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03 Dec 2022

Genesis owes $900 million to Gemini customers: Financial Times

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

Parent company Digital Currency Group (DCG), along with Genesis, owes the amount to the customers of the exchange, according to a Financial Times report.

Gemini is attempting to recover the funds, according to people familiar with the matter cited by the report, which added that the exchange is also forming a creditors' committee to try to recoup the assets. 

Genesis is one of the partners in Gemini's Earn program, where users could lend out their crypto for returns. After Genesis temporarily paused withdrawals earlier this month, citing market conditions, the crypto exchange halted redemptions from this program. It has since worked with DCG and Genesis to facilitate redemptions from the program, according to a report last week. 

The Financial Times report also noted that Genesis continues in its attempt to raise funds, for which it has hired investment banking boutique Moelis & Co. It attempted to raise $1 billion, but slashed that to $500 million amid Nov. 21 reports indicating it faced a possible bankruptcy filing. 

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