Money

Genesis Owes Gemini Customers $900 Million, Exchange Is Attempting to Recoup Assets – Bitcoin News


According to a recent report from the Financial Times (FT), Genesis Global Capital allegedly owes $900 million to Gemini clients. The exchange run by Cameron and Tyler Winklevoss is trying to recover funds from Genesis, according to FT sources.

Report Claims Genesis Owns $900 Million Winklevoss-operated Gemini Exchange

FT report that the centralized crypto-asset exchange created by the Winklevoss brothers is owed $900 million and Genesis Global Capital is said to be in debt. People familiar with the matter told the FT that Gemini is in the process of trying to recover funds from Genesis and its parent company Digital Currency Group (DCG).

The report also alleges that Genesis is still trying to raise capital from investors to ease the financial burden. While reports noted that Genesis was trying to get $1 billion in funding, the FT detailed that it had been cut down to about $500 million. The news follows a report published by Barron’s author, Joe Light, noting that Genesis is report are being probed by state securities regulators.

Furthermore, on November 22, 2022, the New York Times (NYT) report that Genesis Global Capital has hired a restructuring advisor. The NYT detailed that Moelis & Company was hired by Genesis to “explore options including the possibility of bankruptcy,” according to three people familiar with the matter. The FT’s report on issues between Genesis and Gemini indicates that FT sources say Gemini is in the process of forming a creditor committee.

Last month, Gemini revealed that customers using the platform’s Monetization program were unable to withdraw funds. “We are working with the Genesis team to help customers exchange money from the Earn Money program as quickly as possible,” Gemini speak on November 16, 2022. Gemini emphasizes that customer funds on Gemini can be redeemed 1:1 at any time and that the exchange’s other products and services are normal.

Gemini’s message published on the same day as Genesis Global Capital detail that it is suspending withdrawals and initiating new loans. DCG Founder Barry Silbert detailed in a letter to shareholders 22, it is important to note that Genesis’ lending arm “has had no impact on Genesis’s custody or spot trading and derivatives business, which will continue to operate as usual. .” Silbert also reassured shareholders that his company will “continue to be the leading construction company in the industry”.

Cards in this story

900 million USD, bankrupt, Barron’s, Barry Silbert, Cameron and Tyler Winklevoss, CG, CEO DCG, Digital currency group, Gemini, EARN MONEY, Gemini Creation, source, Gemini Creation, Genesis Global Capital, regulations, governing body, restructuring, restructuring plan, stock, shareholder, State Securities Regulatory Authority, Exchange run by Winklevoss

What do you think of Genesis supposedly owes Gemini $900 million in money? Let us know your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the crypto community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about the groundbreaking protocols emerging today.




Image credits: Shutterstock, Pixabay, Wiki Commons

deny the responsibility: This newspaper only gives true information. This is not a direct offer or solicitation to buy or sell, or to recommend or endorse any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

kignews

Kig News: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button