Genesis interim CEO Derar Islim pleaded for more time to sort the financial situation of its lending arm, according to a Jan. 4 statement.
Islim said the firm was currently involved in “a very complex process that will take some additional time.” He added that the firm remains committed to solving its current situation. Islim wrote:
“We remain focused on finding a solution for our borrowing and lending intermediation business and reaching the best outcome for all affected clients. We continue working with our advisors, in collaboration with DCG and advisors appointed by various client groups, to evaluate options to preserve client assets and move the business forward.”
Genesis halted withdrawals in November 2022 following FTX’s collapse. The move affected Gemini Earn’s clients, with $900 million on the embattled crypto lender platform.
The lender, alongside its parent company Digital Currency Group (DCG), has faced increased scrutiny over their financial health. Speculation
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