first Kia EV to be built in Europe

Kia is bringing back the hatch. The EV4 is Kia’s first attempt at an electric hatchback, and now, it’s the brand’s first EV built in Europe.

“The start of production is a huge milestone for us,” Kia Europe’s CEO, Marc Hedrich, said on Tuesday. He added, “From 20 August, Slovakia will build fully electric cars alongside models with hybrid and internal combustion powertrains.”

The Slovakia plant is Kia’s sole manufacturing facility in Europe and will serve as a cornerstone as the company looks to gain market share in the region. It already accounts for about 1% of Kia’s total global output.

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Kia invested 108 million euros ($125 million) to upgrade the facility for EV production, including a new battery conveyor.

The EV4 hatchback is available with two battery packs: 58.3 kWh or 81.4 kWh, offering a WLTP range of up to 391 miles. It’s also equipped with new features, such as V2L (Vehicle-to-Load) and V2G (Vehicle-to-Grid).

Kia-first-EV-Europe
Kia starts EV4 hatchback production in Europe, its first EV built in Europe (Source: Kia UK)

Based on Hyundai’s E-GMP platform, the EV4 hatchback measures 4,430 mm in length, 1,860 mm in width, and 1,485 mm in height, roughly the same size as the Kia XCreed.

In the UK, the base EV4 Air Standard Range starts at £34,695 ($47,700), while the longer range model is priced from £37,695 ($51,700).

Kia EV4 hatchback trim Starting Price Driving Range
(WLTP)
Air Standard Range £34,695 ($47,700) 273 miles
Air Long Range £37,695 ($51,700) 388 miles
GT-Line £39,395 ($54,000) 362 miles
GT-Line S £43,895 ($60,200) 362 miles
Kia EV4 hatchback prices and range in the UK

Kia also launched the EV4 Fastback, or sedan version, last month, starting at £40,895 ($55,000) with a WLTP driving range of up to 380 miles.

Unlike the hatchback, the Fastback variant will be made at Kia’s Autoland Gwangmyeong EVO plant in South Korea.

Kia-first-EV-Europe
Kia EV4 models during safety testing in Europe (Source: Kia UK)

The EV3 is already the UK’s top-selling EV through the first half of the year. Following the EV4 hatch and Fastback, Kia will introduce the EV5 in Europe later this year, followed by the entry-level EV2 in 2026.

Kia is also launching its first electric van, the PV5, which is quickly rolling out to new European markets this year. The PV5 will initially be launched in Passenger and Cargo variants, but Kia plans to introduce seven different body styles, including a light camper and an open bed model.

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Volkswagen secures $35 million to build its most affordable EV yet, the ID.1

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4 hours ago

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August 20, 2025

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Volkswagen secures million to build its most affordable EV yet, the ID.1

Volkswagen-most-affordable-EV

Volkswagen was awarded 30 million euros ($35 million) to build the ID.1 in Portugal on Tuesday. The ID.1 will start at about 20,000 euros ($22,000) as the smallest, most affordable EV in the Volkswagen lineup.

Volkswagen moves closer toward affordable EVs

The ID.1 is “the last piece of the puzzle,” according to Volkswagen brand CEO Thomas Schäfer. We got a sneak peek of the new entry-level EV in September after VW unveiled the ID.EVERY1 concept.

Although it was just a concept, unlike many, Volkswagen is bringing this one to life. The ID.EVERY1 concept previews “an electric 20,000 euro Volkswagen,” the company said earlier this year.

After signing a deal with the Portuguese government on Tuesday to produce the new entry-level EV, Volkswagen is one step closer to bringing it to market. Thomas Hegel Gunther, president of Volkswagen’s Autoeuropa plant in Portugal, confirmed the ID.1 is scheduled for production in mid-2027.

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Gunther also confirmed it will be the new VW entry-level EV with starting prices at 20,000 euros ($22,000). “The coming years will be marked by making the future a reality, Gunther said at the event.

Volkswagen's-ID.1-EV
Volkswagen-ID.1-most-affordable-EV

The government will contribute up to 30 million euros ($35 million) in state aid to help get it started. “For more than three decades, Autoeuropa has been more than a pillar of the national economy,” Manuel Castro Almeida, Portugal’s Minister of Economy, said, adding, “Today, it reinforces that legacy.”

Volkswagen-most-affordable-EV
Volkswagen ID.EVERY1 interior (Source: Volkswagen)

Measuring just 3,880 mm long, the ID.1 will sit between the former Up! (3,600 mm) and ID.2 (4,050 mm). It’s slightly smaller than the Polo (4,074 mm).

Following the ID.2 and an SUV version, due out next year, Volkswagen will launch the ID.1 in 2027. Thanks to its partnership with Rivian, it will not only be the most affordable Volkswagen EV but also the first software-defined vehicle (SDV) model. All three vehicles are part of VW’s Electric Urban Car Family, its new entry-level series.

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