This Crypto Exchange Is Trying To Save $900 Million Of Its Clients From Genesis!

Cryptocurrency His company Genesis owes $900 million to customers of Gemini, the crypto exchange run by Tyler and Cameron Winklevoss.

According to the Financial Times report, parent company Digital Currency Group (DCG), along with Genesis, owes this amount to exchange customers.

Gemini Establishes a Committee of Creditors to Redeem Customers Cryptocurrency

According to people familiar with the subject to the Financial Times, bitcoin exchange Gemini is trying to recover the funds, and added that the exchange has also formed a committee of creditors to recover assets.

Genesis is a partner of Gemini’s Earn program, where users can lend their cryptocurrencies for returns. After Genesis temporarily halted withdrawals earlier this month, citing market conditions, cryptocurrency exchange Gemini halted withdrawals from that program.

Gemini has since been working with DCG and Genesis to facilitate refunds from the program, according to a report released last week.

The Financial Times also reported that Genesis’ investment banking firm Moelis & Co. It was also noted that it continued its fundraising initiatives by making an agreement with the company. The company tried to raise $1 billion, but reduced it to $500 million after reports on November 21 that it was facing possible bankruptcy filing.

The creditors’ committee is said to be in talks with both Genesis and DCG, Genesis’ parent group led by billionaire Barry Silbert. DCG was founded in 2015 and is known as one of the largest investors in the crypto industry.

*Not investment advice.