Genesis and Digital Currency Group (DCG) supposedly owe nearly $1 billion to clients of Gemini.
Gemini has already set up a creditors’ committee whose goal will be to retrieve the funds. The group will discuss the matter with both Genesis and Digital Currency Group .DCG has also been in a state of knockdown recently. It has $2 billion worth of outstanding debt, the majority of which is owed to its subsidiary Genesis through two loans.last month another liability of $575 million to Genesis, due by May of 2023.
“We have weathered previous crypto winters, and while this one may feel more severe, collectively, we will come out of it stronger.”Genesis seems to be close to following the fate of multiple cryptocurrency firms that have already filed for bankruptcy protection, including
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