Crypto brokerage Genesis owes clients $900 million to Gemini, a crypto exchange run by Tyler and Cameron Winklevoss, according to a report by Cointelegraph. Financial Times
Gemini is trying to recover funds. According to people familiar with the matters cited in the report, It added that the exchange is forming a committee of creditors to try to recoup the assets.
Genesis is one of partners in Gemini’s Earn program, where users can lend crypto and earn returns after Genesis paused withdrawals earlier this month. Citing market conditions, the crypto exchange stopped withdrawing from the program. and has since worked with DCG and Genesis to facilitate withdrawal from the program. As reported last week
The Financial Times reports that Genesis continues its efforts to raise funds. which has hired investment bank Moelis & Co., whichtryIt raised $1 billion but dropped to $500 million amid reports Nov. 21 that it could face bankruptcy.
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