BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Digital Asset Lender Genesis Owes $900,000,000 to Customers of Crypto Exchange Gemini: Report

Digital Asset Lender Genesis Owes $900,000,000 to Customers of Crypto Exchange Gemini: Report
Crypto lender Genesis reportedly owes nearly $1 billion to the customers of crypto exchange Gemini due to the collapse of FTX.
According to a new report by the Financial Times, anonymous sources familiar with the matter say that Gemini is attempting to recover the funds from Genesis after the crypto broker was affected by FTX, a crypto exchange that declared bankruptcy last month.

Previously, Genesis and Gemini had formed a partnership to create Gemini’s Earn program, which allowed retail investors to loan out their digital assets to earn interest.
Last month, Gemini was forced to halt customer withdrawals from the Earn program when Genesis faced liquidity issues.
In an attempt to remedy the situation, Genesis has hired an outside banking firm to help the lender explore all of its options, while Gemini formed a creditor’s committee as a means of recouping the funds, according to the report.
The report also finds that Gemini’s committee is currently in talks with both Genesis and Digital Currency Group (DCG), the crypto lender’s parent company. According to the report, DCG owes Genesis a total of $1.7 billion in loans.
One unnamed source told the Financial Times that due to the entanglement of obligations, Genesis and DCG are negotiating together with creditors.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter , Facebook and Telegram

Surf The Daily Hodl Mix



Check Latest News Headlines

 


Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Willyam Bradberry/Sensvector
The post Digital Asset Lender Genesis Owes $900,000,000 to Customers of Crypto Exchange Gemini: Report appeared first on The Daily Hodl .

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Digital Asset Lender Genesis Owes $900,000,000 to Customers of Crypto Exchange Gemini: Report


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



Dokky PRO - Bookcase Shop Script