Will There Be a Solution to Genesis Liquidity Problems?


Insolvent crypto trader Genesis Global Trading says it is now working to pay off the Winklevoss Gemini brothers’ company and resume trading after being delisted from the platform for nearly two months. The closure of its withdrawal from the lending service came after cryptocurrency exchange FTX shut down in November.

According to the second letter sent to customers by Derar Islam, a part-time employee of the developer of the crypto market, Genesis is working to solve all the problems of liquidation and therefore asks the people all customers to be patient.

“We believe we can come to a solution,” he continued. “Although we are determined to act as quickly as possible, this is a complex process that will take some time. We will continue to provide you with updates on important developments, including updates and schedules.

Islam spoke of several advisors who have been contacted and appointed by various client groups in connection with Genessis’ parent, Digital Currency Group (DCG). Together, they aim to explore strategies to protect clients’ assets. Ultimately, Genesis developed solutions and strategies to reduce costs and increase efficiency throughout its business.

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Gemini Expressed His Anger at Genesis

Gemini Exchange is still trying to recoup $900 million owed to its employees from struggling Genesis and DCG and has launched a creditors’ committee to push for a refund. On the other hand, DCG has a debt of $1.675 million to pay Genessis. Just two days ago, a heavy-hearted Gemini co-founder Cameron Winklevoss wrote a letter to Genesis CEO Barry Silbert about the inability to access customer funds. Winklevoss criticized Silbert for acting in “bad faith” in failing to make Gemini’s disability and inability to fulfill its obligations to Gemini Earn employees.

Even after Genesis suspended lending, Gemini continued to make efforts, working with Genesis and DCG to ensure that borrowers could get their money back. Meanwhile, Gemini still believes that “Genesis and DCG remain committed to exploring all possible options to fulfill their mission to acquire employees.” However, Winklevoss was no longer like that.

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