11 in the highest-profile crypto blowup to date, after traders pulled billions from the platform in three days and rival exchange Binance abandoned a rescue deal. Winklevoss said Genesis, the lending arm of DCG, owes 900 million to the crypto exchange's clients. (DCG), the parent company of Genesis, and Barry Silbert (CEO of DCG) in an effort to find a resolution as soon as possible. Gemini's Cameron Winklevoss has accused DCG's Barry Silbert of stalling on repaying a Genesis loan. Genesis Global Capital suspended customer redemptions in its lending business last month, citing the sudden failure of crypto exchange FTX.Ĭrypto trading platform FTX filed for bankruptcy protection in the United States on Nov. Gemini acting as agent on behalf of Earn users has been in ongoing conversations with Genesis Global Capital, LLC (Genesis), Digital Currency Group, Inc. Investment bank Moelis & Company has been hired by Genesis to explore options including a potential bankruptcy, the New York Times reported last month. The firm runs a crypto lending product in partnership with Genesis. Gemini has now formed a creditors' committee to recoup the funds from Genesis and its parent DCG. "Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, owes $575 million to Genesis' crypto lending arm," Digital Currency Chief Executive Barry Silbert told shareholders on October. Gemini, the centralized cryptocurrency exchange founded by the Winklevoss twins, has terminated its Earn program after Genesis Global Capital failed to return more than 900 million in assets owed.
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