The crypto loan firm that turned out to be nearly on the verge of bankruptcy in the past months Genesissent a letter to key customers via e-mail on Wednesday.
In the letter written by Interim CEO Derar Islim, the company explained that they needed to tighten their teeth a little more to fix the problem from customers.
“While we are trying to act as fast as possible, the recovery process looks like it will take some time. We have full confidence that we will reach a solution at the end of the day.”
In the message sent to customers, Genesis emphasized that it has made progress in cost reduction and operating efficiency. The company resumed operations in derivatives and spot transactions.
The giant crypto lending startup suffered huge losses due to the bankruptcy of the FTX exchange and entered a deep liquidity crisis. Suspending withdrawal and investment transactions after the trouble, Genesis is looking for a way out of the crisis.
Genesis CEO Islim also gave some information about parent company DCG. The CEO stated that they are collaborating with DCG-appointed advisors to make progress while protecting client assets.
Gemini co-founder Cameron Winklevoss claimed in a Twitter post earlier this week that DCG chairman Barry Silbert was malicious.
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