Coins, trading and lending platform GenesisCustomers who have been locked in and have received legal advice on the subject are currently about $1.8 billion creates debt. This number seems to continue to increase.
The Negative Situation in Genesis Continues to Grow
FT recently launched a cryptocurrency exchange affiliated with Genesis. GeminiA group of customers using ‘s Earn program reported $900 million in credit after Genesis’ lending unit stopped customer withdrawals on November 16.
According to the information obtained, the law firm of a second group of company creditors with loans of 900 million dollars. Proskauer Rose Said to be represented by
It was also stated that the amount of debt totaled $1.8 billion and more would come with a third private group represented by Kirkland & Ellis, the law firm representing bankrupt crypto firms Celsius and Voyager Digital.
The amount of credit owed by this third group is unknown.
In addition, the Gemini client group is represented by the law firm Latham & Watkins.
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The company also said in a letter to investors on November 23 that it has “started discussions with potential investors and our largest creditors and debtors, including Gemini and Digital Currency Group (DCG), to agree on a solution that supports the overall liquidity of our loan business and meets customers’ needs. ” he stated.
The company declined to comment on this news. Proskauer Rose, Latham & Watkins and Kirkland & Ellis have so far not responded to requests for comment.
*Not investment advice.