Crypto Lender Genesis About to Go Bust – Bloomberg

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

Crypto Lender Genesis About to Go Bust – Bloomberg

By RT News

The collapse of the FTX exchange has sent shockwaves across the industry as clients demand their money.

Crypto brokerage Genesis Global Capital is preparing to file for bankruptcy as early as this week, Bloomberg reported on Wednesday, citing sources familiar with the situation.

Financial pressure at the cryptocurrency lending unit of Digital Currency Group (DCG) began to emerge last summer following the collapse of hedge fund Three Arrows Capital. In November, Genesis suspended withdrawals of funds shortly after crypto exchange FTX, in which Genesis invested some $175 million, filed for bankruptcy.

The failures have had a ripple effect across the industry, exerting major negative impact on crypto exchange Gemini Trust, controlled by Cameron and Tyler Winklevoss. Gemini Earn, which allows Gemini’s users to get yield for lending out their coins through the exchange, also stopped redemptions, with clientele losing access to $900 million in assets.

The ensuing conflict that arose between DCG and Gemini led to accusations of using “stall tactics” in repaying creditors, voiced by Gemini co-founder Cameron Winklevoss towards Barry Silbert, the founder and CEO of DCG.

Though Silbert has called Winklevoss’ accusations a promotion stunt, the conflict spilled over into public view. As a result, Gemini terminated its loan agreement with Genesis earlier this month, and officially closed the Gemini Earn program.

Genesis now owes at least $1.8 billion to its creditors. In addition to Gemini’s customers, another group has also filed claims against Genesis for $900 million.

Creditors, Genesis and DCG exchanged several proposals, but have so far failed to come to an agreement, the sources told Bloomberg. The company is reportedly working toward a restructuring plan and had swapped proposals with its creditors, some of whom had suggested receiving a mix of cash and equity from DCG.

Moreover, DCG-owned crypto news outlet CoinDesk confirmed in a statement to Bloomberg on Wednesday that it engaged Lazard as a financial adviser to explore such options as a partial or full sale.

Opinion pieces don’t necessarily reflect the position of our news site but of our Opinion writers.

*Note We Deliberately Miss Spell Some Words or Add Capital Letters To Get Around Big Tech Censoring.

Support the ANR from as little as $8 – it only takes a minute. If you can, please consider supporting us with a regular amount each month. Thank you.

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on pinterest
Pinterest
Share on whatsapp
WhatsApp
Share on telegram
Telegram

Related News

Where Ted Talks end, Truth Talks begin.
Defending democracy by defending free speech

Subscribe for free to our ANR news emails and access 2 free ebooks plus Reports to share with family and friends about Covid fraud and the danger of the vaccines.

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Leave a Reply

Your email address will not be published. Required fields are marked *

Documentary: Died Suddenly (2022)

Play Video

McIntyre Report
Political Talk Show

Episode 158

Episode 158

How you can advertise on Truthbook.social

Help us help defend free speech and save democracy from the World Economic Forum planned Totalitarian Great Reset.

and help us expose the Covid Fraudsters

Ukraine. Military Summary And Analysis 23.01.2023

Raw Report

Ryan Jackson Saw show

in USD

in AUD

in GBP

in CAD

Jamie McIntyre

ANR on

Currency Exchange Rates in AUD

Live and updated every minute of the day

Nurses Speak Out

Get our free News Emails on latest articles, alerts and solutions for both legal templates and ways to help fight back against the Globalists vax Mandates , and health resources to boost your immune system and ways to Protect from deadly EMF 5G radiation and more.

FREE E-BOOKS AND REPORTS ALSO

ANR Meme Report

with Nadine Roberts

Episode 002

21st Century Political System

Play Video

Editor's Pick

Thank you for visiting the
Australian National Review

To continue accessing more articles for free simply enter your email address

Watch Full Documentary

Download the Full PDF - THE COVID-19 FRAUD & WAR ON HUMANITY