This plan is based on information received from Genesis, DCG, and their respective advisors to date. The Creditor Committee expects an initial response this week.
— Cameron Winklevoss (@cameron) December 20, 2022
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-0.48%Reading
A creditor committee, which includes crypto exchange Gemini, has presented a plan to resolve the “liquidity issues” currently plaguing Genesis and its parent company Digital Currency Group (DCG), and to “provide a path for the recovery of assets.”
According to Cameron Winklevoss, Gemini’s president and co-founder, “Houlihan Lokey presented a plan on behalf of the Creditor Committee to resolve the liquidity issues at Genesis and DCG and provide a path for the recovery of assets.”
Genesis and its parent company DCG reportedly owe users of Gemini Earn $900 million.
Houlihan Lokey is a New York-based investment firm that specializes in creditor advisory, having assisted in similar proceedings for the Lehman Brothers and WorldCom.
This plan is based on information received from Genesis, DCG, and their respective advisors to date. The Creditor Committee expects an initial response this week.
— Cameron Winklevoss (@cameron) December 20, 2022
Users of the crypto exchange’s Earn service, which let users earn between 0.45% and 8% interest on their crypto, have been unable to access their funds since November 16.
This was due to third-party contagion involving crypto broker Genesis, the main provider facilitating the Earn service. Genesis shuttered its withdrawals on the same day, citing fallout from FTX’s collapse and “abnormal withdrawal requests.”
“Genesis is working with advisors to evaluate options to preserve client assets, strengthen our liquidity and move the business forward for the long-term," a Genesis spokesperson told Decrypt. "As we continue to work to identify a holistic solution, our priority remains working toward the best outcome for Genesis’s clients and other stakeholders. This is a comprehensive process that we anticipate will take additional weeks rather than days for us to arrive at a path forward.”
There is still no word on when users of Gemini’s Earn service will be able to withdraw their funds, but this morning the exchange tweeted it’s continuing “to work with [lending partner] Genesis and its parent company Digital Currency Group (DCG) to find a solution.” Last week, Gemini warned of major delays for Earn users looking to withdraw their cash. Earn lets users earn passive income for locking up crypto, with interest rates ranging from as little as 0.45% right up to 8%. 1/5 Update for E...
The financial situation currently impacting DCG has also had serious knock-on effects for others in the industry.
Dutch crypto exchange Bitvavo has alleged that it has €280 million ($297 million) “stuck” with Digital Currency Group (DCG). These assets make up 17.5% of the total €1.6 billion ($1.69 billion) the exchange says it manages in deposits and other assets.
However, DCG has gone on the record as claiming that the outstanding funds are held instead by its “independent subsidiary,” Genesis, not DCG.
Grayscale Capital, another part of the DCG empire, is also facing financial stress albeit for different reasons.
The Grayscale Bitcoin Trust, a popular fund that gives investors exposure to Bitcoin without having to hold or custody the asset, has hit historic discounts to the underlying asset.
The trust trades at a discount of 47.54% compared to Bitcoin, per YCharts.
Formula 1 has renewed its partnership with exchange platform Crypto.com, extending the agreement through 2030 as both entities seek to capitalize on their shared momentum. The renewed partnership will see Crypto.com continue to feature prominently at key Formula 1 events, including the Miami Grand Prix, where it has been the title sponsor since the race’s inception in 2022. The deal, first inked in 2021, marked Formula 1’s foray into the crypto world at a time when digital assets were experienc...
Mo Shaikh, a co-creator of the Aptos blockchain and co-founder and CEO of the Aptos Labs firm that helps support it, announced Thursday that he's leaving the company to focus on a "new chapter." "Today, I am stepping away from Aptos Labs to start a new chapter," Shaikh wrote on X. "One of my true passions lies in building companies from the ground up, and we have done that at Aptos Labs by building a world-class team." "I leave Aptos Labs with the utmost confidence in the team," he continued, "a...
Building on the momentum of anticipated changes to U.S. crypto policy, Binance.US said it aims to restore its USD services in early 2025, according to a statement shared with Decrypt. It marks the exchange's first major operational shift as regulatory pressure forced the exchange to suspend fiat trading last year. The platform has operated under restricted banking access since June 2023, when SEC civil claims triggered a suspension of dollar deposits and withdrawals. "While I can't provide a de...