Genesis Assures Clients of Efforts to Solve Liquidity Problems

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Defunct crypto brokerage company Genesis Global Trading claims that it is currently working on paying off its debt to the Winklevoss brothers’ company Gemini and resuming its activities after suspending withdrawal on its platform for almost two months. The halt of its withdrawal and lending operation happened after the implosion of the FTX cryptocurrency exchange in November. 

According to a second letter sent to clients by Derar Islim, the interim Chief Executive Officer (CEO) of the crypto market maker, Genesis is putting effort into sorting all its liquidity issues and therefore, requests that all clients remain patient. 

“We believe we can arrive at a solution,” he continued “While we are committed to moving as quickly as possible, this is a very complex process that will take some additional time. We will continue to give you updates on meaningful developments, including any updates on timing.”

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Islim talked about several advisors who have been contacted and appointed by different groups of clients in collaboration with Genesis’s parent company Digital Currency Group (DCG). Together, they intend to analyze strategies that would be used to preserve clients’ assets. Ultimately, Genesis is inventing solutions and initiatives with which to reduce cost and push efficiency in all its enterprises.

Gemini Expresses Displeasure At Genesis 

Gemini Exchange is still trying to recover its $900 million meant for its Earn users from the troubled Genesis as well as DCG and has even launched a creditors’ committee to drive the movement for the refund.

On the other hand, DCG has a debt of $1.675 million to pay to Genesis. Just two days ago, Cameron Winklevoss co-founder of Gemini with a pained heart, wrote a letter to Barry Silbert, Genesis CEO in terms of his inability to access clients’ funds.

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Winklevoss condemned Silbert for practicing “bad faith stall tactics” which has not made Gemini handicapped and unable to fulfill its obligation to Gemini Earn users. Even after Genesis suspended its lending operations, Gemini still made effort, collaborating with Genesis And DCG to ensure that Earn users were able to redeem their funds.

During that time, Gemini still believed that  “Genesis and DCG remain committed to exploring every possible option to fulfill their obligations to Earn users.” However, Winklevoss doesn’t feel the same way anymore.

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