Gemini

Read

<div class="cryptonews"> 
 <p class="is-style-lead">Gemini Trust Co., a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> exchange, <a rel="noopener noreferrer nofollow" title="reportedly" href="https://thebittimes.com/tag/reportedly.html">reportedly</a> <a rel="noopener noreferrer nofollow" title="withdrew" href="https://thebittimes.com/tag/withdrew.html">withdrew</a> $282 million from Genesis Global Holdco LLC <a rel="noopener noreferrer nofollow" title="months" href="https://thebittimes.com/tag/months.html">months</a> before Genesis filed for bankruptcy.</p> 
 <p>Genesis and Gemini used to work together on the Earn program. Under this initiative, Gemini allowed users to lend crypto via Genesis and earn returns. </p> 
 <p>This partnership appeared mutually beneficial until Gemini <a rel="noopener noreferrer nofollow" title="withdrew" href="https://thebittimes.com/tag/withdrew.html">withdrew</a> millions from Genesis.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Gemini to invest $24m in India despite current tax regulation 
 </div> 
 <p>Anonymous sources disclose that Gemini <a rel="noopener noreferrer nofollow" title="withdrew" href="https://thebittimes.com/tag/withdrew.html">withdrew</a> approximately $282 million from Genesis to establish a financial reserve, ensuring swift access to funds for Gemini Earn users.</p> 
 <p>Importantly, none of these funds went into the personal accounts of the Winklevoss twins, despite some speculations.</p> 
 <p>Following the collapse of FTX, Genesis froze customer withdrawals and filed for Chapter 11 bankruptcy. </p> 
 <p>In response, Gemini initiated a claim in bankruptcy court, advocating for a $1.1 billion settlement for Earn users.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
    <p lang="en" dir="ltr">1/ It’s disappointing that the @SECGov chose to file an action today as @Gemini and other creditors are working hard together to recover funds. This action does nothing to further our efforts and help Earn users get their assets back. Their behavior is totally counterproductive.</p>— Tyler Winklevoss (@tyler) January 12, 2023 
   </blockquote> 
  </div> 
 </figure> 
 <p>Negotiations for a settlement involving Genesis, Gemini, and Digital Currency Group (DCG) have been unproductive. Public disputes have erupted between DCG founder Barry Silbert and the Winklevoss twins. </p> 
 <p>Although a tentative agreement was proposed in February, it fell apart, stalling mediation talks. </p> 
 <p>In July, Gemini escalated the situation by filing a fraud lawsuit against DCG.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Gemini filed an opposition to Genesis’s bankruptcy plan 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/genesis-went-bankrupt-months-after-gemini-reportedly-withdrew-282m-in-crypto-tbt64384.html">https://thebittimes.com/genesis-went-bankrupt-months-after-gemini-reportedly-withdrew-282m-in-crypto-tbt64384.html</a></p>

Genesis went bankrupt months after Gemini reportedly withdrew $282M in crypto

TheBitTimes

Other articles published on Sep 28, 2023

Kraken to Offer Stock Trading in the US

Dogecoin Could Be FLOKI’s Catalyst in October, Here’s How

Could Terra Classic (LUNC) Price Hit $1? Crypto Expert Weighs In

Supra Completes Over $24m in Early Stage Funding to Date

The preferred exchange for PayPal USD will be Crypto.com.

Marathon’s Bitcoin experiment hits a roadblock

Join our free newsletter for daily crypto updates!