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Cryptocurrency exchange Genesis owes $900m to Gemini customers: report

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(Image: Pexels/RODNAE Productions)

The cryptocurrency broker Genesis and its parent company Digital Currency Group (DCG) owe $900 million to consumers of the Winklevoss brothers’ Gemini crypto exchange, according to a report published by the Financial Times on Saturday.

Crypto exchange Gemini is trying to recover funds after Genesis was crippled by the bankruptcy of Sam Bankman-Fried’s crypto group FTX last month, the paper said, citing people with knowledge of the matter.

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Venture capital firm Digital Currency Group, which owns Genesis Trading and crypto asset manager Grayscale, owes Genesis’ lending arm $575 million, Digital Currency chief executive Barry Silbert told shareholders. last month.

Gemini, which runs a crypto lending product in partnership with Genesis, has formed a committee of creditors to recover funds from Genesis and its sister company DCG, the report added.

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Genesis and Gemini did not initially respond to Reuters’ request for comment.

Source: Moneytimes

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