Reportedly, Gemini has established a creditor’s committee seeking to recover funds.
The problem originated with the shocking FTX crash in November.
According to a Dec. 3 Financial Times report citing people familiar with the subject. Crypto lender Genesis and its parent firm Digital Currency Group (DCG) are believed to owe $900 million to Gemini’s consumers.
Furthermore, the problem originated with the shocking FTX crash in November. In cooperation with Genesis, the cryptocurrency exchange Gemini runs a programme called Gemini Earn. Which allows users to earn 8% interest by lending out their cryptocurrency holdings (including Bitcoin and stablecoins tied to fiat currencies).
Tough Times Ahead
Moreover, days after exposing roughly $175 million locked in an FTX trading account. On November 16, Genesis claimed it had temporarily stopped withdrawals citing “unprecedented market turmoil.” However, it has been claimed that Genesis is having trouble acquiring funds for its lending s
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